EIC’s net profits exceed SAR 201m in 2023

EIC’s net profits exceed SAR 201m in 2023

Riyadh – Mubasher: Electrical Industries Company (EIC) achieved net profits amounting to SAR 201.03 million in 2023, higher by 113.48% year-on-year (YoY) than SAR 94.17 million.

The company generated revenues valued at SAR 1.55 billion as of 31 December 2023, an annual growth of 46.27% from SAR 1.06 billion, according to the financial statements.

The increase in sales was driven by rising demand across all sectors within the Kingdom, which was evident in high-voltage substation projects, distribution network infrastructure projects, and a series of new industrial projects, including the Oil and Gas sector.

Earnings per share (EPS) grew to SAR 0.18 last year from SAR 0.08 in the January-December 2022 period.

In the first nine months (9M) of 2023, EIC registered SAR 141.56 million in net profit after Zakat and tax, up 160.64% YoY from SAR 54.31 million.

EIC’s net profits exceed SAR 201m in 2023