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Electrical Industries Co. announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 380,168 | 229,077 | 65.96 | 364,898 | 4.18 |
| Gross Profit (Loss) | 78,827 | 39,879 | 97.67 | 89,955 | -12.37 |
| Operational Profit (Loss) | 47,018 | 17,760 | 164.74 | 47,283 | -0.56 |
| Net Profit (Loss) after Zakat and Tax | 35,139 | 12,174 | 188.64 | 39,854 | -11.83 |
| Total Comprehensive Income | 35,840 | 12,030 | 197.92 | 35,219 | 1.76 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 666,806 | 600,043 | 11.13 |
| Profit (Loss) per Share | 0.79 | 0.27 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in net profit for the current quarter compared to the similar quarter of the previous year is mainly attributed to the following: - Increase in sales from SAR 229,1 million to SAR 380,2 million - The diversification of sold products which include products with higher profitability, in addition to improvement in gross margin for certain products. The increase in net profit is offset by increase in selling and distribution expenses due to increase of sales, increase in General and Administrative expenses, and increase in finance cost |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The decrease in net profit for the current quarter compared to the previous quarter is mainly attributed to decrease in gross margin due to increase in cost of sales, despite of increase in sales |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None |
| Reclassification of Comparison Items | Some comparative figures have been reclassified to be in line with the current year’s classification. |
| Additional Information | During 2022, the Company transferred to New ERP -Oracle Cloud. The inventory policy has been changed from Weighted Average to FIFO. As per IFRS, which resulted in an increase in the cost of sales in this quarter with an amount of one million SAR. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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