Electrical Industries net profit rises to SAR 35.1 mln in Q1 2023

10/05/2023 Argaam Exclusive

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Electrical Industries Co.’s (EIC) net profit rose to SAR 35.1 million in Q1 2023 from SAR 12.2 million in the same period last year, due to an increase in sales, diversification of sales mix to include products with higher profitability, and improved gross margins for certain products.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	229.08	380.17	66.0 %
Gross Income	39.88	78.83	97.7 %
Operating Income	17.41	48.03	175.9 %
Net Income	12.17	35.14	188.6 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	1.08	3.12	188.6 %

Item	Q4 2022	Q1 2023	Change‬
Revenues	364.90	380.17	4.2 %
Gross Income	89.96	78.83	(12.4 %)
Operating Income	61.13	48.03	(21.4 %)
Net Income	39.85	35.14	(11.8 %)
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	3.54	3.12	(11.8 %)

This was offset by increase in selling, distribution, general and administrative expenses, along with higher finance cost.

Meanwhile, Q1 2023 net profit declined 11.8% from SAR 39.85 million in the previous quarter, due to decrease in gross margins following higher cost of sales.

Total shareholders’ equity, excluding minority interest, reached SAR 666.80 million as of March 31, 2023, compared to SAR 600.04 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Halala)
Q1 2014	346.75	13.7 %	79.63	6.0 %	55.49	10.2 %	4.93
Q2 2014	305.29	(9.9 %)	72.48	36.0 %	44.67	64.7 %	3.97
Q3 2014	164.51	(39.0 %)	32.38	(26.5 %)	12.71	(43.1 %)	1.13
Q4 2014	230.30	(38.0 %)	67.16	(28.4 %)	58.99	(10.8 %)	5.24
2014	1,046.86	(18.5 %)	251.64	(5.5 %)	171.86	3.6 %	15.28
Q1 2015	200.41	(42.2 %)	39.30	(50.6 %)	28.79	(48.1 %)	2.56
Q2 2015	196.60	(35.6 %)	38.45	(47.0 %)	19.96	(55.3 %)	1.77
Q3 2015	191.27	16.3 %	32.86	1.5 %	9.47	(25.5 %)	0.84
Q4 2015	240.95	4.6 %	33.81	(49.7 %)	12.14	(79.4 %)	1.08
2015	829.24	(20.8 %)	143.84	(42.8 %)	70.36	(59.1 %)	6.25
Q1 2016	220.84	10.2 %	35.73	(9.1 %)	9.44	(67.2 %)	0.84
Q2 2016	233.85	18.9 %	28.90	(24.8 %)	9.78	(51.0 %)	0.87
Q3 2016	206.32	7.9 %	36.91	12.4 %	10.49	10.8 %	0.93
Q4 2016	223.75	(7.1 %)	40.73	20.5 %	19.67	62.0 %	1.75
2016	884.76	6.7 %	142.27	(1.1 %)	49.38	(29.8 %)	4.39
Q1 2017	189.11	(14.4 %)	38.17	6.8 %	10.65	12.7 %	0.95
Q2 2017	230.29	(1.5 %)	41.52	43.7 %	10.92	11.7 %	0.97
Q3 2017	227.39	10.2 %	39.15	6.1 %	11.44	9.1 %	1.02
Q4 2017	223.03	(0.3 %)	42.33	3.9 %	24.32	23.6 %	2.16
2017	869.82	(1.7 %)	161.18	13.3 %	57.32	16.1 %	5.10
Q1 2018	184.85	(2.3 %)	35.27	(7.6 %)	11.01	3.4 %	0.98
Q2 2018	156.53	(32.0 %)	22.49	(45.8 %)	1.94	(82.3 %)	0.17
Q3 2018	174.10	(23.4 %)	30.91	(21.1 %)	4.32	(62.3 %)	0.38
Q4 2018	190.41	(14.6 %)	13.80	(67.4 %)	(10.14)	(141.7 %)	(0.90)
2018	705.89	(18.8 %)	102.47	(36.4 %)	7.11	(87.6 %)	0.63
Q1 2019	106.18	(42.6 %)	18.98	(46.2 %)	(4.16)	(137.8 %)	(0.37)
Q2 2019	154.50	(1.3 %)	19.44	(13.6 %)	(1.72)	(188.8 %)	(0.15)
Q3 2019	132.80	(23.7 %)	22.03	(28.7 %)	(1.50)	(134.8 %)	(0.13)
Q4 2019	184.08	(3.3 %)	11.97	(13.3 %)	(32.81)	(223.4 %)	(2.92)
2019	577.56	(18.2 %)	72.41	(29.3 %)	(40.19)	(665.1 %)	(3.57)
Q1 2020	139.50	31.4 %	24.99	31.7 %	0.85	120.4 %	0.08
Q2 2020	109.64	(29.0 %)	8.92	(54.1 %)	(11.58)	(572.6 %)	(1.03)
Q3 2020	148.07	11.5 %	24.81	12.6 %	6.77	550.8 %	0.60
Q4 2020	251.48	36.6 %	52.79	341.1 %	27.88	185.0 %	2.48
2020	648.69	12.3 %	111.50	54.0 %	23.92	159.5 %	2.13
Q1 2021	167.83	20.3 %	31.41	25.7 %	6.96	720.6 %	0.62
Q2 2021	165.62	51.1 %	29.81	234.2 %	8.00	169.1 %	0.71
Q3 2021	207.63	40.2 %	41.90	68.9 %	10.14	49.7 %	0.90
Q4 2021	229.61	(8.7 %)	46.43	(12.0 %)	23.75	(14.8 %)	2.11
2021	770.69	18.8 %	149.55	34.1 %	48.85	104.2 %	4.34
Q1 2022	229.08	36.5 %	39.88	27.0 %	12.17	74.9 %	1.08
Q2 2022	226.86	37.0 %	51.64	73.2 %	18.54	131.8 %	1.65
Q3 2022	245.25	18.1 %	56.15	34.0 %	23.60	132.8 %	2.10
Q4 2022	364.90	58.9 %	89.96	93.7 %	39.85	67.8 %	3.54
2022	1,066.09	38.3 %	237.62	58.9 %	94.17	92.8 %	8.37
Q1 2023	380.17	66.0 %	78.83	97.7 %	35.14	188.6 %	3.12

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Halala)
2013	1,285.26	20.9 %	266.26	33.4 %	165.96	53.5 %	14.75
2014	1,046.86	(18.5 %)	251.64	(5.5 %)	171.86	3.6 %	15.28
2015	829.24	(20.8 %)	143.84	(42.8 %)	70.36	(59.1 %)	6.25
2016	884.76	6.7 %	142.27	(1.1 %)	49.38	(29.8 %)	4.39
2017	869.82	(1.7 %)	161.18	13.3 %	57.32	16.1 %	5.10
2018	705.89	(18.8 %)	102.47	(36.4 %)	7.11	(87.6 %)	0.63
2019	577.56	(18.2 %)	72.41	(29.3 %)	(40.19)	(665.1 %)	(3.57)
2020	648.69	12.3 %	111.50	54.0 %	23.92	159.5 %	2.13
2021	770.69	18.8 %	149.55	34.1 %	48.85	104.2 %	4.34
2022	1,066.09	38.3 %	237.62	58.9 %	94.17	92.8 %	8.37

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	20.41 %	15.37 %	12.84 %
Q2 2014	22.42 %	17.41 %	14.35 %
Q3 2014	23.43 %	17.69 %	15.59 %
Q4 2014	24.04 %	18.85 %	15.78 %
2014	24.04 %	18.85 %	15.78 %
Q1 2015	23.47 %	18.36 %	14.73 %
Q2 2015	22.39 %	17.56 %	13.55 %
Q3 2015	21.72 %	16.86 %	11.61 %
Q4 2015	17.41 %	12.27 %	7.19 %
2015	17.35 %	12.25 %	7.19 %
Q1 2016	16.58 %	11.26 %	5.51 %
Q2 2016	14.80 %	9.00 %	4.47 %
Q3 2016	15.01 %	8.63 %	4.47 %
Q4 2016	16.08 %	10.44 %	5.58 %
2016	16.08 %	10.44 %	5.58 %
Q1 2017	16.96 %	10.50 %	5.93 %
Q2 2017	18.52 %	11.82 %	6.09 %
Q3 2017	18.33 %	11.78 %	6.05 %
Q4 2017	18.53 %	11.40 %	6.59 %
2017	18.53 %	11.40 %	6.59 %
Q1 2018	18.29 %	11.64 %	6.66 %
Q2 2018	17.59 %	11.21 %	6.15 %
Q3 2018	17.74 %	11.03 %	5.63 %
Q4 2018	14.52 %	8.01 %	2.11 %
2018	14.52 %	8.01 %	2.11 %
Q1 2019	13.74 %	6.85 %	(0.04 %)
Q2 2019	13.30 %	5.89 %	(0.63 %)
Q3 2019	12.72 %	6.26 %	(1.67 %)
Q4 2019	12.54 %	4.85 %	(3.20 %)
2019	12.54 %	4.85 %	(3.20 %)
Q1 2020	12.84 %	5.43 %	(1.81 %)
Q2 2020	12.00 %	4.29 %	(3.70 %)
Q3 2020	12.16 %	4.72 %	(2.18 %)
Q4 2020	17.19 %	10.72 %	4.06 %
2020	17.19 %	10.72 %	4.06 %
Q1 2021	17.42 %	10.83 %	4.44 %
Q2 2021	18.94 %	12.74 %	6.77 %
Q3 2021	19.67 %	12.39 %	6.68 %
Q4 2021	19.40 %	12.40 %	6.34 %
2021	19.40 %	12.40 %	6.34 %
Q1 2022	18.99 %	12.30 %	6.50 %
Q2 2022	20.14 %	12.94 %	7.23 %
Q3 2022	20.85 %	14.09 %	8.39 %
Q4 2022	22.29 %	15.15 %	8.83 %
2022	22.29 %	15.15 %	8.83 %
Q1 2023	22.72 %	15.77 %	9.62 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	20.72 %	15.68 %	12.91 %
2014	24.04 %	18.85 %	15.78 %
2015	17.35 %	12.25 %	7.19 %
2016	16.08 %	10.44 %	5.58 %
2017	18.53 %	11.40 %	6.59 %
2018	14.52 %	8.01 %	2.11 %
2019	12.54 %	4.85 %	(3.20 %)
2020	17.19 %	10.72 %	4.06 %
2021	19.40 %	12.40 %	6.34 %
2022	22.29 %	15.15 %	8.83 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	22.96 %	17.76 %	15.80 %
Q2 2014	23.74 %	18.67 %	13.89 %
Q3 2014	19.68 %	13.50 %	13.36 %
Q4 2014	29.16 %	24.56 %	20.01 %
Q1 2015	19.61 %	14.74 %	11.09 %
Q2 2015	19.56 %	15.64 %	8.64 %
Q3 2015	17.18 %	11.04 %	5.09 %
Q4 2015	14.03 %	8.46 %	4.42 %
Q1 2016	16.18 %	10.59 %	4.28 %
Q2 2016	12.36 %	6.38 %	4.18 %
Q3 2016	17.89 %	9.29 %	5.08 %
Q4 2016	18.20 %	15.61 %	8.79 %
Q1 2017	20.18 %	10.89 %	5.63 %
Q2 2017	18.03 %	11.18 %	4.74 %
Q3 2017	17.22 %	9.38 %	5.03 %
Q4 2017	18.98 %	14.13 %	10.90 %
Q1 2018	19.08 %	12.01 %	5.95 %
Q2 2018	14.37 %	8.75 %	1.24 %
Q3 2018	17.75 %	8.08 %	2.48 %
Q4 2018	7.25 %	3.46 %	(1.23 %)
Q1 2019	17.87 %	8.08 %	(3.92 %)
Q2 2019	12.58 %	4.91 %	(1.11 %)
Q3 2019	16.59 %	10.37 %	(1.13 %)
Q4 2019	6.50 %	(1.04 %)	(6.03 %)
Q1 2020	17.91 %	9.86 %	2.33 %
Q2 2020	8.14 %	(1.22 %)	(10.56 %)
Q3 2020	16.75 %	11.45 %	4.57 %
Q4 2020	20.99 %	15.96 %	11.09 %
Q1 2021	18.71 %	10.48 %	4.15 %
Q2 2021	18.00 %	11.30 %	4.83 %
Q3 2021	20.18 %	10.48 %	4.88 %
Q4 2021	20.22 %	16.33 %	10.34 %
Q1 2022	17.41 %	10.65 %	5.31 %
Q2 2022	22.76 %	14.09 %	8.17 %
Q3 2022	22.89 %	15.22 %	9.62 %
Q4 2022	24.65 %	18.58 %	10.92 %
Q1 2023	20.73 %	14.44 %	9.24 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
Q1 2014	1,125.00	15.21	15.14	0.53
Q2 2014	1,125.00	16.77	16.50	0.49
Q3 2014	1,125.00	15.91	16.47	0.50
Q4 2014	1,125.00	15.28	14.69	0.56
Q1 2015	1,125.00	12.90	11.79	0.58
Q2 2015	1,125.00	10.71	9.54	0.54
Q3 2015	1,125.00	10.42	8.45	0.55
Q4 2015	1,125.00	6.25	5.30	0.54
Q1 2016	1,125.00	4.53	4.16	0.54
Q2 2016	1,125.00	3.63	3.52	0.55
Q3 2016	1,125.00	3.72	3.59	0.56
Q4 2016	1,125.00	4.39	4.39	0.57
Q1 2017	1,125.00	4.50	4.50	0.58
Q2 2017	1,125.00	4.60	4.60	0.56
Q3 2017	1,125.00	4.68	4.68	0.57
Q4 2017	1,125.00	5.10	5.10	0.56
Q1 2018	1,125.00	5.13	5.13	0.57
Q2 2018	1,125.00	4.33	4.33	0.53
Q3 2018	1,125.00	3.70	3.70	0.54
Q4 2018	1,125.00	0.63	1.33	0.53
Q1 2019	1,125.00	(0.72)	(0.02)	0.53
Q2 2019	1,125.00	(1.04)	(0.35)	0.53
Q3 2019	1,125.00	(1.56)	(0.86)	0.53
Q4 2019	1,125.00	(3.57)	(1.64)	0.49
Q1 2020	1,125.00	(3.13)	(0.99)	0.49
Q2 2020	1,125.00	(4.00)	(1.86)	0.48
Q3 2020	1,125.00	(3.27)	(1.13)	0.49
Q4 2020	1,125.00	2.13	2.34	0.50
Q1 2021	1,125.00	2.67	2.67	0.51
Q2 2021	1,125.00	4.41	4.41	0.50
Q3 2021	1,125.00	4.71	4.71	0.50
Q4 2021	1,125.00	4.34	4.34	0.52
Q1 2022	1,125.00	4.81	4.81	0.53
Q2 2022	1,125.00	5.74	5.74	0.51
Q3 2022	1,125.00	6.94	6.94	0.53
Q4 2022	1,125.00	8.37	8.37	0.56
Q1 2023	1,125.00	10.41	10.41	0.59

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
2013	1,125.00	14.75	14.75	0.48
2014	1,125.00	15.28	14.69	0.56
2015	1,125.00	6.25	5.30	0.54
2016	1,125.00	4.39	4.39	0.57
2017	1,125.00	5.10	5.10	0.56
2018	1,125.00	0.63	1.33	0.53
2019	1,125.00	(3.57)	(1.64)	0.49
2020	1,125.00	2.13	2.34	0.50
2021	1,125.00	4.34	4.34	0.52
2022	1,125.00	8.37	8.37	0.56

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	14.57	15.16	4.00
Q1 2015	17.70	19.36	3.92
Q2 2015	20.77	23.32	4.12
Q3 2015	15.94	19.65	3.03
Q4 2015	21.69	25.60	2.52
Q1 2016	21.72	23.67	1.83
Q2 2016	28.18	29.05	1.87
Q3 2016	19.31	20.02	1.29
Q4 2016	22.05	22.05	1.69
Q1 2017	22.18	22.18	1.71
Q2 2017	17.28	17.28	1.43
Q3 2017	17.66	17.66	1.46
Q4 2017	16.62	16.62	1.50
Q1 2018	18.15	18.15	1.63
Q2 2018	20.30	20.30	1.65
Q3 2018	20.31	20.31	1.40
Q4 2018	More than 100	50.89	1.27
Q1 2019	NEG	NEG	1.37
Q2 2019	NEG	NEG	1.24
Q3 2019	NEG	NEG	1.17
Q4 2019	NEG	NEG	1.28
Q1 2020	NEG	NEG	1.00
Q2 2020	NEG	NEG	1.21
Q3 2020	NEG	NEG	1.84
Q4 2020	48.35	43.94	2.05
Q1 2021	44.88	44.88	2.35
Q2 2021	31.71	31.71	2.82
Q3 2021	27.02	27.02	2.52
Q4 2021	25.43	25.43	2.11
Q1 2022	24.19	24.19	2.18
Q2 2022	16.19	16.19	1.83
Q3 2022	14.90	14.90	1.95
Q4 2022	11.23	11.23	1.68
Q1 2023	13.08	13.08	2.30

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	14.57	15.16	4.00
2015	21.69	25.60	2.52
2016	22.05	22.05	1.69
2017	16.62	16.62	1.50
2018	More than 100	50.89	1.27
2019	NEG	NEG	1.28
2020	48.35	43.95	2.05
2021	25.43	25.43	2.11
2022	11.23	11.23	1.68

Business Segments (Million)

Compared With The

Period	Manufacturing sector	services segment
Q1 2014	330.07	16.68
Q2 2014	290.20	15.09
Q3 2014	149.70	14.82
Q4 2014	208.78	21.52
Q1 2015	179.38	21.03
Q2 2015	182.40	14.20
Q3 2015	181.75	9.53
Q4 2015	221.18	19.77
Q1 2016	206.90	13.93
Q2 2016	219.92	13.94
Q3 2016	193.20	13.12
Q4 2016	211.01	12.74
Q1 2017	176.34	12.77
Q2 2017	216.57	13.72
Q3 2017	213.68	13.71
Q4 2017	206.09	16.94
Q1 2018	171.99	12.86
Q2 2018	142.47	14.06
Q3 2018	159.97	14.13
Q4 2018	175.30	15.11
Q1 2019	94.99	11.19
Q2 2019	142.93	11.56
Q3 2019	118.35	14.45
Q4 2019	167.20	16.88
Q1 2020	123.54	15.95
Q2 2020	99.19	10.45
Q3 2020	134.87	13.19
Q4 2020	232.15	19.33
Q1 2021	154.01	13.82
Q2 2021	149.17	16.45
Q3 2021	193.46	14.17
Q4 2021	205.61	24.00
Q1 2022	216.87	12.20
Q2 2022	208.65	18.21
Q3 2022	233.67	11.58
Q4 2022	331.33	33.57
Q1 2023	365.36	14.81

Period	Manufacturing sector	services segment
2013	1,228.52	56.73
2014	978.75	68.11
2015	764.71	64.53
2016	827.40	57.36
2017	812.68	57.14
2018	649.73	56.16
2019	523.47	54.08
2020	589.76	58.93
2021	702.25	68.44
2022	990.53	75.56

Financial Ratios

	Current
Market Cap (M Riyal)	7,211.25
Enterprise Value (EV) (M)	7,403.21
Shares Outstanding ((M))	1,125.00
EPS (Halala) (TTM)	21.43
Book Value (BV) ( Riyal)	0.65
Par Value ( Halala)	50.00
Adjusted P/E (Last12)	28.70
P/E (TTM)	29.91
Price/book	9.81
Return on Average Assets (%) (TTM)	13.0
Return on Average Equity (%) (TTM)	34.4

Electrical Industries Co. (EIC)

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Electrical Industries net profit rises to SAR 35.1 mln in Q1 2023

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q1

Financial Ratios

Share Price

Electrical Industries Co. (EIC)

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Electrical Industries net profit rises to SAR 35.1 mln in Q1 2023

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2023

Revenue by Business Segment (Latest) 2023 Q1

Financial Ratios

Share Price

Electrical Industries Co. (EIC)

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Business Segments (Million)