Electrical Industries’ net profit soars 93% to SAR 94.2 mln in 2022, Q4 at SAR 39.9 mln

28/03/2023 Argaam Exclusive

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Electrical Industries Co. reported a net profit of SAR 94.2 million in 2022, a 93% surge from SAR 48.9 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	770.69	1,066.09	38.3 %
Gross Income	149.55	237.62	58.9 %
Operating Income	66.83	133.71	100.1 %
Net Income	48.85	94.17	92.8 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	4.34	8.37	92.8 %

This was fueled by an increase in sales year-on-year (YoY) to SAR 1.06 billion, in addition to the diversification of the sold products.

However, the profit increase was offset by higher selling and distribution expenses, an increase in general and administrative expenses and a rise in the cost of finance.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	229.61	364.90	58.9 %
Gross Income	46.43	89.96	93.7 %
Operating Income	30.50	61.13	100.4 %
Net Income	23.75	39.85	67.8 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	2.11	3.54	67.8 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	245.25	364.90	48.8 %
Gross Income	56.15	89.96	60.2 %
Operating Income	30.82	61.13	98.3 %
Net Income	23.60	39.85	68.9 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	2.10	3.54	68.9 %

Q4 2022 net earnings increased 68% to SAR 39.9 million, from SAR 23.7 million in Q4 2021.

On a quarterly basis, net profit jumped by 68.9% from SAR 23.6 million in Q3 2022.

Total shareholders’ equity, no minority interest, stood at SAR 630.8 million by Dec. 31, 2022, compared to SAR 587.8 million in a year-earlier period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Halala)
Q1 2013	305.08	-	75.09	-	50.37	-	4.48
Q2 2013	338.91	-	53.30	-	27.13	-	2.41
Q3 2013	269.85	-	44.06	-	22.35	-	1.99
Q4 2013	371.41	-	93.81	-	66.11	-	5.88
2013	1,285.26	20.9 %	266.26	33.4 %	165.96	53.5 %	14.75
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

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 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	20.72 %	15.68 %	12.91 %
2013	20.72 %	15.68 %	12.91 %
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 %

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 2013	24.61 %	19.37 %	16.51 %
Q2 2013	15.73 %	10.55 %	8.00 %
Q3 2013	16.33 %	13.83 %	8.28 %
Q4 2013	25.26 %	18.66 %	17.80 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
Q1 2013	1,125.00	-	-	0.48
Q2 2013	1,125.00	-	-	0.46
Q3 2013	1,125.00	-	-	0.48
Q4 2013	1,125.00	14.75	14.75	0.48
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

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 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
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

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 2013	293.58	11.50
Q4 2013	353.76	17.65
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

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)	7,470.00
Enterprise Value (EV) (M)	7,661.96
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)	29.73
P/E (TTM)	30.98
Price/book	10.17
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 soars 93% to SAR 94.2 mln in 2022, Q4 at SAR 39.9 mln

View other reports

Financials (M)

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) 2022 Q4

Financial Ratios

Share Price

Electrical Industries Co. (EIC)

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Electrical Industries’ net profit soars 93% to SAR 94.2 mln in 2022, Q4 at SAR 39.9 mln

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Financials (M)

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) Q4 2022

Revenue by Business Segment (Latest) 2022 Q4

Financial Ratios

Share Price

Electrical Industries Co. (EIC)

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Business Segments (Million)