Electrical Industries’ H1 2022 profit rises to SAR 30.7 mln; Q2 at SAR 18.5 mln

Electrical Industries’ H1 2022 profit rises to SAR 30.7 mln; Q2 at SAR 18.5 mln

23/08/2022 Argaam Exclusive

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Electrical Industries Co.’s net profit after Zakat and tax doubled to SAR 30.7 million in the first six months of 2022, from SAR 15 million a year earlier.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 333.45 455.94 36.7 %
Gross Income 61.22 91.52 49.5 %
Operating Income 21.91 41.76 90.6 %
Net Income 14.96 30.71 105.4 %
Average Shares 1,125.00 1,125.00 -
EPS (Halala) 1.33 2.73 105.4 %

The earnings increase was primarily due to the rise in sales to SAR 455.9 million in H1 2022 from SAR 333.5 million in the previous year.

 

In addition, the company’s profit was driven by diversification of sold products, including products with higher profitability and improvement of gross margin in certain products. However, it was offset by higher selling and distribution expenses and increased financing expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 165.62 226.86 37.0 %
Gross Income 29.81 51.64 73.2 %
Operating Income 10.46 24.35 132.8 %
Net Income 8.00 18.54 131.8 %
Average Shares 1,125.00 1,125.00 -
EPS (Halala) 0.71 1.65 131.8 %

In Q2 2022, net profit after Zakat and tax more than doubled to SAR 18.5 million, from SAR 8 million in the year-earlier period, on higher sales and diversification of sold products. 

 

On a sequential basis, net profit rose 52.3% from SAR 12.17 million. 

 

Total shareholders' equity, excluding minority interest, reached SAR 572.792 million as of June 30, 2022, compared to SAR 557.769 million in a year earlier. 

 



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 305.08 - 75.09 - 54.71 -
Q2 2013 338.91 - 53.30 - 32.19 -
Q3 2013 269.85 - 44.06 - 26.29 -
Q4 2013 371.41 - 93.81 - 67.98 -
Q1 2014 346.75 13.7 % 79.63 6.0 % 55.64 1.7 %
Q2 2014 305.29 (9.9 %) 72.48 36.0 % 50.89 58.1 %
Q3 2014 164.51 (39.0 %) 32.38 (26.5 %) 15.64 (40.5 %)
Q4 2014 230.30 (38.0 %) 67.16 (28.4 %) 50.16 (26.2 %)
Q1 2015 200.41 (42.2 %) 39.30 (50.6 %) 22.74 (59.1 %)
Q2 2015 196.60 (35.6 %) 38.45 (47.0 %) 23.49 (53.8 %)
Q3 2015 191.27 16.3 % 32.86 1.5 % 14.23 (9.0 %)
Q4 2015 240.95 4.6 % 33.81 (49.7 %) 12.70 (74.7 %)
Q1 2016 220.84 10.2 % 35.73 (9.1 %) 15.08 (33.7 %)
Q2 2016 233.85 18.9 % 28.90 (24.8 %) 8.46 (64.0 %)
Q3 2016 206.32 7.9 % 36.91 12.4 % 15.59 9.6 %
Q4 2016 223.75 (7.1 %) 40.73 20.5 % 24.20 90.5 %
Q1 2017 189.11 (14.4 %) 38.17 6.8 % 13.10 (13.2 %)
Q2 2017 230.29 (1.5 %) 41.52 43.7 % 17.21 103.3 %
Q3 2017 227.39 10.2 % 39.15 6.1 % 13.11 (15.9 %)
Q4 2017 223.03 (0.3 %) 42.33 3.9 % 23.83 (1.6 %)
Q1 2018 184.85 (2.3 %) 35.27 (7.6 %) 14.66 11.9 %
Q2 2018 156.53 (32.0 %) 22.49 (45.8 %) 6.33 (63.2 %)
Q3 2018 174.10 (23.4 %) 30.91 (21.1 %) 8.78 (33.0 %)
Q4 2018 190.41 (14.6 %) 13.80 (67.4 %) 0.01 (100.0 %)
Q1 2019 106.18 (42.6 %) 18.98 (46.2 %) 1.56 (89.4 %)
Q2 2019 154.50 (1.3 %) 19.44 (13.6 %) 1.15 (81.8 %)
Q3 2019 132.80 (23.7 %) 22.03 (28.7 %) 7.01 (20.2 %)
Q4 2019 184.08 (3.3 %) 11.97 (13.3 %) (6.59) (73333.3 %)
Q1 2020 139.50 31.4 % 24.99 31.7 % 7.70 393.4 %
Q2 2020 109.64 (29.0 %) 8.92 (54.1 %) (7.76) (773.8 %)
Q3 2020 148.07 11.5 % 24.81 12.6 % 10.69 52.6 %
Q4 2020 251.48 36.6 % 52.79 341.1 % 33.65 610.5 %
Q1 2021 167.83 20.3 % 31.41 25.7 % 11.45 48.6 %
Q2 2021 165.62 51.1 % 29.81 234.2 % 10.46 234.8 %
Q3 2021 207.63 40.2 % 41.90 68.9 % 14.42 34.9 %
Q4 2021 229.61 (8.7 %) 46.43 (12.0 %) 30.50 (9.4 %)
Q1 2022 229.08 36.5 % 39.88 27.0 % 17.41 52.0 %
Q2 2022 226.86 37.0 % 51.64 73.2 % 24.35 132.8 %


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 50.37 - 4.48 - 50.37 0.04
Q2 2013 27.13 - 2.41 - 27.13 0.02
Q3 2013 22.35 - 1.99 - 22.35 0.02
Q4 2013 66.11 - 5.88 - 66.11 0.06
Q1 2014 55.49 10.2 % 4.93 0.71 54.78 0.05
Q2 2014 44.67 64.7 % 3.97 2.28 42.39 0.04
Q3 2014 12.71 (43.1 %) 1.13 (9.26) 21.97 0.02
Q4 2014 58.99 (10.8 %) 5.24 12.90 46.09 0.04
Q1 2015 28.79 (48.1 %) 2.56 6.58 22.22 0.02
Q2 2015 19.96 (55.3 %) 1.77 2.96 17.00 0.02
Q3 2015 9.47 (25.5 %) 0.84 (0.27) 9.74 0.01
Q4 2015 12.14 (79.4 %) 1.08 1.50 10.64 0.01
Q1 2016 9.44 (67.2 %) 0.84 - 9.44 0.01
Q2 2016 9.78 (51.0 %) 0.87 - 9.78 0.01
Q3 2016 10.49 10.8 % 0.93 - 10.49 0.01
Q4 2016 19.67 62.0 % 1.75 - 19.67 0.02
Q1 2017 10.65 12.7 % 0.95 - 10.65 0.01
Q2 2017 10.92 11.7 % 0.97 - 10.92 0.01
Q3 2017 11.44 9.1 % 1.02 - 11.44 0.01
Q4 2017 24.32 23.6 % 2.16 - 24.32 0.02
Q1 2018 11.01 3.4 % 0.98 - 11.01 0.01
Q2 2018 1.94 (82.3 %) 0.17 - 1.94 0.00
Q3 2018 4.32 (62.3 %) 0.38 - 4.32 0.00
Q4 2018 (10.14) (141.7 %) (0.90) (7.80) (2.34) 0.00
Q1 2019 (4.16) (137.8 %) (0.37) - (4.16) 0.00
Q2 2019 (1.72) (188.8 %) (0.15) - (1.72) 0.00
Q3 2019 (1.50) (134.8 %) (0.13) - (1.50) 0.00
Q4 2019 (32.81) (223.4 %) (2.92) (21.70) (11.11) (0.01)
Q1 2020 0.85 120.4 % 0.08 (2.40) 3.25 0.00
Q2 2020 (11.58) (572.6 %) (1.03) - (11.58) (0.01)
Q3 2020 6.77 550.8 % 0.60 - 6.77 0.01
Q4 2020 27.88 185.0 % 2.48 - 27.88 0.02
Q1 2021 6.96 720.6 % 0.62 - 6.96 0.01
Q2 2021 8.00 169.1 % 0.71 - 8.00 0.01
Q3 2021 10.14 49.7 % 0.90 - 10.14 0.01
Q4 2021 23.75 (14.8 %) 2.11 - 23.75 0.02
Q1 2022 12.17 74.9 % 1.08 - 12.17 0.01
Q2 2022 18.54 131.8 % 1.65 - 18.54 0.02

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 %
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 %
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 %
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 %
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 %
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 %
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 %)
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 %
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 %
Q1 2022 18.99 % 12.30 % 6.50 %
Q2 2022 20.14 % 12.94 % 7.23 %


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

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

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

Current
Market Cap (M Riyal) 8,842.50
Enterprise Value (EV) (M) 9,059.86
Shares Outstanding ((M)) 1,125.00
EPS (Halala) (TTM) 31.70
Book Value (BV) ( Riyal) 0.75
Par Value ( Halala) 50.00
Adjusted P/E (Last12) 22.86
P/E (TTM) 24.79
Price/book 10.47
Return on Average Assets (%) (TTM) 17.7
Return on Average Equity (%) (TTM) 46.6

Share Price

7.86
(0.02) (0.25 %)

Electrical Industries Co. (EIC)


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