Electrical Industries profit grows to SAR 141.6 mln in 9M 2023; Q3 at SAR 56.4 mln

Electrical Industries profit grows to SAR 141.6 mln in 9M 2023; Q3 at SAR 56.4 mln

29/10/2023 Argaam Exclusive

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Electrical Industries Co. reported a net profit of SAR 141.6 million in the first nine months of 2023, up from SAR 54.3 million a year earlier.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 701.19 1,147.49 63.6 %
Gross Income 147.67 275.83 86.8 %
Operating Income 72.58 185.49 155.6 %
Net Income 54.32 141.57 160.6 %
Average Shares 1,125.00 1,125.00 -
EPS (Halala) 4.83 12.58 160.6 %

The year-on-year (YoY) profit growth was driven by a sales rise from SAR 701 million to SAR 1.14 billion during the nine-month period. This is besides a more diversified product mix, including better income-generating products. Improved gross profit margins of specific products also contributed to increased earnings.

 

This was partially offset by the surge in selling and distribution expenses, general and administrative expenses, and financing costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 245.25 392.65 60.1 %
Gross Income 56.15 102.85 83.2 %
Operating Income 30.82 73.61 138.8 %
Net Income 23.60 56.43 139.1 %
Average Shares 1,125.00 1,125.00 -
EPS (Halala) 2.10 5.02 139.1 %

The third-quarter net profit more than doubled to SAR 56.4 million, from SAR 23.6 million in Q3 2022.

 

On a quarterly basis, the Q3 2023 earnings rose 12.8% from SAR 50 million.

 

Total shareholders’ equity, no minority interest, reached SAR 686.91 million as of Sept. 30, 2023, compared to SAR 596.04 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2022 245.25 18.1 % 56.15 34.0 % 30.82 113.7 %
Q4 2022 364.90 58.9 % 89.96 93.7 % 61.13 100.4 %
Q1 2023 380.17 66.0 % 78.83 97.7 % 48.03 175.9 %
Q2 2023 374.68 65.2 % 94.16 82.3 % 63.85 162.2 %
Q3 2023 392.65 60.1 % 102.85 83.2 % 73.61 138.8 %


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2022 23.60 132.8 % 2.10 - 23.60 0.02
Q4 2022 39.85 67.8 % 3.54 - 39.85 0.04
Q1 2023 35.14 188.6 % 3.12 - 35.14 0.03
Q2 2023 50.00 169.7 % 4.44 - 50.00 0.04
Q3 2023 56.43 139.1 % 5.02 (2.74) 59.17 0.05

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 %
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 %
Q3 2022 20.85 % 14.09 % 8.39 %
Q4 2022 22.29 % 15.15 % 8.83 %
Q1 2023 22.72 % 15.77 % 9.62 %
Q2 2023 23.38 % 16.90 % 10.89 %
Q3 2023 24.19 % 18.11 % 12.18 %


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
Q2 2023 1,125.00 13.21 13.21 0.64
Q3 2023 1,125.00 16.13 16.37 0.61

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
Q2 2023 13.40 13.40 2.78
Q3 2023 12.71 12.52 3.36

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
Q2 2023 355.15 19.52
Q3 2023 379.42 13.23

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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