Riyadh – Mubasher: The net profits of Electrical Industries Company (EIC) almost doubled in 2024 after increasing by 99.83% to SAR 401.73 million compared to SAR 201.03 million in 2023.
The earnings per share (EPS) rose to SAR 0.36 as of 31 December 2024 from SAR 0.18 in the same period a year earlier, according to the income statement.
EIC attributed the annual surge in 2024 net profit to a 27.43% growth in revenue to SAR 1.98 billion, compared with SAR 1.55 billion during the January-December 2023 period.
The company further said the increase in net profit last year was due to diversification of the sold products which included items with higher profitability and better gross margins.
It is worth noting that during the first nine months (9M) of 2024, EIC registered net profits worth SAR 297.19 million and revenue of SAR 1.54 billion.
