Riyadh – Mubasher: The Electrical Industries Company (EIC) turned to net profits after Zakat and tax worth SAR 14.95 million in the first half (H1) of 2021, against net losses of SAR 10.72 million in H1-20.
EIC posted earnings per share of SAR 0.33 in H1-21, compared to a loss per share of SAR 0.24 in H1-20, according to the financial results on Wednesday.
Revenues grew by almost 34% to SAR 333.45 million in H1-21 from SAR 249.13 million in the same six months last year.
During the second quarter (Q2) of 2021, EIC also turned profitable at SAR 7.99 million, versus losses of SAR 11.57 million.
Revenues surged annually by 51% to SAR 165.61 million in Q2-21 from SAR 109.64 million in Q2-20.
On a quarterly basis, the company’s net profits in Q2-21 were 14.9% higher than SAR 6.95 million in Q1-21, while the revenues declined by 1.3% from SAR 167.83 million.
