Electrical Industries Co. announces its Interim Financial results for the Period Ending on 2024-06-30 ( Six Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	494,888	374,677	32.083	542,089	-8.707
Gross Profit (Loss)	167,576	94,155	77.978	150,374	11.439
Operational Profit (Loss)	112,098	63,631	76.168	99,073	13.146
Net profit (Loss)	100,614	50,003	101.215	75,230	33.741
Total Comprehensive Income	100,346	49,974	100.796	74,526	34.645
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	1,036,977	754,845	37.376
Gross Profit (Loss)	317,950	172,982	83.805
Operational Profit (Loss)	211,171	110,649	90.847
Net profit (Loss)	175,844	85,142	106.53
Total Comprehensive Income	174,872	85,814	103.78
Total Shareholders Equity (after Deducting Minority Equity)	833,893	715,901	16.481
Profit (Loss) per Share	0.16	0.07
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is	The increase in sales in the current quarter compared with the same quarter of last year, was driven by rising demand across all sectors within the Kingdom of Saudi Arabia. This increase in sales was particularly evident in high-voltage substation projects, distribution network infrastructure projects, and a series of new industrial projects, including the Oil & Gas sector.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The reason of the increase in the net profit of the current quarter compared to the same quarter of last year is mainly attributed to the following:

•Increase of sales from SAR 374.7 million to SAR 494.9 million.

•The diversification of sold products and increase in sold products with higher profit margins.

The increase in the net profit is offset by increase in selling and distribution expenses, general and administrative expenses and finance cost.The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The decrease in sales in the current quarter compared to the previous quarter is attributed to Eid holidays season, in addition to the unreadiness of some customers projects to receive the finished goods.The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The increase in net profit of the current quarter compared to the previous quarter is mainly attributed to the diversification of sold products and increase in sold products with higher profit margins.The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is The increase in sales in the current period compared to the same period of last year was driven by rising demand across all sectors within the Kingdom of Saudi Arabia. This increase in sales was particularly evident in high-voltage substation projects, distribution network infrastructure projects, and a series of new industrial projects, including the Oil & Gas sector.The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The reason of the increase in the net profit of the current period compared to the same period of last year is mainly attributed to:

•Increase of sales from SAR 754.8 million to SAR 1,037 million

•The diversification of sold products and increase in sold products with higher profit margins.

The increase in net profit is offset by increase in selling and distribution expenses, general and administrative expenses and finance cost.Statement of the type of external auditor's report Unmodified conclusionComment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) NoneReclassification of Comparison Items NoneAdditional Information In view of the decision issued by the Committee for Adjudication for Competition Law Violations, which includes imposing a penalty against two of the company’s subsidiaries amounting to SAR 26.1 million for potential violation of Competition Law, Management recognized a provision for the full amount during the second quarter of this year, though the decision is not final. The company believes that its legal position is strong and is in process of filing an appeal with the Administrative Court in Riyadh.

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