On 2026-07-23 08:08:06 (Saudi Time), Electrical Industries Co. announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

For the six-month period ending 30 June 2026, sales/revenue increased 31.979% YoY from SAR 1,038.04 million to SAR 1,370.01 million, driven by sustained high demand across all sectors in Saudi Arabia, particularly in high-voltage substation projects, distribution network infrastructure projects, and new industrial projects including the Oil & Gas sector. Net profit attributable to shareholders surged 54.643% YoY from SAR 260.15 million to SAR 402.30 million, primarily due to the significant revenue growth and the diversification of sold products with a shift toward higher-margin products. The improvement in net profit was partially offset by increases in selling and distribution expenses as well as finance costs.

Quarter-on-Quarter Performance Drivers

QoQ revenue rose 7.126% to SAR 708.57 million (SAR 0.71 million after conversion) from SAR 661.44 million, driven by rising demand across all sectors in Saudi Arabia, particularly in high-voltage projects, new industrial projects including the Oil & Gas sector, and increased exports. Net profit attributable to shareholders grew 10.883% QoQ to SAR 211.53 million from SAR 190.77 million, supported by higher sales volumes and a more favorable product mix with higher-margin items. These gains were partially offset by increases in selling and distribution expenses and finance costs.

Other Items

Electrical Industries Co. reported an unmodified conclusion from its external auditor for the six-month period ending June 30, 2026, with no additional comments, reservations, or adverse opinions noted. No material risks related to going concern or debt default were flagged. Total shareholders' equity (after deducting minority equity) stood at SAR 1,280,502 thousand as of the current period, compared to SAR 1,071,660 thousand in the same period of the prior year, representing a 19.487% increase. Earnings per share for the current period were SAR 0.36, up from SAR 0.23 in the same period last year. The company also disclosed that a SAR 26.1 million refund from the General Authority for Competition was classified as a non-adjusting subsequent event under IFRS and will therefore be recognized in the financial results for the third quarter of 2026 rather than the current period.

Original announcement:

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