The profits of “electrical industries” jump to 401.7 million riyals in 2024

The profits of the Electrical Industries Company increased in 2024 by 99.8% to 401.7 million riyals, compared to 201 million in 2023.
According to the company’s statement on the circulation of Saudi Arabia, the reason for the rise in the net profit during this year compared to the previous year is mainly due to the increase in sales from 1,559 billion riyals to 1,987 billion riyals and the diversity of products sold, which includes some products with higher profitability, in addition to improving profit margins for some products. And he met the increase in net profit:
• High sales and distribution expenses due to high sales.
• The high public and administrative expenses, which included unexpected expenses in the amount of 26.1 million riyals regarding the fine of the General Competition Authority.
• The expected high credit losses.