Tariq Al-Tahini, CEO of Electrical Industries Co.
Electrical Industries Co. looks for to continue attaining development in sales and earnings in 2024, specifically with the existence of verified orders for its items this year, which support the business’s objectives, stated CEO Tariq Al-Tahini
In a call with Argaamthe CEO anticipated ongoing boost in need for the business’s items in basic, with the possibility of item need diversifying amongst the business’s different sections.
He stated that the boost in Q1 earnings was driven by the strong need for the business’s items, which had a favorable influence on sales and earnings margin.
Al-Tahini included that the existence of numerous items and the ongoing need in various sectors added to increasing the business’s earnings specifically the items associated with high-voltage jobs and the oil and gas jobs.
He mentioned that the business’s Q1 sales totaled up to SAR 542.1 million, compared to SAR 380.2 million in Q1 2023, up 42.6%.
The sectors associated with high voltage tasks and the oil and gas jobs sector contributed most to the business’s earnings in Q1, he included.
The magnate even more explained that as the jobs connected to Vision 2030 go into sophisticated phases of application, there will be a need for items associated with the tasks’ facilities, which will have a favorable effect from the high need for the business’s numerous items.
According to information offered in ArgaamElectrical Industries’ Q1 earnings increased to SAR 75.2 million, from SAR 35.1 million in prior-year duration.