Electrical Industries eyes further growth in sales, profit in 2024: CEO

Tariq Al-Tahini, CEO of Electrical Industries Co. 

Electrical Industries Co. seeks to continue achieving growth in sales and profit in 2024, especially with the presence of confirmed orders for its products this year, which support the company's goals, said CEO Tariq Al-Tahini.

In a phone call with Argaam, the CEO expected continued increase in demand for the company’s products in general, with the possibility of product demand diversifying among the company’s various segments.

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He said that the increase in Q1 profit was driven by the strong demand for the company's products, which had a positive impact on sales and profit margin.

Al-Tahini added that the presence of several products and the continued demand in different sectors contributed to boosting the company's profit especially the products related to high-voltage projects and the oil and gas projects.

He stated that the company's Q1 sales amounted to SAR 542.1 million, compared to SAR 380.2 million in Q1 2023, up 42.6%.

The segments related to high voltage projects and the oil and gas projects sector contributed most to the company's profit in Q1, he added.

The top executive further pointed out that as the projects related to Vision 2030 enter advanced stages of implementation, there will be a demand for products related to the projects’ infrastructure, which will have a positive impact from the high demand for the company’s various products.

According to data available in Argaam, Electrical Industries' Q1 profit rose to SAR 75.2 million, from SAR 35.1 million in prior-year period.