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EIC to pay $22m dividend

The company will pay 15 percent cash dividend.
By TRENDS Desk
March 12, 2024 6:09 pm
  • The company had reported a 113 percent increase in net profit to SAR 201 million in 2023, compared to 94 million a year ago.
  • The increase in net profit was attributed to an increase in sales from SR 1.066 billion to SR 1.559 billion

Riyadh, Saudi Arabia — Electrical Industries Company (EIC) has announced it will pay a 15 percent cash dividend, or 0.075 per share, for the second half of 2023.

In a Tadawul filing, EIC said a total of SAR84.37 million ($22 million) will be paid to the shareholders on 24 April 2024.

The company had reported a 113 percent increase in net profit to SAR 201 million in 2023, compared to 94 million a year ago.

The increase in net profit was attributed to an increase in sales from SR 1.066 billion to SR 1.559 billion. In addition to the diversification of the sold products which include products with higher profitability and better gross margins.

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