{"id":94985,"date":"2025-03-05T00:00:00","date_gmt":"2025-03-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/05\/electrical-industries-co-sees-net-income-double-modern-mills-reports-2024-results\/"},"modified":"2025-03-05T00:00:00","modified_gmt":"2025-03-05T00:00:00","slug":"electrical-industries-co-sees-net-income-double-modern-mills-reports-2024-results","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/05\/electrical-industries-co-sees-net-income-double-modern-mills-reports-2024-results\/","title":{"rendered":"Electrical Industries Co. sees net income double + Modern Mills reports 2024 results"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ELECTRICAL INDUSTRIES CO.-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Electrical I<\/strong><strong>ndustries Co. (EIC) reported a 99.8% y-o-y increase in net income to <\/strong><strong>SAR 401.7 <\/strong><strong>mn in 2024<\/strong> on the back of rising sales and an expanded and more profitable product offering, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=85574&anCat=1&cs=1303&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Revenues rose by 27.4% y-o-y to SAR 2.0 bn in the same period on the back of rising demand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> EIC named Yousef Al Quraishi (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/yousef-al-quraishi-a36840197\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) as its chairman <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f6a26a3e-3962-4106-9b00-489202a33a31\/fresh-appointments-at%253cmark%253e-electrical-industries%253c%2Fmark%253e-%2B-tihama-advertising-%2B-saudi-enaya-cooperative\" style=\"\" rel=\"noopener\">back in December<\/a>. Al Quraishi is also the CEO of Ali Zaid Al Quraishi and Brothers and chairman of the United Electronics Company (eXtra) and Starlinks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">SAUDI CHEMICAL COMPANY HOLDING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.saudichemical.com\/en\" style=\"\" rel=\"noopener\">Saudi Ch<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.saudichemical.com\/en\" style=\"\" rel=\"noopener\">emical Company Holding<\/a><\/strong><strong> saw its net income rise 59.2% y-o-y to SAR 291.2 mn <\/strong><strong>in 2024<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=85563&anCat=1&cs=2230&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The company\u2019s revenues grew 31.3% y-o-y during the year to SAR 6.4 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MODERN MILLS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Modern<\/strong><strong> Mills Company (MMC) saw its net income increase 3.4% y-o-y to SAR <\/strong><strong>208.7 mn in <\/strong><strong>2024<\/strong>, with higher gross income margins offsetting a one-off debt-restructuring cost, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=85564&anCat=1&cs=2284&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The company had lined up a SAR 871 mn in a murabaha refinancing agreement <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/bf9a105c-7d1a-4b9f-927b-e34111331131\/%253cmark%253emodern-mills%253c%2Fmark%253e-secures-sar-871-mn-murabaha-refinancing-from-snb\" style=\"\" rel=\"noopener\">in October<\/a> to restructure debt obligations. Revenue was up 6.6% y-o-y at SAR 1.0 bn in the same period as product development, geographical expansion, and increased market share fed growth into all business segments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- <\/strong>The company\u2019s board recommended the distribution of SAR 81.8 mn in dividends for 2024 at SAR 1.0 per share, it said in a separate <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=85565&anCat=1&cs=2284&locale=en\" style=\"\" rel=\"noopener\">disclosure<\/a>. Eligibility will be announced in the next general assembly.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong>MMC debuted on Tadawul <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/bf94604c-d669-4f0d-9946-a119503f7306\" style=\"\" rel=\"noopener\">back in March<\/a>, selling a 30% stake in an IPO that saw strong demand from retail investors with a 22x oversubscription rate. The company\u2019s shares are down c.17% since its debut. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">NICE ONE BEAUTY DIGITAL MARKETING CO.-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/group.niceonesa.com\/en\" style=\"\" rel=\"noopener\">Nice One Beauty Digital Marketing Co.<\/a><\/strong><strong> reported a 120% y-o-y increase in net<\/strong><strong> income to <\/strong><strong>SAR 71.7 mn in 2024<\/strong>, driven by higher efficiency in logistics and inventory management as well as reduced marketing and administrative costs, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=85566&anCat=1&cs=4193&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. At the same time, revenues rose 28.3% y-o-y to SAR 1.0 bn, supported by an expanding customer base resulting in a 31% rise in sales.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Shares of beauty retailer Nice One began trading on Tadawul\u2019s main market <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f94fb79b-4bea-47be-86ad-a69f5662308b\/supercopa-de-espa%25c3%25b1a-semi-finals-begin-at-king-abdullah-sports-city-stadium-tonight\" style=\"\" rel=\"noopener\">in<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f94fb79b-4bea-47be-86ad-a69f5662308b\/supercopa-de-espa%25c3%25b1a-semi-finals-begin-at-king-abdullah-sports-city-stadium-tonight\" style=\"\" rel=\"noopener\">January<\/a>, becoming the month\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1047fa2f-9d39-4afb-a146-c616c1d0321a\/tasi-starts-2025-strong-with-a-17.9%2525-monthly-gain-in-turnover%3B-real-estate-leads-growth-and-foreign-investments-surge\" style=\"\" rel=\"noopener\">top performer<\/a> after rising 60.6% in share value. The company\u2019s shares are up 52.6% since its debut. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HERFY FOOD SERVICES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.herfy.com\/\" style=\"\" rel=\"noopener\">Herfy<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.herfy.com\/\" style=\"\" rel=\"noopener\">Food Services<\/a><\/strong><strong> ended 2024 in the red, reporting a SAR 116.5 mn net loss<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=85577&anCat=1&cs=6002&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The net loss was attributed to rising administrative, financial, marketing, selling, and Zakat costs. Meanwhile, the fast-food restaurant chain operator reported a 4.2% y-o-y decline in revenue to SAR 1.1 bn in 2024 on the back of declining sales. Herfy Foods accumulated net losses and declining revenues throughout <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=79577&anCat=1&cs=6002&locale=en\" style=\"\" rel=\"noopener\">1Q 2024<\/a>, <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=81689&anCat=1&cs=6002&locale=en\" style=\"\" rel=\"noopener\">2Q 2024<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=83131&anCat=1&cs=6002&locale=en\" style=\"\" rel=\"noopener\">3Q 2024<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">AL ETIHAD COOPERATIVE INS.-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.aletihad.sa\/\" style=\"\" rel=\"noopener\">Al Etihad<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.aletihad.sa\/\" style=\"\" rel=\"noopener\">Cooperative Ins.<\/a><\/strong><strong> saw its net income fall 47.7% y-o-y to SAR 49.1 mn in 2024<\/strong> on the back of lower returns from its ins. services and net investments, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=85571&anCat=1&cs=8170&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The company logged 23.9% y-o-y revenue growth during the year to SAR 1.5 bn, buoyed by growth in its car ins. segment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">SEERA GROUP HOLDING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Homegrown travel giant Seera Group Holding reported a net loss <\/strong><strong>of SAR 138 mn<\/strong> <strong>in FY <\/strong><strong>2024<\/strong>, compared to SAR 234 mn in net income the previous year, due to one-off impairments of SAR 291 mn related to hospitality assets that required significant investments to stay operational, it said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/Resources\/fsPdf\/7872_378_2025-03-04_16-45-45_en.pdf\" style=\"\" rel=\"noopener\">an earnings release (pdf)<\/a>. Seera\u2019s adjusted net income grew 2% y-o-y to SAR 153 mn after adjusting for one-off gains. Revenues rose 25% y-o-y to SAR 4.1 bn, driven by strong performance across business segments, including car rental (+40% y-o-y), UK-based travel platform (+25% y-o-y), Almosafer (+17% y-o-y), and Hospitality (+8% y-o-y).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead:<\/strong> Seera Group aims to \u201coptimize its portfolio over the medium term, with a focus on increasing shareholder returns,\u201d in a bid to drive sustainable long-term income, the release said. It also plans to reduce debt, enhance financial stability, invest in ventures with at least a 15% internal rate of return, and execute its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/04db08ae-7288-4387-b7ef-6aded1fce96b\/%253cmark%253e%253c%2Fmark%253eem%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ecorporate%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eearnings%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253efell%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eshort%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eof%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eanalyst%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eexpectations%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ein%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253e1q%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253e2024%253cmark%253e%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">share buyback program<\/a>. Additionally, \u201cplans to list Almosafer and divest Portman remain on course,\u201d acting CEO Al Waleed Abdulaziz Al Nasser said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS: Nice One\u2019s net income rises 120% y-o-y<\/p>\n","protected":false},"author":1,"featured_media":94986,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2607],"tags":[285,4062,10,4064,965,3553,4063,4065],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-electrical-industries-co-eic","tag-enterpriseam-ksa","tag-herfy-food-industries","tag-modern-mills","tag-nice-one-beauty","tag-saudi-chemical-company-holding","tag-seera-group-holding","wpautop","entry"],"acf":{"mongo_id":"066727ce-7ed0-446d-86bf-64757c163dd4","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/380.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Electrical Industries Co. sees net income double + Modern Mills reports 2024 results","related_issue":[94970],"teaser":"PLUS: Nice One\u2019s net income rises 120% y-o-y","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.f9d0ebdd-7813-44dd-a6eb-7bf1f3d14f36.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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