JEDDAH: The Electrical Industries Co. has appointed a new chairman, vice chairman, and a managing director, the company said in a filing to the Saudi bourse Tadawul.
Yousif Al-Quraishy has been appointed chairman, Mahmoud Al-Toukhi vice chairman and Tarik Al-Tahini has become the managing director.
The change in the top leadership comes despite the company posting an undisclosed increase in net profit for the first half of the year. The interim results showed an increase in sales from SR109.6 million ($29.2 million) to SR165.6 million during H1 2021.
This was an improvement after booking a net loss during the same period last year.
Sales and distribution expenses were reduced from SR8.4 million to SR7.3 million, while the expected credit loss allowance was down, from SR 0.5 million to SR0.03 million, according to the EIC’s report on Tadawul.
The EIC also elected a new board of directors for the next three years, and appointed a new committee of rewards and nominations, according to Tadawul.
