Riyadh Cables Group Co. reported a net profit of SAR 251.8 million in the first half of 2023, a rise of 64% compared to SAR 153.3 million in the year-earlier period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 3,252.29 | 3,854.80 | 18.5 % |
| Gross Income | 293.59 | 455.44 | 55.1 % |
| Operating Income | 195.86 | 325.21 | 66.0 % |
| Net Income | 153.27 | 251.89 | 64.3 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 1.02 | 1.68 | 64.3 % |
The company’s revenue grew by 18.5% year-on-year (YoY) to SAR 3.85 billion in the six-month period.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 1,691.10 | 1,917.53 | 13.4 % |
| Gross Income | 141.74 | 236.71 | 67.0 % |
| Operating Income | 94.29 | 157.60 | 67.1 % |
| Net Income | 68.26 | 126.97 | 86.0 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 0.46 | 0.85 | 86.0 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 1,937.28 | 1,917.53 | (1.0 %) |
| Gross Income | 218.74 | 236.71 | 8.2 % |
| Operating Income | 155.50 | 157.60 | 1.4 % |
| Net Income | 124.92 | 126.97 | 1.6 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 0.83 | 0.85 | 1.6 % |
In Q2 2023, the cable producer’s net profit surged 86% to SAR 126.9 million from SAR 68.2 million in Q2 2022, thanks to a 13.4% YoY rise in revenue to 1.91 billion driven by the company’s product mix.
On a sequential basis, net profit grew 1.6% from SAR 124.9 million in Q1 2023 backed by the company’s product mix.
Shareholders’ equity, after minority interest, rose to SAR 251.89 million by the end of H1 2023, from SAR 153.26 million in the year-ago period.
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