Riyadh Cables’ 2022 profit rises 47% to SAR 352.3 mln; Q4 at SAR 106.3 mln

12/03/2023 Argaam Exclusive

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Riyadh Cables Group Co. reported a 47% surge in 2022 net profit to SAR 352.3 million, compared to SAR 240 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	4,883.44	6,852.31	40.3 %
Gross Income	463.08	647.10	39.7 %
Operating Income	300.51	447.28	48.8 %
Net Income	239.83	352.32	46.9 %
Average Shares	150.00	150.00	-
EPS (Riyals)	1.60	2.35	46.9 %

The higher earnings were driven by a 40.3% year-on-year (YoY) rise in sales revenue and a 39.7% YoY increase in gross profit.

The company’s successful rationalization measures on selling, general, and administrative expenses improved operating profit by 51.0%.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	1,396.15	1,830.72	31.1 %
Gross Income	129.56	189.59	46.3 %
Operating Income	99.27	142.16	43.2 %
Net Income	84.89	106.32	25.3 %
Average Shares	150.00	150.00	-
EPS (Riyals)	0.57	0.71	25.3 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	1,769.30	1,830.72	3.5 %
Gross Income	163.92	189.59	15.7 %
Operating Income	109.26	142.16	30.1 %
Net Income	92.73	106.32	14.7 %
Average Shares	150.00	150.00	-
EPS (Riyals)	0.62	0.71	14.7 %

In Q4 2022, net profit jumped 25% YoY to SAR 106.3 million.

Riyadh Cables’ net profit in Q4 2022 rose 14.7% from SAR 92.73 million in Q3 2022.

Total shareholders’ equity, excluding minority interest, stood at SAR 2.12 billion as of Dec. 31, 2022, compared to SAR 2.03 billion a year earlier.

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