Riyadh Cables profit jumps 47% to SAR 519M in 2023; Q4 at SAR 134.4M

07/03/2024 Argaam Exclusive

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Riyadh Cables Group Co. reported a 47% surge in 2023 net profit to 519 million, compared to SAR SAR 352.3 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	6,852.31	7,825.38	14.2 %
Gross Income	647.10	972.76	50.3 %
Operating Income	447.28	682.63	52.6 %
Net Income	352.32	518.77	47.2 %
Average Shares	150.00	150.00	-
EPS (Riyals)	2.35	3.46	47.2 %

The company noted an increase in sales revenue, coupled with diverse product mix.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	1,830.72	1,889.86	3.2 %
Gross Income	189.59	238.11	25.6 %
Operating Income	142.16	180.66	27.1 %
Net Income	106.32	134.15	26.2 %
Average Shares	150.00	150.00	-
EPS (Riyals)	0.71	0.89	26.2 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	2,080.72	1,889.86	(9.2 %)
Gross Income	279.21	238.11	(14.7 %)
Operating Income	164.22	180.66	10.0 %
Net Income	132.73	134.15	1.1 %
Average Shares	150.00	150.00	-
EPS (Riyals)	0.88	0.89	1.1 %

In Q4 2022, net profit rose 26% year-on-year (YoY) to SAR 134.4 million.

Sequentially, net profit edged up 1.2% from SAR 132.73 million in Q3 2023.

Total shareholders’ equity, excluding minority interest, stood at SAR 2.24 billion as of Dec. 31, 2023, compared to SAR 2.12 billion a year earlier.

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