Financial Results : Riyadh Cables Q1 2023 net profit rises 47% to SAR 124.9 mln

Riyadh Cables Q1 2023 net profit rises 47% to SAR 124.9 mln

07/05/2023 Argaam Exclusive

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Riyadh Cables Group Co. reported a net profit of SAR 124.9 million in Q1 2023, up 47% from SAR 85 million in the year earlier period, spurred by a 24.1% higher sales revenue on a 44% increase in gross profit.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 1,561.18 1,937.28 24.1 %
Gross Income 151.85 218.74 44.0 %
Operating Income 101.57 167.61 65.0 %
Net Income 85.01 124.92 46.9 %
Average Shares 150.00 150.00 -
EPS (Riyals) 0.57 0.83 46.9 %

On a sequential basis, net earnings grew 17.5% from SAR 106.32 million in Q4 2022, due to a 5.8% increase in sales revenue on an 18.6% higher gross profit.

 

Total shareholders’ equity, after minority interest, stood at SAR 2.26 billion as of March 31, 2023, compared to SAR 2.11 billion in the prior-year period. 

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