Riyadh Cables H1 2023 profit up 64% at SAR 251.8 mln; Q2 at SAR 126.9 mln

10/08/2023 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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	167.61	157.60	(6.0 %)
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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