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

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 %

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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