Riyadh Cables profit up 56% to SAR 384.5 mln in 9M 2023; Q3 at SAR 132.7 mln

30/10/2023 Argaam Exclusive

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Riyadh Cables Co. reported a net profit of SAR 384.5 million in the first nine months of 2023, up 56% from SAR 246 million a year earlier on an 18.2% increase on sales revenue coupled with product mix.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	5,021.59	5,935.52	18.2 %
Gross Income	457.51	734.65	60.6 %
Operating Income	305.12	476.80	56.3 %
Net Income	246.00	384.62	56.4 %
Average Shares	150.00	150.00	-
EPS (Riyals)	1.64	2.56	56.4 %

The third-quarter net profit grew 43% to SAR 132.70 million, from SAR 92.62 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	1,769.30	2,080.72	17.6 %
Gross Income	163.92	279.21	70.3 %
Operating Income	109.26	164.22	50.3 %
Net Income	92.73	132.73	43.1 %
Average Shares	150.00	150.00	-
EPS (Riyals)	0.62	0.88	43.1 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	1,917.53	2,080.72	8.5 %
Gross Income	236.71	279.21	18.0 %
Operating Income	157.60	164.22	4.2 %
Net Income	126.97	132.73	4.5 %
Average Shares	150.00	150.00	-
EPS (Riyals)	0.85	0.88	4.5 %

The Q3 2023 earnings rose 4.5% from SAR 126.94 million in the previous quarter.

Total shareholders’ equity, excluding minority interest, reached SAR 2.27 billion as of Sept. 30, 2023, compared to SAR 1.97 billion a year earlier.

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