Riyadh Cables Group Co. reported a net profit of SAR 330 million in the first half of 2024, a rise of 31% compared to SAR 252 million in the year-earlier period.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 3,854.80 | 4,077.69 | 5.8 % |
| Gross Income | 455.44 | 552.77 | 21.4 % |
| Operating Income | 325.21 | 412.96 | 27.0 % |
| Net Income | 251.89 | 329.64 | 30.9 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 1.68 | 2.20 | 30.9 % |
The profit increase was supported by the increase in the quantities sold coupled with the enhanced product mix.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 1,917.53 | 2,046.15 | 6.7 % |
| Gross Income | 236.71 | 269.57 | 13.9 % |
| Operating Income | 157.60 | 197.81 | 25.5 % |
| Net Income | 126.97 | 159.43 | 25.6 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 0.85 | 1.06 | 25.6 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 2,031.55 | 2,046.15 | 0.7 % |
| Gross Income | 283.20 | 269.57 | (4.8 %) |
| Operating Income | 215.15 | 197.81 | (8.1 %) |
| Net Income | 170.22 | 159.43 | (6.3 %) |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 1.13 | 1.06 | (6.3 %) |
In Q2 2024, the cable producer’s net profit surged 26% to SAR 159.4 million from SAR 126.97 million in Q2 2023.
On a sequential basis, net profit fell 6.3% from SAR 170.2 million in Q1 2024, on lower sales quantities.
Shareholders’ equity, no minority interest, rose to SAR 2.4 billion by the end of H1 2024, from SAR 2.13 billion in the year-ago period.
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