Riyadh Cables H1 2024 profit up 31% at SAR 330M; Q2 at SAR 159M

05/08/2024 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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	200.67	27.3 %
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	200.67	(6.7 %)
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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