Riyadh Cables posts 59% profit leap to SAR 246 mln in 9M 2022; Q3 at SAR 92.7 mln

Riyadh Cables Group Co., which will list soon on the Saudi Exchange (Tadawul), reported a net profit of SAR 246 million in the first nine months of 2022, a rise of 59% from SAR 155 million in the prior-year period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	3,487.29	5,021.59	44.0 %
Gross Income	333.52	457.51	37.2 %
Operating Income	201.24	305.12	51.6 %
Net Income	154.95	246.00	58.8 %
Average Shares	150.00	150.00	-
EPS (Riyals)	1.03	1.64	58.8 %

The nine-month profit growth was driven by a 44% rise year-on-year (YoY) in revenue. The company realized SAR 17.8 million profit from sale of investment properties. It recorded SAR 1.4 million profit from disposal of investments at fair value through other comprehensive income from Nayifat Finance Co.

On the other hand, selling, marketing, general and administrative expenses increased. Finance costs also rose by 92% YoY. The cable producer also incurred foreign exchange (FX) losses of SAR 15 million.

In Q3 2022, net profit more than doubled to SAR 92.7 million, from SAR 36.16 million in Q3 2021. The company’s revenue jumped 41% YoY. Riyadh Cables made SAR 17.8 million profit from sale of investment properties. It recorded SAR 1.4 million profit from disposal of investments at fair value through other comprehensive income from Nayifat Finance Co. It also recorded a leasing income reached SAR 1.3 million.

On the other hand, selling, marketing, general and administrative expenses increased. Finance costs also rose by 124% YoY. The cable producer also incurred foreign exchange (FX) losses of SAR 15 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	1,251.87	1,769.30	41.3 %
Gross Income	103.43	163.92	58.5 %
Operating Income	53.43	109.26	104.5 %
Net Income	36.16	92.73	156.4 %
Average Shares	150.00	150.00	-
EPS (Riyals)	0.24	0.62	156.4 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	1,691.10	1,769.30	4.6 %
Gross Income	141.74	163.92	15.6 %
Operating Income	94.29	109.26	15.9 %
Net Income	68.26	92.73	35.9 %
Average Shares	150.00	150.00	-
EPS (Riyals)	0.46	0.62	35.9 %

Shareholders’ equity, after minority interest, declined to SAR 1.975 billion as of Sept. 30, 2022, from SAR 2.035 billion a year earlier.

By segment, the company posted revenue of SAR 3.180 billion from copper cables in 2021, compared to SAR 2.983 billion in 2020.

Revenue from aluminum cables reached SAR 909.1 million in 2021, up from SAR 967.7 million a year earlier.

The company’s revenue from fiber optics dropped to SAR 18.8 million in 2021, from SAR 42.5 million in 2020.

Other revenue, comprising of scrap sales and turnkey projects comprising of scrap sales and turnkey projects, reached SAR 145 million in 2021, compared to SAR 93.2 million in 2020.

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Share Price

Riyadh Cables Group Co. (RIYADH CABLES)

	Current
Market Cap (M Riyal)	20,700.00
Enterprise Value (EV) (M)	21,445.45
Shares Outstanding ((M))	150.00
EPS ( Riyal) (TTM)	4.66
Book Value (BV) ( Riyal)	17.64
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	29.13
P/E (TTM)	29.59
Price/book	7.82
Return on Average Assets (%) (TTM)	12.9
Return on Average Equity (%) (TTM)	28.4

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	4,302.86	-	356.45	-	200.38	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	4,565.68	6.1 %	480.02	34.7 %	263.48	31.5 %
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	4,086.82	(10.5 %)	436.38	(9.1 %)	277.01	5.1 %
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	1,251.87	-	103.43	-	53.43	-
Q4 2021	1,396.15	-	129.56	-	99.27	-
2021	4,883.44	19.5 %	463.08	6.1 %	300.51	8.5 %
Q1 2022	1,561.18	-	151.85	-	101.57	-
Q2 2022	1,691.10	-	141.74	-	94.29	-
Q3 2022	1,769.30	41.3 %	163.92	58.5 %	109.26	104.5 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	4,302.86	-	356.45	-	200.38	-
2019	4,565.68	6.1 %	480.02	34.7 %	263.48	31.5 %
2020	4,086.82	(10.5 %)	436.38	(9.1 %)	277.01	5.1 %
2021	4,883.44	19.5 %	463.08	6.1 %	300.51	8.5 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	135.29	-	0.90	-	135.29	0.90
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	196.88	45.5 %	1.31	-	196.88	1.31
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	218.43	10.9 %	1.46	-	218.43	1.46
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	36.16	-	0.24	-	36.16	0.24
Q4 2021	84.89	-	0.57	-	84.89	0.57
2021	239.83	9.8 %	1.60	-	239.83	1.60
Q1 2022	85.01	-	0.57	-	85.01	0.57
Q2 2022	68.26	-	0.46	-	68.26	0.46
Q3 2022	92.73	156.4 %	0.62	20.48	72.25	0.48

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	135.29	-	0.90	-	135.29	0.90
2019	196.88	45.5 %	1.31	-	196.88	1.31
2020	218.43	10.9 %	1.46	-	218.43	1.46
2021	239.83	9.8 %	1.60	-	239.83	1.60

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	8.28 %	6.15 %	3.14 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	10.51 %	7.27 %	4.31 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	10.68 %	8.34 %	5.34 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	9.48 %	7.49 %	4.91 %
Q1 2022	-	-	-
Q2 2022	8.92 %	6.85 %	4.65 %
Q3 2022	9.15 %	7.31 %	4.84 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	8.28 %	6.15 %	3.14 %
2019	10.51 %	7.27 %	4.31 %
2020	10.68 %	8.34 %	5.34 %
2021	9.48 %	7.49 %	4.91 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	8.26 %	-	2.89 %
Q4 2021	9.28 %	8.81 %	6.08 %
Q1 2022	9.73 %	7.52 %	5.45 %
Q2 2022	8.38 %	6.52 %	4.04 %
Q3 2022	9.26 %	6.70 %	4.08 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	150.00	-	-	-
Q4 2021	150.00	-	-	13.57
Q1 2022	150.00	-	-	14.07
Q2 2022	150.00	1.83	1.83	12.78
Q3 2022	150.00	2.21	2.07	13.17

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	150.00	0.90	0.90	12.94
2019	150.00	1.31	1.31	12.79
2020	150.00	1.46	1.46	13.06
2021	150.00	1.60	1.60	13.57

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-

Business Segments (Million)

Compared With The

Period	Cables and Wires	HV Projects	Other
Q3 2021	1,204.66	22.08	25.11
Q4 2021	1,372.71	16.66	6.79
Q1 2022	1,550.30	6.39	4.50
Q2 2022	1,666.11	19.40	5.59
Q3 2022	1,772.57	-	(3.27)

Period	Cables and Wires	HV Projects	Other
2020	4,009.91	20.39	56.52
2021	4,763.10	79.53	40.81

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Riyadh Cables posts 59% profit leap to SAR 246 mln in 9M 2022; Q3 at SAR 92.7 mln

Financials (M)

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Riyadh Cables Group Co. (RIYADH CABLES)

Financial Ratios

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Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

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Multiple Ratios (End of Period Price)

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Riyadh Cables posts 59% profit leap to SAR 246 mln in 9M 2022; Q3 at SAR 92.7 mln

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Riyadh Cables Group Co. (RIYADH CABLES)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million) Q3 2022

Revenue by Business Segment (Latest) 2022 Q3

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