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Riyadh Cables’ 2022 profit rises 47% to SAR 352.3 mln; Q4 at SAR 106.3 mln
12/03/2023
Argaam Exclusive
Riyadh Cables Group Co. reported a 47% surge in 2022 net profit to SAR 352.3 million, compared to SAR 240 million in 2021.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 4,883.44 | 6,852.31 | 40.3 % |
| Gross Income | 463.08 | 647.10 | 39.7 % |
| Operating Income | 300.51 | 447.28 | 48.8 % |
| Net Income | 239.83 | 352.32 | 46.9 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 1.60 | 2.35 | 46.9 % |
The higher earnings were driven by a 40.3% year-on-year (YoY) rise in sales revenue and a 39.7% YoY increase in gross profit.
The company’s successful rationalization measures on selling, general, and administrative expenses improved operating profit by 51.0%.
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 1,396.15 | 1,830.72 | 31.1 % |
| Gross Income | 129.56 | 189.59 | 46.3 % |
| Operating Income | 99.27 | 142.16 | 43.2 % |
| Net Income | 84.89 | 106.32 | 25.3 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 0.57 | 0.71 | 25.3 % |
In Q4 2022, net profit jumped 25% YoY to SAR 106.3 million.
Riyadh Cables’ net profit in Q4 2022 rose 14.7% from SAR 92.73 million in Q3 2022.
Total shareholders’ equity, excluding minority interest, stood at SAR 2.12 billion as of Dec. 31, 2022, compared to SAR 2.03 billion a year earlier.
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Share Price
Riyadh Cables Group Co. (RIYADH CABLES)
| Current | |
| Market Cap (M Riyal) | 20,520.00 |
| Enterprise Value (EV) (M) | 21,265.45 |
| 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) | 28.88 |
| P/E (TTM) | 29.33 |
| Price/book | 7.76 |
| Return on Average Assets (%) (TTM) | 12.9 |
| Return on Average Equity (%) (TTM) | 28.4 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
| Q4 2022 | 1,830.72 | 31.1 % | 189.59 | 46.3 % | 142.16 | 43.2 % |
| 2022 | 6,852.31 | 40.3 % | 647.10 | 39.7 % | 447.28 | 48.8 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
| Q4 2022 | 106.32 | 25.3 % | 0.71 | 0.36 | 105.97 | 0.71 |
| 2022 | 352.32 | 46.9 % | 2.35 | 20.84 | 331.48 | 2.21 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | 8.92 % | 6.85 % | 4.65 % |
| Q3 2022 | 9.15 % | 7.31 % | 4.84 % |
| Q4 2022 | 9.44 % | 7.46 % | 4.84 % |
| 2022 | 9.44 % | 7.46 % | 4.84 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
| Q4 2022 | 150.00 | 2.35 | 2.21 | 14.14 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | - | - | - |
| Q3 2022 | - | - | - |
| Q4 2022 | 15.43 | 16.40 | 2.56 |
Business Segments (Million)
Q4 2022
| Period | Cables and Wires | HV Projects | Other |
|---|---|---|---|
| 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) |
| Q4 2022 | 1,783.67 | 44.14 | 2.91 |
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