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Riyadh Cables profit up 57% to SAR 816.7M in 2024; Q4 at SAR 252.3M
10/03/2025
Argaam Exclusive
Riyadh Cables Group Co. reported a net profit before minority interest of SAR 816.7 million in 2024, up 57% from SAR 518.8 million a year earlier.
Financials (Million Riyal)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 7,825.38 | 9,007.36 | 15.1 % |
| Gross Income | 972.76 | 1,286.52 | 32.3 % |
| Operating Income | 668.92 | 977.25 | 46.1 % |
| Net Income | 518.77 | 816.69 | 57.4 % |
| Average Shares | 150.00 | 150.00 | - |
| Earnings Per Share before unusual items (Riyals) | 3.68 | 5.44 | 47.9 % |
| EPS (Riyal) | 3.46 | 5.44 | 57.4 % |
The annual profit hike was due to higher revenues, driven by elevated sales volumes, coupled with a diversified product mix.
The fourth-quarter net profit grew 88% to SAR 252.3 million, from SAR 134.15 million in Q4 2023.
The three-month earnings also rose 7.5% from SAR 234.7 million in the previous quarter.
Current Quarter Comparison (Million Riyal)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 1,889.86 | 2,491.66 | 31.8 % |
| Gross Income | 238.11 | 327.42 | 37.5 % |
| Operating Income | 177.10 | 289.46 | 63.4 % |
| Net Income | 134.15 | 252.34 | 88.1 % |
| Average Shares | 150.00 | 150.00 | - |
| Earnings Per Share before unusual items (Riyal) | 0.97 | 1.68 | 74.0 % |
| EPS (Riyal) | 0.89 | 1.68 | 88.1 % |
Total shareholders’ equity, excluding minority interest, reached SAR 2.62 billion by the end of 2024, compared to SAR 2.24 billion a year earlier.
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Share Price
| Current | |
| Market Cap (M Riyal) | 15,720.00 |
| Enterprise Value (EV) (M Riyal) | 16,328.20 |
| Shares Outstanding ((M)) | 150.00 |
| Recurring EPS ( Riyal) (TTM) | 7.85 |
| Book Value (BV) ( Riyal) | 23.18 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E (TTM) | 13.35 |
| P/E (TTM) | 13.35 |
| Price/book | 4.52 |
| Dividend Yield (%) (Last Year) | 4.06 |
| Return on Average Assets (%) (TTM) | 14.3 |
| Return on Average Equity (%) (TTM) | 36.9 |
| EV/adj EBITDA | 10.94 |
| EV/Revenues | 1.40 |
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 2,031.55 | 4.9 % | 283.20 | 29.5 % | 210.96 | 30.6 % |
| Q2 2024 | 2,046.15 | 6.7 % | 269.57 | 13.9 % | 195.12 | 23.8 % |
| Q3 2024 | 2,434.26 | 17.0 % | 402.58 | 44.2 % | 277.96 | 69.3 % |
| Q4 2024 | 2,491.66 | 31.8 % | 327.42 | 37.5 % | 289.46 | 63.4 % |
| 2024 | 9,007.36 | 15.1 % | 1,286.52 | 32.3 % | 977.25 | 46.1 % |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2024 | 170.22 | 36.3 % | 1.13 | - | 170.22 | 1.13 |
| Q2 2024 | 159.43 | 25.6 % | 1.06 | - | 159.43 | 1.06 |
| Q3 2024 | 234.70 | 76.8 % | 1.56 | - | 234.70 | 1.56 |
| Q4 2024 | 252.34 | 88.1 % | 1.68 | - | 252.34 | 1.68 |
| 2024 | 816.69 | 57.4 % | 5.44 | - | 816.69 | 5.44 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 9.88 % | 7.91 % | 5.28 % |
| Q2 2023 | 10.85 % | 8.53 % | 5.97 % |
| Q3 2023 | 11.90 % | 9.01 % | 6.61 % |
| Q4 2023 | 12.43 % | 9.29 % | 7.05 % |
| 2023 | 12.43 % | 9.40 % | 7.05 % |
| Q1 2024 | 13.10 % | 9.81 % | 7.42 % |
| Q2 2024 | 13.30 % | 10.11 % | 7.64 % |
| Q3 2024 | 14.20 % | 11.05 % | 8.44 % |
| Q4 2024 | 14.25 % | 11.57 % | 9.07 % |
| 2024 | 14.28 % | 11.61 % | 9.07 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 150.00 | 3.76 | 3.92 | 16.24 |
| Q2 2024 | 150.00 | 3.98 | 4.10 | 16.03 |
| Q3 2024 | 150.00 | 4.66 | 4.73 | 17.64 |
| Q4 2024 | 150.00 | 5.44 | 5.44 | 17.50 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 26.22 | 25.18 | 6.07 |
| Q2 2024 | 25.05 | 24.31 | 6.23 |
| Q3 2024 | 21.28 | 20.96 | 5.62 |
| Q4 2024 | 25.26 | 25.26 | 7.88 |
Business Segments (Million Riyal)
Q4 2024
| Period | Cables and Wires | HV Projects | Other |
|---|---|---|---|
| Q1 2024 | 1,970.33 | 55.64 | 5.58 |
| Q2 2024 | 1,901.61 | 140.39 | 4.15 |
| Q3 2024 | 2,370.45 | 60.88 | 6.68 |
| Q4 2024 | 2,403.53 | 82.44 | 5.69 |
Analysts Estimates (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 230.94 | 252.34 |
Estimates vs Actual (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| SNB Capital | 247.00 | 252.34 | |
| GIB Capital | 242.00 | 252.34 | |
| AlJazira Capital | 223.70 | 252.34 | |
| Riyad Capital | 223.00 | 252.34 | |
| Al Rajhi Capital | 219.00 | 252.34 |
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