Riyadh Cables profit jumps 47% to SAR 519M in 2023; Q4 at SAR 134.4M
07/03/2024
Argaam Exclusive
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Riyadh Cables Group Co. reported a 47% surge in 2023 net profit to 519 million, compared to SAR SAR 352.3 million in 2022.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 6,852.31 | 7,825.38 | 14.2 % |
| Gross Income | 647.10 | 972.76 | 50.3 % |
| Operating Income | 447.28 | 682.63 | 52.6 % |
| Net Income | 352.32 | 518.77 | 47.2 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 2.35 | 3.46 | 47.2 % |
The company noted an increase in sales revenue, coupled with diverse product mix.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,830.72 | 1,889.86 | 3.2 % |
| Gross Income | 189.59 | 238.11 | 25.6 % |
| Operating Income | 142.16 | 180.66 | 27.1 % |
| Net Income | 106.32 | 134.15 | 26.2 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 0.71 | 0.89 | 26.2 % |
In Q4 2022, net profit rose 26% year-on-year (YoY) to SAR 134.4 million.
Sequentially, net profit edged up 1.2% from SAR 132.73 million in Q3 2023.
Total shareholders’ equity, excluding minority interest, stood at SAR 2.24 billion as of Dec. 31, 2023, compared to SAR 2.12 billion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2023 | 1,937.28 | 24.1 % | 218.74 | 44.0 % | 124.92 | 46.9 % | 0.83 |
| Q2 2023 | 1,917.53 | 13.4 % | 236.71 | 67.0 % | 126.97 | 86.0 % | 0.85 |
| Q3 2023 | 2,080.72 | 17.6 % | 279.21 | 70.3 % | 132.73 | 43.1 % | 0.88 |
| Q4 2023 | 1,889.86 | 3.2 % | 238.11 | 25.6 % | 134.15 | 26.2 % | 0.89 |
| 2023 | 7,825.38 | 14.2 % | 972.76 | 50.3 % | 518.77 | 47.2 % | 3.46 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 9.88 % | 8.00 % | 5.28 % |
| Q2 2023 | 10.85 % | 8.61 % | 5.94 % |
| Q3 2023 | 11.90 % | 9.25 % | 6.57 % |
| Q4 2023 | 12.43 % | 9.57 % | 6.98 % |
| 2023 | 12.43 % | 9.57 % | 6.98 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 150.00 | 2.61 | 2.54 | 15.12 |
| Q2 2023 | 150.00 | 3.01 | 2.95 | 14.21 |
| Q3 2023 | 150.00 | 3.27 | 3.40 | 15.16 |
| Q4 2023 | 150.00 | 3.46 | 3.64 | 14.98 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 20.23 | 20.81 | 3.50 |
| Q2 2023 | 21.75 | 22.16 | 4.60 |
| Q3 2023 | 21.05 | 20.26 | 4.55 |
| Q4 2023 | 26.77 | 25.42 | 6.18 |
Business Segments (Million)
Q4 2023
| Period | Cables and Wires | HV Projects | Other |
|---|---|---|---|
| Q1 2023 | 1,878.44 | 51.73 | 7.11 |
| Q2 2023 | 1,880.78 | 27.76 | 8.98 |
| Q3 2023 | 1,999.08 | 72.25 | 9.38 |
| Q4 2023 | 1,823.78 | 66.15 | (0.06) |
Analysts Estimates (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Average | 141.00 | 134.15 | (4.9 %) |
Estimates vs Actual (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| GIB Capital | 131.00 | 134.15 | 2.4 % |
| Al Rajhi Capital | 142.00 | 134.15 | (5.5) % |
| Riyad Capital | 150.00 | 134.15 | (10.6) % |
| Current | |
| Market Cap (M Riyal) | 15,840.00 |
| Enterprise Value (EV) (M) | 16,356.03 |
| Shares Outstanding ((M)) | 150.00 |
| EPS ( Riyal) (TTM) | 3.76 |
| Book Value (BV) ( Riyal) | 16.24 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 27.31 |
| P/E (TTM) | 28.08 |
| Price/book | 6.50 |
| Return on Average Assets (%) (TTM) | 11.2 |
| Return on Average Equity (%) (TTM) | 24.0 |
Share Price
Riyadh Cables Group Co. (RIYADH CABLES)
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