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.

Current Quarter Comparison (M)

Compared With The

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 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	2,080.72	1,889.86	(9.2 %)
Gross Income	279.21	238.11	(14.7 %)
Operating Income	164.22	180.66	10.0 %
Net Income	132.73	134.15	1.1 %
Average Shares	150.00	150.00	-
EPS (Riyals)	0.88	0.89	1.1 %

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.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
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 %
Q1 2023	1,937.28	24.1 %	218.74	44.0 %	167.61	65.0 %
Q2 2023	1,917.53	13.4 %	236.71	67.0 %	157.60	67.1 %
Q3 2023	2,080.72	17.6 %	279.21	70.3 %	164.22	50.3 %
Q4 2023	1,889.86	3.2 %	238.11	25.6 %	180.66	27.1 %
2023	7,825.38	14.2 %	972.76	50.3 %	682.63	52.6 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2022	6,852.31	40.3 %	647.10	39.7 %	447.28	48.8 %
2023	7,825.38	14.2 %	972.76	50.3 %	682.63	52.6 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
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
Q1 2023	124.92	46.9 %	0.83	(9.93)	134.85	0.90
Q2 2023	126.97	86.0 %	0.85	(5.33)	132.30	0.88
Q3 2023	132.73	43.1 %	0.88	(7.08)	139.81	0.93
Q4 2023	134.15	26.2 %	0.89	(10.95)	145.09	0.97
2023	518.77	47.2 %	3.46	(33.27)	552.04	3.68

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2022	352.32	46.9 %	2.35	20.84	331.48	2.21
2023	518.77	47.2 %	3.46	(33.27)	552.04	3.68

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2022	9.44 %	7.46 %	4.84 %
2022	9.44 %	7.46 %	4.84 %
Q1 2023	9.88 %	8.00 %	5.28 %
Q2 2023	10.85 %	8.61 %	5.97 %
Q3 2023	11.90 %	9.08 %	6.60 %
Q4 2023	12.43 %	9.41 %	7.05 %
2023	12.43 %	9.57 %	7.05 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	9.44 %	7.46 %	4.84 %
2023	12.43 %	9.57 %	7.05 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2022	10.36 %	9.01 %	5.79 %
Q1 2023	11.29 %	9.51 %	6.96 %
Q2 2023	12.34 %	9.09 %	6.90 %
Q3 2023	13.42 %	8.75 %	6.72 %
Q4 2023	12.60 %	10.37 %	7.68 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2022	150.00	2.35	2.21	14.14
Q1 2023	150.00	2.61	2.54	15.12
Q2 2023	150.00	3.01	2.97	14.21
Q3 2023	150.00	3.27	3.42	15.16
Q4 2023	150.00	3.46	3.68	14.98

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	150.00	2.35	2.21	14.14
2023	150.00	3.46	3.68	14.98

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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	-	-	-
Q4 2022	15.43	16.40	2.56
Q1 2023	20.23	20.81	3.50
Q2 2023	21.75	22.03	4.60
Q3 2023	21.05	20.15	4.55
Q4 2023	26.77	25.16	6.18

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	15.43	16.40	2.56
2023	26.77	25.16	6.18

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)
Q4 2022	1,783.67	44.14	2.91
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)

Period	Cables and Wires	HV Projects	Other
2020	4,009.91	20.39	56.52
2021	4,763.10	79.53	40.81
2022	6,772.65	69.93	9.73
2023	7,582.07	217.89	25.41

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) %

Financial Ratios

	Current
Market Cap (M Riyal)	17,550.00
Enterprise Value (EV) (M)	18,295.45
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)	24.70
P/E (TTM)	25.08
Price/book	6.63
Return on Average Assets (%) (TTM)	12.9
Return on Average Equity (%) (TTM)	28.4

Riyadh Cables Group Co. (RIYADH CABLES)

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Riyadh Cables profit jumps 47% to SAR 519M in 2023; Q4 at SAR 134.4M

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Financials (M)

Current Quarter Comparison (M)

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)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Riyadh Cables Group Co. (RIYADH CABLES)

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Riyadh Cables profit jumps 47% to SAR 519M in 2023; Q4 at SAR 134.4M

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Financials (M)

Current Quarter Comparison (M)

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)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Riyadh Cables Group Co. (RIYADH CABLES)

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Business Segments (Million)