Riyadh Cables profit up 56% to SAR 384.5 mln in 9M 2023; Q3 at SAR 132.7 mln
30/10/2023
Argaam Exclusive
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Riyadh Cables Co. reported a net profit of SAR 384.5 million in the first nine months of 2023, up 56% from SAR 246 million a year earlier on an 18.2% increase on sales revenue coupled with product mix.
Financials (M)
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 5,021.59 | 5,935.52 | 18.2 % |
| Gross Income | 457.51 | 734.65 | 60.6 % |
| Operating Income | 305.12 | 476.80 | 56.3 % |
| Net Income | 246.00 | 384.62 | 56.4 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 1.64 | 2.56 | 56.4 % |
The third-quarter net profit grew 43% to SAR 132.70 million, from SAR 92.62 million in Q3 2022.
Compared With The
Current Quarter Comparison (M)
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 1,769.30 | 2,080.72 | 17.6 % |
| Gross Income | 163.92 | 279.21 | 70.3 % |
| Operating Income | 109.26 | 164.22 | 50.3 % |
| Net Income | 92.73 | 132.73 | 43.1 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 0.62 | 0.88 | 43.1 % |
The Q3 2023 earnings rose 4.5% from SAR 126.94 million in the previous quarter.
Total shareholders’ equity, excluding minority interest, reached SAR 2.27 billion as of Sept. 30, 2023, compared to SAR 1.97 billion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
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 % | 5.97 % |
| Q3 2023 | 11.90 % | 9.08 % | 6.60 % |
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 | 2.97 | 14.21 |
| Q3 2023 | 150.00 | 3.27 | 3.42 | 15.16 |
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 | 22.03 | 4.60 |
| Q3 2023 | 21.05 | 20.15 | 4.55 |
Business Segments (Million)
Q3 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 |
Analysts Estimates (Million)
| Item | Q3 2023 (e) | Q3 2023 (a) | Change |
|---|---|---|---|
| Average | 125.50 | 132.73 | 5.76 % |
Estimates vs Actual (Million)
| Item | Q3 2023 (e) | Q3 2023 (a) | Change |
|---|---|---|---|
| Riyad Capital | 133.00 | 132.73 | (0.2) % |
| Al Rajhi Capital | 118.00 | 132.73 | 12.5 % |
| 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 |
Share Price
Riyadh Cables Group Co. (RIYADH CABLES)
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