Riyadh Cables H1 2024 profit up 31% at SAR 330M; Q2 at SAR 159M

Riyadh Cables H1 2024 profit up 31% at SAR 330M; Q2 at SAR 159M

05/08/2024 Argaam Exclusive

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Riyadh Cables Group Co. reported a net profit of SAR 330 million in the first half of 2024, a rise of 31% compared to SAR 252 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 3,854.80 4,077.69 5.8 %
Gross Income 455.44 552.77 21.4 %
Operating Income 325.21 412.96 27.0 %
Net Income 251.89 329.64 30.9 %
Average Shares 150.00 150.00 -
EPS (Riyals) 1.68 2.20 30.9 %

The profit increase was supported by the increase in the quantities sold coupled with the enhanced product mix.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 1,917.53 2,046.15 6.7 %
Gross Income 236.71 269.57 13.9 %
Operating Income 157.60 200.67 27.3 %
Net Income 126.97 159.43 25.6 %
Average Shares 150.00 150.00 -
EPS (Riyals) 0.85 1.06 25.6 %

In Q2 2024, the cable producer’s net profit surged 26% to SAR 159.4 million from SAR 126.97 million in Q2 2023.
 
On a sequential basis, net profit fell 6.3% from SAR 170.2 million in Q1 2024, on lower sales quantities.

 

 

Shareholders’ equity, no minority interest, rose to SAR 2.4 billion by the end of H1 2024, from SAR 2.13 billion in the year-ago period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 1,251.87 - 103.43 - 53.43 -
Q4 2021 1,396.15 - 129.56 - 99.27 -
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 %
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 %
Q1 2024 2,031.55 4.9 % 283.20 29.5 % 215.15 28.4 %
Q2 2024 2,046.15 6.7 % 269.57 13.9 % 200.67 27.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 36.16 - 0.24 - 36.16 0.24
Q4 2021 84.89 - 0.57 - 84.89 0.57
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
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
Q1 2024 170.22 36.3 % 1.13 - 170.22 1.13
Q2 2024 159.43 25.6 % 1.06 - 159.43 1.06

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 8.92 % 6.85 % 4.65 %
Q3 2022 9.15 % 7.31 % 4.84 %
Q4 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 %
Q1 2024 13.10 % 9.90 % 7.42 %
Q2 2024 13.30 % 10.27 % 7.64 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2024 150.00 3.76 3.92 16.24
Q2 2024 150.00 3.98 4.10 16.03

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 26.22 25.18 6.07
Q2 2024 25.10 24.36 6.23

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)
Q1 2024 1,970.33 55.64 5.58
Q2 2024 1,901.61 140.39 4.15

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 163.46 159.43 (2.5 %)

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
GIB Capital 156.00 159.43 2.2 %
Riyad Capital 169.00 159.43 (5.7) %
Al Rajhi Capital 149.00 159.43 7.0 %
Value Capital 179.85 159.43 (11.4) %


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
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Share Price

Riyadh Cables Group Co.
117.00
2.00 1.74 %

Riyadh Cables Group Co. (RIYADH CABLES)

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