Riyadh Cables achieves $45.06mln in Q1-24 interim financials

Reuters Images/Ahmed Yosri

Quarter-on-quarter, the Q1-24 net profits hiked by 26.15%

Staff Writer, Mubasher

May 14, 2024

PHOTO

Riyadh – Riyadh Cables Group Company generated 35.31% year-on-year (YoY) higher net profits at SAR 168.99 million in the first quarter (Q1) of 2024, compared to SAR 124.89 million.

The revenues stood at SAR 2.03 billion in January-March 2024, an annual rise of 4.86% from SAR 1.93 billion, according to the initial financials.

Earnings per share (EPS) climbed to SAR 1.14 in the first three months (3M) of 2024 from SAR 0.83 in Q1-23.

Quarter-on-quarter (QoQ), the Q1-24 net profits hiked by 26.15% from SAR 133.96 million in Q4-23, while the revenues grew by 7.49% from SAR 1.88 billion.

In 2023, the company logged net profits worth SAR 518.49 million, higher by 47.36% than SAR 351.86 million in 2022.

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