Riyadh Cables posts 19.5% jump in H1-24 net profits

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The net profits of Riyadh Cables Group Company hiked by 30.39% to SAR 328.37 million in the first half (H1) of 2024 from SAR 251.83 million in H1-23.

The Saudi firm witnessed revenues amounting to SAR 4.07 billion in H1-24, a 5.78% year-on-year (YoY) surge from SAR 3.85 billion, according to the financial results.

Earnings per share (EPS) grew to SAR 2.20 as of 30 June 2024 from SAR 1.68 in the year-ago period.

Financials for Q2-24

In the second quarter (Q2) of 2024, the net profits stood at SAR 159.38 million, an annual growth of 25.55% from SAR 126.93 million.

Revenues climbed by 6.70% YoY to SAR 2.04 billion in the April-June 2024 period from SAR 1.91 billion.

Quarter-on-quarter (QoQ), the profits in Q2-24 dropped by 5.68% from SAR 168.99 million in Q1-24, while the revenues edged up by 0.71% from SAR 2.03 billion.