Riyadh Cables Group profits increased by 47% to SAR 519 mln by end of 2023

The net profit of Riyadh Cable Group Company grew by 47% to 518.5 million riyals in 2023, compared to 352 million riyals in 2022. This came after today’s announcement of the annual financial results ending on December 31, 2023.

Operating profit in the current year amounted to 662 million riyals, compared to 458 million riyals in the year 2022, an increase of 45%.

Earnings per share in the current year amounted to 3.46 riyals, compared to 2.35 riyals in the year before last.

The increase in sales/ revenues is due to the increase in the volumes and quantities sold.

The increase in net profit is mainly driven by the increase in sales/revenue coupled with product mix.