Riyadh Cables Reports 35.3% Increase in Profits to SAR 169 Million in Q1 2024

Riyadh Cables Group announced a significant increase in net profits, reaching SAR 169 million during the first quarter of 2024, up from SAR 124.8 million in the same quarter last year, marking a 35.3% growth. This update follows the release of the estimated financial results for the period ending March 31, 2024.

The company’s operating profit also saw a notable rise, reaching SAR 208.2 million in the first quarter of 2024, a 34% increase from SAR 155.5 million in the corresponding quarter of the previous year. Earnings per share improved to SAR 1.14, up from SAR 0.83 in the first quarter of the previous year.

The increase in sales revenue is attributed primarily to a rise in the volume of quantities sold. Additionally, the company’s strategic product mix contributed significantly to the overall growth in net profit.