Riyadh Cables’ profits rise to 159.4 million riyals in Q2 by 25.5%

Riyadh Cables Group’s profits rose to 159.4 million riyals during the second quarter of 2024 compared to 127 million riyals in the same quarter of last year by 25.5%, following the announcement today of the estimated financial results for the period ending June 30, 2024 (6 months).

The operating profit amounted to 200.6 million riyals in the second quarter compared to 163.1 million riyals in the same quarter of the previous year, an increase of 23%.

The earnings per share in the current period reached 2.2 riyals compared to 1.68 riyals in the same period of last year.

According to the company, the reason for the increase in revenues is due to the increase in the volume of quantities sold

The increase in net profit was mainly attributed to the increase in sales revenues coupled with the diversity of products sold.

The reason for the increase in revenues is due to the diversity of products sold.