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Riyadh Cables Group (RCG), Saudi Arabia’s leading manufacturer of wires and cables, has reported a revenue of SR6.9 billion ($1.838 billion) for 2022, an increase of 40.3% versus 2021. Net profit for the year amounted to SR351.9 million ($93.75 million), increasing by 46.6% over the previous year.
RCG said strong local and regional demand drove an increase in volumes, resulting in sales growth, with sales volumes increasing 37.1%. Year-on-year sales volume grew by 37.1%, to 190,000 tonnes.
Gross profit for the full-year period stood at SR647.1 million, up 39.7% YoY, while EBITDA recorded a value of SR521.7 million, up 42.2% YoY, primarily driven by strong revenues and cost management. Net profit for the year amounted to SR351.9 million ($93.75 million), increasing by 46.6% over the previous year.
RCG’s board proposes FY2022 dividends of SR225 million equivalent to SR1.5 per share, in line with its previous guidance and subject to shareholders’ approval at the Annual General Assembly Meeting. -TradeArabia News Service