Riyadh – Mubasher: Riyadh Cables Group Company logged net profits after Zakat and tax worth SAR 351.86 million in 2022, an annual hike of 46.61% from SAR 239.99 million.
Revenues enlarged by 40.32% to SAR 6.85 billion last year from SAR 4.88 billion in 2021, according to the financial results.
The earnings per share (EPS) stood at SAR 2.35 during the 12-month period that ended on 31 December 2022, versus SAR 1.60 a year earlier.
Dividends
The board members recommended, on 9 March, cash dividends worth SAR 225 million, representing 15% of the company’s capital, for 2022.
Riyadh Cables would pay out a dividend of SAR 1.50 per share for 150 million eligible shares.
Further details regarding the distribution date and process will be announced at a later time.
Borjan Sehovac, CEO of Riyadh Cables, said: “In a historic year for our business, not least for the successful debut of RCG on the Saudi Exchange, we are delighted to report growth in both our volumes and revenues."
“Increased sales coupled with a focus on operational excellence and efficiency have not only resulted in profitability but also ensured our long-term growth,” Sehovac added.
He concluded: “We are confident that with our team and financial solidity, we will be in a position to continue the momentum in 2023 and beyond."
Last December, Riyadh Cables began the trading of its shares on the Saudi Exchange (Tadawul) after EFG Hermes had concluded advisory on its initial public offering (IPO) at SAR 1.40 billion ($378 million).
