‎Riyadh Cables CEO says demand strong in Q4 2022, sales abroad constitute 27% of total

‎Riyadh Cables CEO says demand strong in Q4 2022, sales abroad constitute 27% of total

Riyadh Cables Group Co. (RCG) witnessed strong demand in the fourth quarter of 2022, with an increasing backlog month on month, CEO Borjan Sehovac told Argaam in an interview.

The current backlog stands at SAR 3.6 billion, compared to SAR 3.4 billion at the end of 2022, signaling that 2023 will be a good year.

RCG is a major cable supplier for renewable energy projects. It also supplies the Kingdom’s Vision 2030 projects with locally manufactured products.

Sehovac added that all products in RCG’s portfolio attracted strong demand. Further, introducing extra high voltage (EHV) products in the Saudi market had a notable effect on the company’s market share. The aluminum-based products also had an increasing share of the product mix in 2022 due to higher demand for overhead lines (OHL) and a larger share of local strategic tenders.

The company’s financial results demonstrated RCG’s operational and financial ability as a regional leader in the wires and cables industry. The cable producer recorded higher revenues driven by a steady increase in sales volume in the third and fourth quarters.

“The enhanced volume, coupled with efficient cost control improved bottom line for this period,” the CEO added.

Moreover, sales outside the Saudi market constitute nearly 27% of total