Q1-2024
Period Ended 31 March 2024
INVESTORS PRESENTATION
Gulf Cables & Electrical Industries Group Co. K.S.C.P | We Build the World Together |
ع.ك.م.ش ةيئابرهكلا تاعانصلاو تلاباكلل جيلخلا ةعومجم ةكرش | |
Gulf Cables & Electrical Industries Group Co. K.S.C.P
Disclaimer
FORWARD-LOOKING STATEMENTS
The information set out in this presentation and provided in the discussion subsequent thereto does not constitute an offer or solicitation of an offer to buy or sell securities. It is solely for use as an investor presentation and is provided as information only. This presentation does not contain all of the information that is material to an investor.
This presentation has been prepared by, and is the sole responsibility of, Gulf Cable & Electrical Industries Co. ("Group"). The information herein may be amended and supplemented and may not as such be relied upon for the purpose of entering into any transaction.
This document is furnished to you solely for your information. You may not reproduce it or redistribute it to any other person.
No person shall have any right of action against the Group or any other person in relation to the accuracy or completeness of the information contained in this presentation. Nothing in this presentation shall form the basis of any contract or commitment whatsoever.
No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation, and if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of the Group.
This presentation does not disclose all the risks and other significant issues related to an investment in any securities/transaction. Past performance is not indicative of future results. The Group is under no obligation to update or keep current the information contained herein.
This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. These statements may be identified by such words as "may", "plans", "expects", "believes" and similar expressions or by their context. The Group does not assume any obligation to update its views of such risks and uncertainties or to publicly announce the result of any revisions to the forward-looking statements made herein.
ROUNDING ADJUSTMENTS
Certain monetary amounts, percentages and other figures included in this presentation have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables or charts may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated, may not be the arithmetic aggregation of the percentages that precede them.
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Gulf Cables & Electrical Industries Group Co. K.S.C.P
Our Vision
ACHIEVE GCC PRODUCT INNOVATION LEADERSHIP
AND EXPAND OUR PREMIER POSITION IN OUR CORE MARKETS,
WHILE DELIVERING ABOVE-MARKET GROWTH,
SUPERIOR PROFITABILITY AND STRONG CASH FLOW GENERATION
TO PROVIDE SHAREHOLDERS WITH ATTRACTIVE RETURNS,
YET MAINTAIN ABSOLUTE INTEGRITY
AND IN CONFORMITY WITH THE HIGHEST ETHICAL STANDARDS.
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Gulf Cables & Electrical Industries Group Co. K.S.C.P
Contents
- Performance Highlights
- Financial Overview
- Appendix
4
Gulf Cables & Electrical Industries Group Co. K.S.C.P
Performance Highlights
Total Revenue1
| -18.3% |
35.3m in Q1- 2024
43.2m in Q1- 2023
Assets
- +10.2%
309.2m in Mar.2024
280.6m in Dec.2023
Sales & contracting
revenue
| -14.3% |
24.6m in Q1- 2024
28.7m in Q1- 2023
Liabilities
| -7.5% |
46.1m in Mar.2024
49.9m in Dec.2023
EBITDA
| -15.7% |
11.9m in Q1- 2024
14.1m in Q1- 2023
Loans & Financing
Facilities
| -9.9% |
28.1m in Mar.2024
31.2m in Dec.2023
Net Profit
| -16.2% |
10.5m in Q1- 2024
12.5m in Q1- 2023
Equity
- +14.0%
263.1m in Mar.2024
230.8m in Dec.2023
EPS
| -16.7% |
- Fils in Q1- 2024
- Fils in Q1- 2023
Production
Metric Ton ('000')
- 3.0%
13.3MT in Q1- 2024 12.9MT in Q1- 2023
Note: all figures are in KWD
1 Total revenue consist of cable sales, contracting revenue and investment revenue.
5
Gulf Cables & Electrical Industries Group Co. K.S.C.P
Financial Overview - Group
Total Revenue Breakdown
Million - KWD
1.8
10.7Q1-2024
22.8
1.1
14.5Q1-2023
35
30
25
20
15
10
5
Sales & Contracting Revenue
Million - KWD
28.7
24.6
24.218.0
4.56.6
Net Profit- Quarterly Basis
Million - KWD
Q1-2024 | 10.5 | |||||
Q4-2023 | 2.7 | |||||
Q3-2023 | 1.7 | |||||
Q2-2023 | 4.1 | |||||
Q1-2023 | 12.5 |
27.6
Cable sales
Investments Service contracts
0
Q1-2023Q1-2024 Jordan Kuwait
0 | 2 | 4 | 6 | 8 | 10 | 12 | 14 |
In Q1- 2024:
- Total revenue declined by 18.3% compared to Q1- 2023 from KWD 43.2m to KWD 35.3m.
- Total Sales & contracting revenue for the Group saw a 14.3% reduction compared to Q1-2023.
- Sales & contracting revenue amounted to KWD 24.6m consists of revenue from cable sales by KWD 22.8m and service contracts revenue by KWD 1.8m.
- The net profit for the Group also declined, showing a 16.2% decrease compared to Q1-2023.
6
Gulf Cables & Electrical Industries Group Co. K.S.C.P
Financial Overview - Gulf Cables Kuwait
Breakdown of Cable Sales by Sector
24
21
18
15
12
9
6
3
0
Million - KWD
21.0
14.6
1.4 | 0.9 | 0.7 | 0.7 | |||||
Local Public | Local Private | Export Sector | ||||||
Sector | Sector | |||||||
Q1- 2023 | Q1- 2024 | |||||||
Q1-2023 | Q1-2024 | ||||
Export | Local Public | Export | Local Public | ||
Sector | Sector | Sector | Sector | ||
3% | 6% | 5% | 6% | ||
Local | Local | ||||
Private | |||||
Private | |||||
Sector | |||||
Sector | |||||
91% | |||||
89% | |||||
Description (Million, KWD) | Q1-2023 | Q1-2024 | Change | % Change | |
Local Public Sector | 1.4 | 0.9 | -0.5 | -35.7% | |
Local Private Sector | 21.0 | 14.6 | -6.4 | -30.6% | |
Export Sector | 0.7 | 0.7 | 0.0 | 0.0% | |
Total Sales | 23.1 | 16.2 | -6.9 | -29.7% | |
In Q1- 2024:
- Total sales experienced a drop of 29.7% compared to Q1-2023, primarily attributed to the absence of major private sector projects and reduced tenders from MEW and PAHW.
- Both the local public and private sectors saw a decrease in sales compared to Q1-2023.
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Gulf Cables & Electrical Industries Group Co. K.S.C.P
Financial Overview - Group Sales and Production by Weight
Sales Breakdown by Product | Production Breakdown by Material |
Quantity in ('000') Metric Ton | Quantity in ('000') Metric Ton |
18 | 16 | ||||||
16.4 | 14 | ||||||
16 | |||||||
13.1 | |||||||
14 | 12 | ||||||
12 | |||||||
9.7 | 10 | ||||||
10 | |||||||
7.3 | 8 | ||||||
8 | |||||||
6 | |||||||
6 | |||||||
4 | 4 | ||||||
6.7 | 5.8 | ||||||
2 | |||||||
2 | |||||||
0 | |||||||
Q1- 2023 | Q1- 2024 | 0 | |||||
Medium Voltage | Low Voltage & Others | ||||||
Sales Breakdown by Product | Q1- 2023 | Q1- 2024 | % Change | ||||
MT | MT | ||||||
Medium Voltage Cables | 6,747 | 5,765 | -14.6% | ||||
Low Voltage and Other Cables | 9,659 | 7,263 | -24.8% | ||||
Total Cables | 16,406 | 13,028 | -20.6% | ||||
Production Breakdown by Material | Q1- 2023 | Q1- 2024 | % Change | ||||
MT | MT | ||||||
Copper Cables (Low & Medium Voltage) | 8,745 | 9,465 | 8.2% | ||||
Aluminum Cables (Low & Medium Voltage) | 4,156 | 3,818 | -8.1% | ||||
Total Copper & Aluminum Cables | 12,901 | 13,283 | 3.0% |
12.913.3
4.23.8
8.79.5
Q1- 2023 | Q1- 2024 | |||
Copper | Aluminum | |||
In Q1- 2024:
- Total cables sales weight experienced a decrease of 20.6% compared to Q1-2023.
- In production, copper cables saw an increase of 8.2%, whereas aluminum cables displays a decrease of 8.1%.
- Overall, the total cables production rose by 3.0%.
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Gulf Cables & Electrical Industries Group Co. K.S.C.P
Financial Overview - Ratio Analysis
Ratios | Q1- 2023 | Q1- 2024 | Change | FY2023 | |||
Profitability | |||||||
Gross Profit Margin - % | 8.2% | 11.5% | 3.3% | 12.9% | |||
EBITDA Margin - % | 48.9% | 48.1% | | -0.8% | 25.3% | ||
Net Profit Margin - % | 43.4% | 42.5% | | -0.9% | 20.6% | ||
ROA on Average Assets - % (with | 4.4% | 3.5% | -0.8% | 7.4% | |||
| |||||||
investment income) | |||||||
ROE on Average Equity - % (with | 5.5% | 4.2% | | -1.3% | 9.2% | ||
investment income) | |||||||
Leverage | |||||||
Total Debt Percentage of Total | 13.2% | 9.3% | | -3.9% | 11.3% | ||
Assets-% | |||||||
Debt to Equity Ratio-% | 16.5% | 10.9% | | -5.6% | 13.7% | ||
Interest Coverage Ratio | 28.0 | 28.0 | 0.0 | 12.7 | |||
Liquidity | |||||||
Current Ratio | 3.7 | 4.1 | 0.4 | 3.8 | |||
Quick Ratio | 2.2 | 2.1 | | -0.1 | 2.0 | ||
Working Capital to Total Assets | 0.2 | 0.2 | 0.0 | 0.2 | |||
In Q1- 2024:
- The Group's gross profit margin rose from 8.2% to 11.5%, primarily attributed to a decrease in the cost of revenue.
- EBITDA margin shows a slight decrease from 48.9% to 48.1% in Q1-2024. The EBITDA margin was affected mainly by reduced dividend income compared to Q1-2023.
- Total debt percentage of total assets and debt to equity ratios showed improvement compared to Q1-2023.
- Debt to equity ratio saw a notable improvement of 5.6% over the same period.
- The interest coverage ratio remained unchanged at 28.0x.
- The current ratio experienced a nominal increase of 0.4 in Q1-2024.
- Quick ratio displayed a nominal decrease of 0.1 in the same period.
- Working capital to total assets ratio remained consistent without any changes.
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Gulf Cable and Electrical Industries Company KSC published this content on 19 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2024 11:33:07 UTC.