GULF CABLE AND ELECTRICAL INDUSTRIES COMPANY - KPSC 2023
INVESTORS PRESENTATION
Gulf Cables & Electrical Industries Group Co. K.S.C.P
ع.ك.م.ش ةيئابرهكلا تاعانصلاو تلاباكلل جيلخلا ةعومجم ةكرش
Year Ended 31 December 2023
We Build the World Together
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
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Gulf Cables & Electrical Industries Group Co. K.S.C.P
Performance Highlights
Total Revenue1
- +8.0%
122.1m in Y2023
113.0m in Y2022
Assets
| -3.4% |
280.6m in Y2023
290.6m in Y2022
Note: all figures are in KWD
Sales & contracting
revenue
| -0.3% |
102.2m in Y2023
102.5m in Y2022
Liabilities
-19.9%
49.9m in Y2023
62.2m in Y2022
EBITDA
- +43.4%
25.9m in Y2023
18.1m in Y2022
Equity
- +1.1%
230.8m in Y2023
228.3m in Y2022
Net Profit
- +62.2%
21.0m in Y2023
13.0m in Y2022
Production
Metric Ton ('000')
| -1.1% |
50.3MT in Y2023 50.8MT in Y2022
EPS
- +62.8%
101 Fils in Y2023
62 Fils in Y2022
Dividend
- +8.3%
65 fils2 in Y2023
60 fils in Y2022
- Total revenue consist of cable sales, contracting revenue and investment revenue.
- Proposed by the Board of Directors and subject to General Assembly approval.
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Gulf Cables & Electrical Industries Group Co. K.S.C.P
Financial Overview - Group
Total Revenue Breakdown
Million - KWD
19.9 | 5.8 | Y2023 |
96.4 | ||
10.5 | 3.2 | Y2022 |
Cable sales
99.3 Investments Service contracts
120
100
80
60
40
20
0
Sales & Contracting Revenue
Million - KWD
102.5 102.2
80.379.6
22.222.6
Y2022Y2023
Jordan Kuwait
Net Profit Breakdown by Country
Million - KWD
25
21.0
20
1513.0
10 | 21.4 | ||||
5 | 12.8 | ||||
0.2 | |||||
0 | |||||
-0.4 | |||||
-5 | |||||
Y2022 | Y2023 | ||||
Jordan | Kuwait | ||||
In Y2023:
- Total revenue grew by 8% compared to Y2022 from KWD 113m to KWD 122.1m.
- Total sales & contracting revenue for the Group decreased by 0.3% compared to Y2022.
- Sales & contracting revenue from Kuwait consists of revenue from cable sales, amounted to KWD 73.8m and service contracts revenue, amounted to KWD 5.8m.
- Net profit for the Group increased by 62.2% compared to Y2022.
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Gulf Cables & Electrical Industries Group Co. K.S.C.P
Financial Overview - Gulf Cables Kuwait
Breakdown of Cable Sales by Sector
80
70
60
50
40
30
20
10
0
Million - KWD
67.1
63.9
7.3 6.7
3.3 3.2
Local Public | Local Private | Export Sector |
SectorSector
Y2022 Y2023
Y2022 | Y2023 | ||||
Export | Local Public | Export | Local Public | ||
Sector | |||||
4% | Sector | Sector | Sector | ||
10% | 5% | 9% | |||
Local | Local | ||||
Private | |||||
Private | |||||
Sector | |||||
Sector | |||||
86% | |||||
86% | |||||
Description (Million, KWD) | Y2022 | Y2023 | Change | % Change | |
Local Public Sector | 7.3 | 6.7 | -0.6 | -7.3% | |
Local Private Sector | 67.1 | 63.9 | -3.3 | -4.9% | |
Export Sector | 3.3 | 3.2 | -0.1 | -5.1% | |
Total Sales | 77.7 | 73.8 | -3.9 | -5.1% | |
- In Y2023 Total sales decreased by 5.1% compared to Y2022 mainly due to decline in sales to Local Private Sector.
- Local Private Sector sales decreased by 4.9% mainly due to decrease in sales of medium voltage cables to the Local Private Sector for the PAHW projects.
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Gulf Cables & Electrical Industries Group Co. K.S.C.P
Financial Overview - Group Production and Sales by Weight
Sales Breakdown by Product | |||||||||
70 | Quantity in ('000') Metric Ton | ||||||||
Y2022 | Y2023 | ||||||||
60 | Sales Breakdown by Product (Weight) | % Change | |||||||
51.8 | 51.5 | ||||||||
MT | MT | ||||||||
50 | |||||||||
Medium Voltage Cables | 20,685 | 20,891 | 1.0% | ||||||
40 | |||||||||
31.1 | 30.6 | Low Voltage and Other Cables | 31,061 | 30,633 | -1.4% | ||||
30 | |||||||||
Total Cables | 51,746 | 51,524 | -0.4% | ||||||
20 | |||||||||
20.7 | 20.9 | ||||||||
10 | Production Breakdown by Material | Y2022 | Y2023 | % Change | |||||
MT | MT | ||||||||
0 | |||||||||
Y2022 | Y2023 | Copper Cables (Low & Medium Voltage) | 38,204 | 35,283 | -7.6% | ||||
Medium Voltage | Low Voltage & Other | Aluminum Cables (Low & Medium Voltage) | 12,627 | 14,984 | 18.7% | ||||
Total Copper & Aluminum Cables | 50,831 | 50,267 | -1.1% |
Production Breakdown by Material
70
Quantity in ('000') Metric Ton
In Y2023:
▪ The sales weight of medium voltage cables shows a nominal increase of 1.0% |
60 | |||||
50.8 | 50.3 | ||||
50 | |||||
12.6 | 15.0 | ||||
40 | |||||
30 | |||||
20 | 38.2 | 35.3 | |||
10 | |||||
0 | |||||
Y2022 | Y2023 | ||||
Copper | Aluminum | ||||
compared to Y2022. The decrease in 11KV Copper Cable sales to PAHW |
projects was compensated by the increase in sale of 11KV Aluminum cables. |
▪ In contrary, Low Voltage Cables sales displayed a decrease of 1.4% due to |
lower supply to MEW, contractors of various projects of PAHW & MEW. |
▪ Total production weight also witnessed a decrease of 1.1%. Copper Cables |
shows a decrease of 7.6%. On the other hand, Aluminum cables displays an |
increase of 18.7%. |
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Gulf Cables & Electrical Industries Group Co. K.S.C.P
Financial Overview - Ratio Analysis
Ratios | Y2022 | Y2023 | Change | |||
Profitability | ||||||
Gross Profit Margin - % | 12.6% | 12.9% | | 0.3% | ||
EBITDA Margin - % | 17.6% | 25.3% | 7.7% | |||
Net Profit Margin - % | 12.6% | 20.6% | 8.0% | |||
ROA on Average Assets - % (with investment | 4.3% | 7.4% | 3.1% | |||
income) | ||||||
ROE on Average Equity - % (with investment | 5.7% | 9.2% | 3.5% | |||
income) | ||||||
Leverage | ||||||
Total Debt Percentage of Total Assets-% | 15.3% | 11.3% | | -4.0% | ||
Debt to Equity Ratio-% | 19.5% | 13.7% | | -5.8% | ||
Interest Coverage Ratio | 8.3 | 12.7 | | 4.4 | ||
Liquidity | ||||||
Current Ratio | 3.7 | 3.8 | | 0.1 | ||
Quick Ratio | 1.9 | 2.0 | | 0.1 | ||
Working Capital to Total Assets | 0.2 | 0.2 | 0.0 | |||
- Group's gross profit margin increased slightly from 12.6% to 12.9% due to the decrease in cost of revenue on annual basis.
- EBITDA margin shows an increase from 17.6% in Y2022 to 25.3% in Y2023, this is because of the increase in Dividend income compared to Y2022.
- Total debt percentage of total assets and debt to equity ratios improved in comparison with Y2022 due to the settlement of borrowings amounted KWD 15.5m in Y2023.
- Interest coverage ratio increased to 12.7x with an increase of 4.4x.
- The Group displays a nominal increase in its current & quick ratios in Y2023.
- Working capital to total assets remained the same.
- Overall, all the financial ratios of the Group are showing healthy movements.
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Gulf Cable and Electrical Industries Company KSC published this content on 17 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2024 10:06:07 UTC.
