Riyad Capital Updates Riyadh Cables Group to Buy Post-Q2 Results

05:01 AM EDT, 08/06/2026 (MT Newswires) -- Riyad Capital updated its investment view on Riyadh Cables Group (SASE:4142) as it took note of the company's second-quarter results and recent stock performance. "Management has pointed to tough times due to the regional situation with raw material shortages, supply chain disruptions and logistical challenges but the Company has been resilient in the face of these challenges. The stock price has declined by about -19% since our last report in May. Backlog remains strong and our long-term positive outlook remains, particularly in view of the pricing power. We maintain our target price but upgrade to a Buy on weak recent stock price performance," analysts wrote in a first look note published Wednesday. For the second quarter, the cable manufacturer logged a 10% annual increase in net profit to 307 million Saudi riyals, in line with Riyad Capital's estimate of 294 million riyals. Revenue rose 8% year over year to 2.93 billion riyals, "largely in-line" with the research firm's forecast of 2.81 billion riyals. The stock has a price target of 135 riyals at Riyad Capital.