Saudi Cable turns to SAR 34.2M profit in 9M 2023; Q3 loss at SAR 882,000

Saudi Cable Co. turned to a net profit of SAR 34.2 million in the first nine months of 2023, from a net loss of SAR 116.6 million in the same period a year earlier.

The improved results in the nine-month period were attributed to lower expenses and higher earnings from associates, as well as a reversal of provisions and the reduction of Zakat resulting from the settlement. This was despite the faltering liquidity and the corresponding cessation of operations, paired with the company's entry into the financial restructuring procedure.

The company narrowed Q3 2023 losses to SAR 882,000, from SAR 34.93 million a year earlier.

On a quarterly basis, the company also cut the three-month loss from SAR 5.83 million in Q2 2023.

Total shareholders' equity, after minority interest, reached SAR -463.78 million as of Sept. 30, 2023, compared to SAR -47.39 million in the previous year.

Accumulated losses amounted to SAR 509.12 million, or 763% of the company's capital, at the end of the current period.

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