Saudi Cable Co. ( SCC ) has recorded SAR 29.8 million in exceptional gains during the second quarter of 2015— an amount attributed to the reversal of SAR 24.1 million in provisions, as well as SAR 5.8 million generated from the sale of assets.
Excluding this non-recurring profit, the Tadawul-listed firm would have reported losses of SAR 28.9 million and SAR 32.5 million in Q2-2015 and H1-2015, respectively, according to market data compiled by Argaam.
|
Results (excluding exceptional gains) – H1-2015 (SAR mln) |
|||
|
H1 |
Q2 |
Q1 |
Item |
|
(7.06) |
0.88 |
(7.94) |
Net profit |
|
18.61 |
19.36 |
(0.75) |
Debt provisions |
|
1.07 |
4.65 |
(3.58) |
Slow-moving inventory provisions |
|
5.81 |
5.81 |
0.00 |
Profit of asset, and equipment sale |
|
(32.55) |
(28.94) |
(3.61) |
Net profit before one-off gains |
Q2-2015 revenue dropped five percent quarter-on-quarter to SAR 471.3 million. The company’s gross profit margins fell more than two percent to 3.58 percent, driving down gross profit by 43 percent.
Meanwhile, costs related to sales and distribution declined 39 percent to SAR 9.13 million, from SAR 14.92 million in Q2-2014.
|
Saudi Cable results – H1-2015 (SAR mln) |
|||
|
Change |
Q2 |
Q1 |
Item |
|
(5%) |
471.30 |
498.35 |
Revenue |
|
(43%) |
16.85 |
29.34 |
Gross income |
|
(2.63%) |
3.58% |
6.21% |
Gross profit margin |
|
(39%) |
(9.13) |
(14.92) |
Sales and distribution costs |
|
+2% |
(25.10) |
(24.72) |
General and administrative expenses |
|
(15%) |
(17.38) |
(15.05) |
Operating income |
|
(16%) |
(21.07) |
(25.14) |
Financial liabilities |
|
+111% |
0.88 |
(7.94) |
Net losses |
Sales of manufactured goods, which accounted for 96 percent of the company's revenue, retreated between Q1-2015 and Q2-2015. Saudi Cable’s contracts business, which includes energy and communication projects, saw a slight decline in gross income; while gross profit margin climbed nearly 15 percent.
The company's accumulated losses reached SAR 374 million by the end of H1-2015, accounting for 49.4 percent of its capital.
|
Saudi Cable – H1-2015 (SAR mln) |
||||||
|
Change |
Contract revenues |
Change |
Sales |
Item |
||
|
Q2 |
Q1 |
Q2 |
Q1 |
|||
|
(45%) |
14.41 |
26.11 |
(4%) |
452.03 |
472.24 |
Revenue |
|
(5%) |
5.02 |
5.26 |
(71%) |
6.98 |
24.07 |
Gross income |
|
+14.66% |
34.82% |
20.16% |
(3.56%) |
1.54% |
5.10% |
Gross profit margin |
" Argaam Reports "
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