Saudi Cable Co. widened net losses after Zakat and tax by 34.6% to SAR 43.2 million for Q1 2020, from SAR 32.1 million a year earlier, due to lower trading volumes amid severe working capital requirements, higher expenses and increased loss share from associates.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 102.46 | 59.53 | (41.9 %) |
| Gross Income | (9.00) | (17.31) | (92.4 %) |
| Operating Income | (26.69) | (37.95) | (42.2 %) |
| Net Income | (32.10) | (43.20) | (34.6 %) |
| Average Shares | 4.18 | 6.67 | 59.6 % |
| EPS (Riyals) | (7.68) | (6.47) | 15.7 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 106.61 | 59.53 | (44.2 %) |
| Gross Income | (12.45) | (17.31) | (39.0 %) |
| Operating Income | (21.60) | (37.95) | (75.7 %) |
| Net Income | 12.38 | (43.20) | (449.1 %) |
| Average Shares | 4.18 | 6.67 | 59.6 % |
| EPS (Riyals) | 2.96 | (6.47) | (318.7 %) |
The company swung to losses from a net profit of SAR 12.3 million in Q4 2019, on lower trading volumes amid severe working capital requirements, higher expenses and increased loss share from associates.
The cable producer also did not include one-off favorable adjustments such as zakat settlement waiver and derecognition of unclaimed liabilities.
Accumulated losses stood at SAR 50.61 million, or 14.03% of capital by the end of Q1 2020.
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