Saudi Cable Co. widened net losses after Zakat and tax by 18.5% to SAR 59.8 million for the six months of 2020, from SAR 50.4 million in the year-earlier period.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 193.04 | 204.72 | 6.0 % |
| Gross Income | (21.07) | (24.04) | (14.1 %) |
| Operating Income | (63.71) | (63.09) | 1.0 % |
| Net Income | (50.42) | (59.78) | (18.6 %) |
| Average Shares | 4.18 | 6.67 | 59.6 % |
| EPS (Riyals) | (12.06) | (8.96) | 25.7 % |
The losses were attributed to higher volumes with lower margins, lower other income and higher share of losses from associates.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 90.58 | 145.18 | 60.3 % |
| Gross Income | (12.07) | (6.74) | 44.2 % |
| Operating Income | (37.03) | (25.14) | 32.1 % |
| Net Income | (18.32) | (16.58) | 9.5 % |
| Average Shares | 4.18 | 6.67 | 59.6 % |
| EPS (Riyals) | (4.38) | (2.48) | 43.3 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 59.53 | 145.18 | 143.9 % |
| Gross Income | (17.31) | (6.74) | 61.1 % |
| Operating Income | (37.95) | (25.14) | 33.7 % |
| Net Income | (43.20) | (16.58) | 61.6 % |
| Average Shares | 6.67 | 6.67 | - |
| EPS (Riyals) | (6.47) | (2.48) | 61.6 % |
In Q2 2020, the company trimmed net losses by 9.4% to SAR 16.6 million from SAR 18.3 million a year ago, driven by higher volumes and improved margins and lower expenses.
On a sequential basis, the company trimmed net losses by 61.6% in Q2 compared to SAR 43.2 million loss in Q1 2020.
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