Saudi Cable widens net losses to SAR 59.8 mln in H1 2020

25/08/2020 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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