Saudi Cable narrows net losses to SAR 8.4 mln in 9M 2020

11/11/2020 Argaam Exclusive

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Saudi Cable Co. narrowed its net loss after Zakat and tax to SAR 8.4 million in the first nine months of 2020, down from a loss of SAR 74.2 million in the same period last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	274.67	297.32	8.2 %
Gross Income	(22.73)	(37.33)	(64.2 %)
Operating Income	(85.80)	(105.84)	(23.4 %)
Net Income	(74.21)	(8.37)	88.7 %
Average Shares	4.18	6.67	59.6 %
EPS (Riyals)	(17.75)	(1.25)	92.9 %

The improvement was attributed to higher volumes with lower margins and increase in other income. The company also noted higher expenses and finance cost, along with increase in share of losses from associates.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	81.63	92.61	13.5 %
Gross Income	(1.66)	(13.28)	(700.6 %)
Operating Income	(22.09)	(42.76)	(93.6 %)
Net Income	(23.79)	51.41	316.1 %
Average Shares	4.18	6.67	59.6 %
EPS (Riyals)	(5.69)	7.70	235.4 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	145.18	92.61	(36.2 %)
Gross Income	(6.74)	(13.28)	(97.1 %)
Operating Income	(25.14)	(42.76)	(70.1 %)
Net Income	(16.58)	51.41	410.0 %
Average Shares	6.67	6.67	-
EPS (Riyals)	(2.48)	7.70	410.0 %

The company swung to net profit of SAR 51.4 million in Q3 2020, versus a loss of SAR 23.8 million the previous year, due to higher volumes and increases in one-off other income transactions. The firm also saw an increase in expenses and finance cost.

Saudi Cable posted a net loss of SAR 16.6 million in Q2 2020.

The company turned to profits in Q3 2020 when compared to a net loss of SAR 16.6 million in Q2 2020.

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