Saudi Cable widens 2021 loss to SAR 194.3 mln, Q4 loss at SAR 92.7 mln

16/05/2022 Argaam Exclusive

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Saudi Cable Co. widened its net loss after Zakat and tax to SAR 194.3 million in 2021, compared to SAR 55 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	368.78	160.55	(56.5 %)
Gross Income	(57.66)	(76.63)	(32.9 %)
Operating Income	(169.81)	(144.22)	15.1 %
Net Income	(55.01)	(194.31)	(253.2 %)
Average Shares	6.67	6.67	-
EPS (Riyals)	(8.24)	(29.12)	(253.2 %)

The company attributed the increase to lower volumes and profit margins year-on-year (YoY) in 2021, higher finance cost, lower other income, impairment of deferred tax assets, and a rise in provisions for Zakat and income tax.

The cable producer also widened the fourth-quarter 2021 loss by 98.7% year-on-year from SAR 64.6 million to SAR 92.6 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	71.46	31.85	(55.4 %)
Gross Income	(20.34)	(14.18)	30.3 %
Operating Income	(63.97)	(32.64)	49.0 %
Net Income	(46.64)	(92.68)	(98.7 %)
Average Shares	6.67	6.67	-
EPS (Riyals)	(6.99)	(13.89)	(98.7 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	23.50	31.85	35.5 %
Gross Income	(24.22)	(14.18)	41.5 %
Operating Income	(43.24)	(32.64)	24.5 %
Net Income	(46.56)	(92.68)	(99.1 %)
Average Shares	6.67	6.67	-
EPS (Riyals)	(6.98)	(13.89)	(99.1 %)

Total shareholders’ equity, excluding minority interest, reached SAR 81.106 million as of Dec. 31, 2021, a fall of 71.5% from SAR 285.4 million a year before.

Accumulated losses reached SAR 256.7 million, representing 71.2% of the company’s capital.

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