Financial Results : Saudi Cable cuts Q1 2021 net loss to SAR 35.9 mln

Saudi Cable cuts Q1 2021 net loss to SAR 35.9 mln

23/05/2021 Argaam Exclusive

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Saudi Cable Co. narrowed net losses after Zakat and tax by 17% to SAR 35.9 million for the first quarter of 2021, from SAR 43.2 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 59.53 63.86 7.3 %
Gross Income (17.31) (17.26) 0.3 %
Operating Income (37.95) (36.83) 2.9 %
Net Income (43.20) (35.88) 16.9 %
Average Shares 6.67 6.67 -
EPS (Riyals) (6.47) (5.38) 16.9 %

The company attributed the decrease in losses to higher volumes in the current quarter as compared to the first quarter of 2020. It also reported lower expenses in the current quarter, and a higher profit share from associates when compared to the corresponding quarter last year.

When compared to Q4 2020, the company reduced its net loss after Zakat and tax by 23% from SAR 46.6 million.

 

The company's accumulated losses reached SAR 98.303 million, or 27.26% of capital by the end of Q1 2021.

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