Saudi Cable widens net loss to SAR 101.6 mln in 9M 2021

02/11/2021 Argaam Exclusive

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Saudi Cable Co. widened its net loss after Zakat and tax to SAR 101.6 million for the first nine months of 2021, from SAR 8.4 million in the same period a year earlier.

The company attributed the increase in net loss to lower sales volume and other revenues.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	297.32	128.71	(56.7 %)
Gross Income	(37.33)	(62.45)	(67.3 %)
Operating Income	(105.84)	(111.58)	(5.4 %)
Net Income	(8.37)	(101.63)	(1,113.6 %)
Average Shares	6.67	6.67	-
EPS (Riyals)	(1.25)	(15.23)	(1,113.6 %)

The company turned to a net loss after Zakat and tax of SAR 46.6 million in Q3 2021, compared to a net profit of SAR 51.4 million in the same quarter last year due to lower sales and other income.

On a quarterly basis, the company widened its losses in Q3 2021 compared to a loss of SAR 19.2 million in Q2 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	92.61	23.50	(74.6 %)
Gross Income	(13.28)	(24.22)	(82.4 %)
Operating Income	(42.76)	(43.24)	(1.1 %)
Net Income	51.41	(46.56)	(190.6 %)
Average Shares	6.67	6.67	-
EPS (Riyals)	7.70	(6.98)	(190.6 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	41.35	23.50	(43.2 %)
Gross Income	(20.97)	(24.22)	(15.5 %)
Operating Income	(31.50)	(43.24)	(37.3 %)
Net Income	(19.19)	(46.56)	(142.7 %)
Average Shares	6.67	6.67	-
EPS (Riyals)	(2.88)	(6.98)	(142.7 %)

Total shareholders' equity, excluding minority interests, reached SAR 173.7 million as of Sept. 30, 2021, compared to SAR 338.5 million in the previous year.

Accumulated losses amounted to SAR 164 million, or 45.5% of the company's capital, at the end of the current period.

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