Saudi Cable losses widen to SAR 582.6M in 2022, Q4 at SAR 466.1M

30/11/2023 Argaam Exclusive

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Saudi Cable Co.’s net loss for 2022 widened to SAR 582.6 million in 2022 from SAR 194.3 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	160.55	68.37	(57.4 %)
Gross Income	(76.63)	(84.73)	(10.6 %)
Operating Income	(144.22)	(207.03)	(43.6 %)
Net Income	(194.31)	(580.48)	(198.7 %)
Average Shares	6.67	6.67	-
EPS (Riyals)	(29.12)	(86.99)	(198.7 %)

The loss expansion came as the company was facing a liquidity issue due to the judicial enforcement orders filed against it by creditors and lenders. Accordingly, it was unable to use its bank accounts to execute or produce on-hand orders obtained from the market.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	31.85	6.41	(79.9 %)
Gross Income	(14.18)	(31.23)	(120.2 %)
Operating Income	(32.64)	(118.06)	(261.7 %)
Net Income	(92.68)	(463.90)	(400.5 %)
Average Shares	6.67	6.67	-
EPS (Riyals)	(13.89)	(69.52)	(400.5 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	6.01	6.41	6.7 %
Gross Income	(20.14)	(31.23)	(55.1 %)
Operating Income	(28.12)	(118.06)	(319.9 %)
Net Income	(34.93)	(463.90)	(1,228.2 %)
Average Shares	6.67	6.67	-
EPS (Riyals)	(5.23)	(69.52)	(1,228.2 %)

In Q4 2022, the company’s losses deepened to SAR 466.1 million from SAR 92.68 million a year earlier.

Sequentially, losses expanded from SAR 34.9 million in Q3 2022.

Total shareholders’ equity, excluding minority interest, stood at SAR 469.48 million as of Dec. 31, 2022, compared to SAR 83.79 million a year earlier.

Accumulated losses reached SAR 543.3 million by the end of 2022, or 814.2% of capital.

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