Saudi Cable widens H1 2022 loss to SAR 81.6 mln; Q2 loss at SAR 44.5 mln

25/08/2022 Argaam Exclusive

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Saudi Cable Co. deepened its H1 2022 net loss to SAR 81.6 million, compared to SAR 55.1 million in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	105.20	60.38	(42.6 %)
Gross Income	(38.22)	(45.05)	(17.9 %)
Operating Income	(68.34)	(78.13)	(14.3 %)
Net Income	(55.07)	(81.64)	(48.3 %)
Average Shares	6.67	6.67	-
EPS (Riyals)	(8.25)	(12.24)	(48.3 %)

The losses widened due to a decline in output, higher expenses, and lower profit from subsidiaries and other revenue.

In Q2 2022, the company reported a net loss of SAR 44.5 million, from SAR 19.2 million a year earlier.

Saudi Cable widened losses in Q2 2022 from a loss of SAR 37.2 million in Q1 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	41.35	25.03	(39.5 %)
Gross Income	(20.97)	(18.31)	12.7 %
Operating Income	(31.50)	(36.06)	(14.5 %)
Net Income	(19.19)	(44.49)	(131.9 %)
Average Shares	6.67	6.67	-
EPS (Riyals)	(2.88)	(6.67)	(131.9 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	35.36	25.03	(29.2 %)
Gross Income	(26.74)	(18.31)	31.5 %
Operating Income	(42.07)	(36.06)	14.3 %
Net Income	(37.16)	(44.49)	(19.7 %)
Average Shares	6.67	6.67	-
EPS (Riyals)	(5.57)	(6.67)	(19.7 %)

Shareholders’ equity, after minority interest, reached SAR -21.584 million by the end of the six-month period, from SAR 222.724 million a year earlier.

Accumulated losses stood at SAR 240.071 million, or 91.52% of the company’s capital, as of June 30, 2022.

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