Saudi Cable widens 9M 2022 loss to SAR 116.6 mln; Q3 at SAR 34.9 mln

10/11/2022 Argaam Exclusive

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Saudi Cable Co. widened its net loss after Zakat and tax to SAR 116.6 million for the first nine months of 2022, from SAR 101.6 million in the same period a year earlier.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	128.71	61.96	(51.9 %)
Gross Income	(62.45)	(53.50)	14.3 %
Operating Income	(111.58)	(88.97)	20.3 %
Net Income	(101.63)	(116.57)	(14.7 %)
Average Shares	6.67	6.67	-
EPS (Riyals)	(15.23)	(17.47)	(14.7 %)

This was attributed to lower volumes and decline in other income despite decreased expenses and increase in share from subsidiaries.

The company narrowed Q3 2022 loss by 25% to reach SAR 34.9 million, compared with SAR 46.56 million a year earlier, mainly due to lower volumes and decreased expenses.

On a quarterly basis, the company narrowed Q3 2022 loss from SAR 44.49 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	23.50	6.01	(74.4 %)
Gross Income	(24.22)	(20.14)	16.9 %
Operating Income	(43.24)	(28.12)	35.0 %
Net Income	(46.56)	(34.93)	25.0 %
Average Shares	6.67	6.67	-
EPS (Riyals)	(6.98)	(5.23)	25.0 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	25.03	6.01	(76.0 %)
Gross Income	(18.31)	(20.14)	(10.0 %)
Operating Income	(36.06)	(28.12)	22.0 %
Net Income	(44.49)	(34.93)	21.5 %
Average Shares	6.67	6.67	-
EPS (Riyals)	(6.67)	(5.23)	21.5 %

Total shareholders' equity, excluding minority interests, reached SAR 51.1 million as of Sept. 30, 2022, compared to SAR 173.7 million in the previous year.

Accumulated losses amounted to SAR 79.417 million, or 119.01% of the company's capital, at the end of the current period.

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