Financial Results : Saudi Cable turns to SAR 36.6M profit in 2023; Q4 at SAR 2.4M

Saudi Cable turns to SAR 36.6M profit in 2023; Q4 at SAR 2.4M

05/05/2024 Argaam Exclusive

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Saudi Cable Co. turned a net profit of SAR 36.6 million in 2023, from a net loss of SAR 580.5 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 68.37 30.68 (55.1 %)
Gross Income (84.73) (68.16) 19.6 %
Operating Income (207.03) (65.07) 68.6 %
Net Income (580.48) 36.56 106.3 %
Average Shares 6.67 6.67 -
EPS (Riyals) (86.99) 5.48 106.3 %

The company recorded a net profit of SAR 66.18 billion from continuing operations, backed by its profit share from an associate, the gains resulting from special settlement with ZATCA, and fair value gains on the reclassification of right-of-use assets to assets held for sale.

 

Also, the company incurred losses mainly from discontinued activities amounting to SAR -29.62 billion from its Turkish subsidiary.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 6.41 11.62 81.2 %
Gross Income (31.23) (17.13) 45.1 %
Operating Income (118.06) (25.66) 78.3 %
Net Income (463.90) 2.36 100.5 %
Average Shares 6.67 6.67 -
EPS (Riyals) (69.52) 0.35 100.5 %

On the other hand, revenue dropped due to freeze of company’s bank accounts resulting from a liquidity crunch, which led to a suspension of production activities for around eight months and entry into a financial restructuring procedure (FRP).

 

In Q4 2023, the cable producer swung to a net profit of SAR 2.4 million against a net loss of SAR 880,000 in Q4 2022.

 

Total shareholders' equity, after minority interest, reached SAR -464.57 million as of March 31, 2024, compared to SAR -496.48 million in the previous year.

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