Saudi Cable turns to SAR 34.2M profit in 9M 2023; Q3 loss at SAR 882,000

17/03/2024 Argaam Exclusive

View other reports

Saudi Cable Co. turned to a net profit of SAR 34.2 million in the first nine months of 2023, from a net loss of SAR 116.6 million in the same period a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	61.96	19.06	(69.2 %)
Gross Income	(53.50)	(51.03)	4.6 %
Operating Income	(88.97)	(39.41)	55.7 %
Net Income	(116.57)	61.17	152.5 %
Average Shares	6.67	6.67	-
EPS (Riyals)	(17.47)	9.17	152.5 %

The improved results in the nine-month period were attributed to lower expenses and higher earnings from associates, as well as a reversal of provisions and the reduction of Zakat resulting from the settlement. This was despite the faltering liquidity and the corresponding cessation of operations, paired with the company's entry into the financial restructuring procedure.

The company narrowed Q3 2023 losses to SAR 882,000, from SAR 34.93 million a year earlier.

On a quarterly basis, the company also cut the three-month loss from SAR 5.83 million in Q2 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	6.01	3.47	(42.2 %)
Gross Income	(20.14)	(15.76)	21.7 %
Operating Income	(28.12)	(21.99)	21.8 %
Net Income	(34.93)	3.72	110.7 %
Average Shares	6.67	6.67	-
EPS (Riyals)	(5.23)	0.56	110.7 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	3.87	3.47	(10.4 %)
Gross Income	(17.19)	(15.76)	8.3 %
Operating Income	(21.74)	(21.99)	(1.2 %)
Net Income	(6.83)	3.72	154.5 %
Average Shares	6.67	6.67	-
EPS (Riyals)	(1.02)	0.56	154.5 %

Total shareholders' equity, after minority interest, reached SAR -463.78 million as of Sept. 30, 2023, compared to SAR -47.39 million in the previous year.

Accumulated losses amounted to SAR 509.12 million, or 763% of the company's capital, at the end of the current period.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×