Financial Results : Saudi Cable logs SAR 4.9M loss in Q1 2024

Saudi Cable logs SAR 4.9M loss in Q1 2024

19/05/2024 Argaam Exclusive

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Saudi Cable Co. swung to a net loss of SAR 4.9 million in Q1 2024 from a profit of SAR 40.9 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 11.72 12.57 7.3 %
Gross Income (18.08) (10.60) 41.4 %
Operating Income 4.32 (17.90) (514.5 %)
Net Income 40.90 13.90 (66.0 %)
Average Shares 6.67 6.67 -
EPS (Riyals) 6.13 2.08 (66.0 %)

The company attributed Q1 2024 losses to operational losses and increased costs of financial and legal advisors preparing the financial regulation file.

 

Last year’s Zakat reduction, through the SAR 41 million settlement, was one of the factors that most affected net profit in Q1 2023.

 

Compared to Q4 2023, the company swung to losses from a net profit of SAR 3.03 million, mainly due to net losses of SAR 2.29 billion from non-continuing activities from the subsidiary’s business in Turkey.

 

Shareholders’ equity, no minority interest, reached SAR 460.98 million at the end of Q1 2024, compared to SAR 456.48 million in the year-earlier period.

 

Accumulated losses stood at SAR 511.61 million, or 766.7% of the company's capital.

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