Saudi Cable posts SAR 43M profit for 9M 2024, SAR 17.2M for Q3

06/11/2024 Argaam Exclusive

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Saudi Cable Co. (SCC) reported a net profit of SAR 43 million in the first nine months of 2024, 29.8% down from SAR 61.2 million in the same period last year.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	19.06	29.96	57.2 %
Gross Income	(51.03)	(26.00)	49.0 %
Operating Income	(39.41)	(55.81)	(41.6 %)
Net Income	61.17	42.97	(29.8 %)
Average Shares	6.67	6.67	-
EPS (Riyals)	9.17	6.44	(29.8 %)

This was attributed to higher revenues from improved utilization of production capacity, despite lower quarterly profit affected by the reversal of the Zakat provision in the previous year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	3.47	7.27	109.4 %
Gross Income	(15.76)	(6.44)	59.2 %
Operating Income	(21.99)	(18.59)	15.5 %
Net Income	3.72	17.20	361.7 %
Average Shares	6.67	6.67	-
EPS (Riyals)	0.56	2.58	361.7 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	10.12	7.27	(28.1 %)
Gross Income	(8.96)	(6.44)	28.2 %
Operating Income	(19.33)	(18.59)	3.8 %
Net Income	11.87	17.20	44.9 %
Average Shares	6.67	6.67	-
EPS (Riyals)	1.78	2.58	44.9 %

The Saudi-listed firm logged a SAR 17.2 million profit in Q3 2024, up from SAR 3.7 million in Q3 2023, fueled by higher revenues.

Sequentially, the company’s profit rose by 44.9% from SAR 11.9 million in Q2 2024.

Shareholders’ equity, after minority interest, reached SAR 428 million by the end of the nine- month period, compared to SAR 463.7 million in the same period last year.

Saudi Cable incurred accumulated losses of SAR 482.54 million as of Sept. 30, 2024, representing 723% of its capital.

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