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.
Item | 9m 2023 | 9m 2024 | Change |
---|---|---|---|
Revenues | 19.06 | 29.96 | 57.2 % |
Gross Income | (51.03) | (26.00) | 49.0 % |
Operating Income | (52.12) | (55.81) | (7.1 %) |
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.
Item | Q3 2023 | Q3 2024 | Change |
---|---|---|---|
Revenues | 3.47 | 7.27 | 109.4 % |
Gross Income | (15.76) | (6.44) | 59.2 % |
Operating Income | (23.24) | (18.59) | 20.0 % |
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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