Saudi Cable turns to SAR 40.9M profit in Q1 2023

18/01/2024 Argaam Exclusive

Saudi Cable Co. swung to a net profit of SAR 40.9 million in Q1 2023, from a loss of SAR 37.2 million a year earlier. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 35.36 11.72 (66.9 %)
Gross Income (26.74) (18.08) 32.4 %
Operating Income (42.07) 4.32 110.3 %
Net Income (37.16) 40.90 210.1 %
Average Shares 6.67 6.67 -
EPS (Riyals) (5.57) 6.13 210.1 %

The company's profits increased due to the reversal of the Zakat provision and better-than-expected results from an associate.

 

This came despite lower revenues for the first quarter due to the suspension of operations and the company undergoing financial refinancing procedures.

 

Shareholders’ equity, after excluding minority interest, reached (SAR 456.48 million) at the end of Q1 2023, compared to SAR 65.73 million in the year-earlier period.

 

In addition, the company’s accumulated losses stood at SAR 502.42 million.

 

Saudi Cable’s management determined five-year forecasts that indicate the firm will report net profit from 2025.

 

The plan included some assumptions regarding cash injections through the issuance of equity instruments, revenue growth based on future asks and bids, and the next creditor vote in January 2024 to convert a part of the debt into equity in the financial restructuring process. These items are based on future events, and hence contain material uncertainty about their outcome. The company will not modify its conclusion regarding this matter.

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Share Price

Saudi Cable Co.
99.40
1.50 1.53 %

Saudi Cable Co. (SAUDI CABLE)

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Financial Ratios
Current
Market Cap (M Riyal) 663.20
Enterprise Value (EV) (M) 762.71
Shares Outstanding ((M)) 6.67
EPS ( Riyal) (TTM) 6.79
Book Value (BV) ( Riyal) (64.15)
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 37.98
P/E (TTM) 14.63
Price/book (1.55)
Return on Average Assets (%) (TTM) 6.7
Return on Average Equity (%) (TTM) -
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 458.56 (31.5 %) 16.35 (66.7 %) (40.49) (5,579.2 %)
Q2 2014 434.54 (27.4 %) 0.95 (94.8 %) (41.82) 65.9 %
Q3 2014 394.66 (36.1 %) (1.44) (103.1 %) (56.25) (292.3 %)
Q4 2014 404.74 (28.0 %) (19.28) (413.7 %) (62.92) (7.5 %)
Q1 2015 498.35 8.7 % 29.34 79.5 % (15.80) 61.0 %
Q2 2015 475.70 9.5 % 21.25 2127.6 % (16.63) 60.2 %
Q3 2015 491.63 24.6 % 14.82 1128.4 % (20.16) 64.2 %
Q4 2015 449.84 11.1 % (1.25) 93.5 % (49.48) 21.4 %
Q1 2016 386.66 (22.4 %) (13.77) (146.9 %) (60.06) (280.1 %)
Q2 2016 474.84 (0.2 %) 36.89 73.6 % (11.71) 29.6 %
Q3 2016 348.48 (29.1 %) 15.71 6.0 % (25.94) (28.7 %)
Q4 2016 354.57 (21.2 %) 9.61 870.6 % (34.93) 29.4 %
Q1 2017 340.07 (12.1 %) 11.72 185.1 % (22.05) 63.3 %
Q2 2017 351.41 (26.0 %) 10.05 (72.8 %) (26.91) (129.8 %)
Q3 2017 314.59 (9.7 %) 17.14 9.1 % (17.56) 32.3 %
Q4 2017 336.29 (5.2 %) 12.89 34.1 % (21.38) 38.8 %
Q1 2018 275.07 (19.1 %) 0.15 (98.8 %) (29.84) (35.3 %)
Q2 2018 252.03 (28.3 %) (3.24) (132.2 %) (23.75) 11.8 %
Q3 2018 178.97 (43.1 %) (22.05) (228.6 %) (49.19) (180.1 %)
Q4 2018 158.96 (52.7 %) (70.73) (648.8 %) (105.35) (392.8 %)
Q1 2019 102.46 (62.8 %) (9.00) (6304.1 %) (26.69) 10.6 %
Q2 2019 90.58 (64.1 %) (12.07) (273.0 %) (37.03) (55.9 %)
Q3 2019 81.63 (54.4 %) (1.66) 92.5 % (22.09) 55.1 %
Q4 2019 106.61 (32.9 %) (12.45) 82.4 % (21.60) 79.5 %
Q1 2020 59.53 (41.9 %) (17.31) (92.4 %) (37.95) (42.2 %)
Q2 2020 145.18 60.3 % (6.74) 44.2 % (25.14) 32.1 %
Q3 2020 92.61 13.5 % (13.28) (700.6 %) (42.76) (93.6 %)
Q4 2020 71.46 (33.0 %) (20.34) (63.4 %) (63.97) (196.1 %)
Q1 2021 63.86 7.3 % (17.26) 0.3 % (36.83) 2.9 %
Q2 2021 41.35 (71.5 %) (20.97) (211.1 %) (31.50) (25.3 %)
Q3 2021 23.50 (74.6 %) (24.22) (82.4 %) (43.24) (1.1 %)
Q4 2021 31.85 (55.4 %) (14.18) 30.3 % (32.64) 49.0 %
Q1 2022 35.36 (44.6 %) (26.74) (54.9 %) (42.07) (14.2 %)
Q2 2022 25.03 (39.5 %) (18.31) 12.7 % (36.06) (14.5 %)
Q3 2022 6.01 (74.4 %) (20.14) 16.9 % (28.12) 35.0 %
Q4 2022 6.41 (79.9 %) (31.23) (120.2 %) (118.06) (261.7 %)
Q1 2023 11.72 (66.9 %) (18.08) 32.4 % 4.32 110.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 (41.13) (166.9 %) (9.84) - (41.13) (9.84)
Q2 2014 (50.57) 61.6 % (12.10) - (50.57) (12.10)
Q3 2014 (50.05) (522.6 %) (11.97) - (50.05) (11.97)
Q4 2014 (59.94) 18.9 % (14.34) (12.34) (47.60) (11.39)
Q1 2015 (7.94) 80.7 % (1.90) - (7.94) (1.90)
Q2 2015 0.88 101.7 % 0.21 18.61 (17.73) (4.24)
Q3 2015 (2.85) 94.3 % (0.68) 21.45 (24.30) (5.81)
Q4 2015 11.60 119.4 % 2.78 62.39 (50.79) (12.15)
Q1 2016 (58.66) (638.6 %) (14.03) - (58.66) (14.03)
Q2 2016 (18.21) (2167.3 %) (4.36) - (18.21) (4.36)
Q3 2016 4.87 270.7 % 1.17 41.47 (36.60) (8.76)
Q4 2016 (154.30) (1430.0 %) (36.91) (111.93) (42.37) (10.14)
Q1 2017 (23.65) 59.7 % (5.66) - (23.65) (5.66)
Q2 2017 39.38 316.2 % 9.42 77.00 (37.62) (9.00)
Q3 2017 (34.49) (808.1 %) (8.25) - (34.49) (8.25)
Q4 2017 (61.54) 60.1 % (14.72) - (61.54) (14.72)
Q1 2018 (20.72) 12.4 % (4.96) 24.99 (45.70) (10.93)
Q2 2018 (97.24) (346.9 %) (23.26) - (97.24) (23.26)
Q3 2018 (15.71) 54.5 % (3.76) 47.56 (63.27) (15.14)
Q4 2018 70.72 214.9 % 16.92 203.56 (132.84) (31.78)
Q1 2019 (32.10) (54.9 %) (7.68) - (32.10) (7.68)
Q2 2019 (18.32) 81.2 % (4.38) - (18.32) (4.38)
Q3 2019 (23.79) (51.4 %) (5.69) - (23.79) (5.69)
Q4 2019 12.38 (82.5 %) 2.96 17.61 (5.23) (1.25)
Q1 2020 (43.20) (34.6 %) (6.47) - (43.20) (6.47)
Q2 2020 (16.58) 9.5 % (2.48) - (16.58) (2.48)
Q3 2020 51.41 316.1 % 7.70 89.74 (38.34) (5.75)
Q4 2020 (46.64) (476.9 %) (6.99) - (46.64) (6.99)
Q1 2021 (35.88) 16.9 % (5.38) - (35.88) (5.38)
Q2 2021 (19.19) (15.7 %) (2.88) - (19.19) (2.88)
Q3 2021 (46.56) (190.6 %) (6.98) - (46.56) (6.98)
Q4 2021 (92.68) (98.7 %) (13.89) - (92.68) (13.89)
Q1 2022 (37.16) (3.5 %) (5.57) - (37.16) (5.57)
Q2 2022 (44.49) (131.9 %) (6.67) - (44.49) (6.67)
Q3 2022 (34.93) 25.0 % (5.23) - (34.93) (5.23)
Q4 2022 (463.90) (400.5 %) (69.52) (67.09) (396.82) (59.47)
Q1 2023 40.90 210.1 % 6.13 41.01 (0.11) (0.02)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 3.45 % (6.29 %) (11.39 %)
Q2 2014 2.88 % (3.14 %) (8.38 %)
Q3 2014 0.65 % (5.47 %) (11.66 %)
Q4 2014 (0.20 %) (6.24 %) (11.19 %)
Q1 2015 0.55 % (4.80 %) (9.01 %)
Q2 2015 1.68 % (2.83 %) (6.95 %)
Q3 2015 2.47 % (1.15 %) (5.22 %)
Q4 2015 3.35 % (0.50 %) (5.26 %)
Q1 2016 1.17 % (2.50 %) (8.40 %)
Q2 2016 2.04 % (1.67 %) (8.43 %)
Q3 2016 2.26 % (1.96 %) (9.90 %)
Q4 2016 3.10 % (0.86 %) (9.96 %)
Q1 2017 4.87 % 1.51 % (7.96 %)
Q2 2017 3.38 % 0.28 % (10.06 %)
Q3 2017 3.57 % 0.50 % (10.15 %)
Q4 2017 3.86 % 0.70 % (11.72 %)
Q1 2018 3.15 % (0.67 %) (14.04 %)
Q2 2018 2.29 % (1.13 %) (20.29 %)
Q3 2018 (1.18 %) (5.13 %) (25.69 %)
Q4 2018 (11.08 %) (18.24 %) (39.20 %)
Q1 2019 (15.17 %) (23.90 %) (47.00 %)
Q2 2019 (21.44 %) (35.73 %) (46.43 %)
Q3 2019 (21.55 %) (39.33 %) (47.75 %)
Q4 2019 (9.23 %) (19.05 %) (20.83 %)
Q1 2020 (12.85 %) (24.76 %) (26.76 %)
Q2 2020 (9.71 %) (18.37 %) (22.60 %)
Q3 2020 (12.32 %) (22.44 %) (25.59 %)
Q4 2020 (15.64 %) (35.68 %) (39.25 %)
Q1 2021 (15.44 %) (35.14 %) (36.84 %)
Q2 2021 (26.68 %) (51.05 %) (52.01 %)
Q3 2021 (41.36 %) (70.09 %) (74.07 %)
Q4 2021 (47.73 %) (68.42 %) (121.02 %)
Q1 2022 (65.20 %) (88.46 %) (148.11 %)
Q2 2022 (72.10 %) (106.10 %) (190.86 %)
Q3 2022 (80.78 %) (111.16 %) (213.00 %)
Q4 2022 (132.42 %) (273.12 %) (705.13 %)
Q1 2023 (178.48 %) (311.84 %) (968.85 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 4.18 (60.96) (60.96) 138.77
Q2 2014 4.18 (41.54) (41.54) 136.46
Q3 2014 4.18 (51.59) (51.59) 121.79
Q4 2014 4.18 (48.25) (45.30) 102.81
Q1 2015 4.18 (40.31) (37.36) 101.26
Q2 2015 4.18 (28.00) (29.50) 103.53
Q3 2015 4.18 (16.71) (23.34) 99.73
Q4 2015 4.18 0.40 (24.11) 104.06
Q1 2016 4.18 (11.73) (36.24) 95.36
Q2 2016 4.18 (16.30) (36.36) 88.43
Q3 2016 4.18 (14.45) (39.30) 92.92
Q4 2016 4.18 (54.14) (37.28) 71.68
Q1 2017 4.18 (45.76) (28.91) 64.29
Q2 2017 4.18 (31.99) (33.55) 74.42
Q3 2017 4.18 (41.40) (33.05) 67.25
Q4 2017 4.18 (19.21) (37.63) 50.20
Q1 2018 4.18 (18.51) (42.91) 49.24
Q2 2018 4.18 (51.19) (57.17) 24.57
Q3 2018 4.18 (46.70) (64.06) 21.02
Q4 2018 4.18 (15.06) (81.11) 38.79
Q1 2019 4.18 (17.78) (77.86) 31.60
Q2 2019 4.18 1.10 (58.98) 26.42
Q3 2019 4.18 (0.83) (49.53) 21.41
Q4 2019 4.18 (14.79) (19.00) 22.56
Q1 2020 6.67 (10.93) (13.57) 44.54
Q2 2020 6.67 (10.67) (13.31) 43.91
Q3 2020 6.67 0.60 (15.49) 51.12
Q4 2020 6.67 (8.24) (21.69) 43.26
Q1 2021 6.67 (7.15) (20.60) 37.73
Q2 2021 6.67 (7.54) (20.99) 33.67
Q3 2021 6.67 (22.22) (22.22) 26.42
Q4 2021 6.67 (29.12) (29.12) 12.56
Q1 2022 6.67 (29.31) (29.31) 9.85
Q2 2022 6.67 (33.10) (33.10) (2.72)
Q3 2022 6.67 (31.36) (31.36) (7.10)
Q4 2022 6.67 (86.99) (76.94) (74.40)
Q1 2023 6.67 (75.29) (71.38) (68.41)

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 NEG NEG 2.61
Q2 2014 NEG NEG 2.61
Q3 2014 NEG NEG 3.15
Q4 2014 NEG NEG 2.61
Q1 2015 NEG NEG 2.89
Q2 2015 NEG NEG 2.49
Q3 2015 NEG NEG 2.21
Q4 2015 More than 100 NEG 2.14
Q1 2016 NEG NEG 2.13
Q2 2016 NEG NEG 2.18
Q3 2016 NEG NEG 1.44
Q4 2016 NEG NEG 2.46
Q1 2017 NEG NEG 2.59
Q2 2017 NEG NEG 2.24
Q3 2017 NEG NEG 2.48
Q4 2017 NEG NEG 3.32
Q1 2018 NEG NEG 3.39
Q2 2018 NEG NEG 5.28
Q3 2018 NEG NEG 4.73
Q4 2018 NEG NEG 4.16
Q1 2019 NEG NEG 5.72
Q2 2019 More than 100 NEG 5.92
Q3 2019 NEG NEG 6.98
Q4 2019 NEG NEG 7.10
Q1 2020 NEG NEG 1.27
Q2 2020 NEG NEG 1.65
Q3 2020 More than 100 NEG 2.24
Q4 2020 NEG NEG 3.72
Q1 2021 NEG NEG 4.28
Q2 2021 NEG NEG 4.85
Q3 2021 NEG NEG 5.54
Q4 2021 NEG NEG 8.40
Q1 2022 NEG NEG 8.03
Q2 2022 NEG NEG (21.06)
Q3 2022 NEG NEG (8.05)
Q4 2022 NEG NEG (0.77)
Q1 2023 NEG NEG (0.84)

Business Segments (Million)

Compared With The
Period Sale of Goods Contract Revenue
Q1 2014 393.31 65.25
Q2 2014 414.10 20.45
Q3 2014 348.65 46.01
Q4 2014 407.12 21.44
Q1 2015 472.24 26.11
Q2 2015 461.29 14.41
Q3 2015 480.09 11.54
Q4 2015 422.83 38.96
Q1 2016 379.92 6.75
Q2 2016 444.91 29.93
Q3 2016 330.89 17.60
Q4 2016 324.95 67.48
Q1 2017 325.31 14.88
Q2 2017 332.95 18.46
Q3 2017 291.99 22.59
Q4 2017 293.43 42.86
Q1 2018 261.76 13.30
Q2 2018 232.45 19.58
Q3 2018 166.50 12.47
Q4 2018 140.51 18.44
Q1 2019 93.48 8.98
Q2 2019 70.23 20.35
Q3 2019 52.77 28.86
Q1 2020 41.57 17.97
Q2 2020 133.48 11.70
Q3 2020 75.65 16.96
Q4 2020 59.87 11.58
Q1 2021 60.12 3.73
Q2 2021 37.63 3.72
Q3 2021 19.75 3.75
Q4 2021 25.61 6.24
Q1 2022 29.72 5.63
Q2 2022 13.44 11.59
Q3 2022 4.83 1.30
Q1 2023 5.91 5.81

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