Saudi Cable trims losses by 57% in H1 2019

30/07/2019 Argaam Exclusive

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Share Price

75.70
2.20 2.99 %

Saudi Cable Co. (SAUDI CABLE)

Saudi Cable Co. narrowed net losses by 57.26 percent year-on-year (YoY) to SAR 50.4 million for H1 2019, due to lower operating expenses, and decreased loss share from associates.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 527.10 193.04 (63.4 %)
Gross Income (3.09) (21.07) (581.4 %)
Operating Income (53.59) (63.71) (18.9 %)
Net Income (117.96) (50.42) 57.3 %
Average Shares 4.18 4.18 0.0 %
EPS (Riyals) (28.22) (12.06) 57.3 %

The cables producer trimmed net losses by 81.16 percent YoY to SAR 18.3 million, driven by lower loss share from associates.

 

On a quarterly basis, net losses shrank by 42.9 percent, as cost of financing was recorded under the other income item.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 252.03 90.58 (64.1 %)
Gross Income (3.24) (12.07) (273.0 %)
Operating Income (23.75) (37.03) (55.9 %)
Net Income (97.24) (18.32) 81.2 %
Average Shares 4.18 4.18 0.0 %
EPS (Riyals) (23.26) (4.38) 81.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 492.81 (23.6 %) 29.15 (73.0 %) 1.07 (97.7 %) 0.26
Q2 2010 500.81 (22.6 %) 13.56 (86.0 %) (26.50) (156.1 %) (6.34)
Q3 2010 368.66 (33.8 %) (35.20) (153.2 %) (71.53) (455.7 %) (17.11)
Q4 2010 494.83 (18.8 %) 10.90 (72.5 %) 9.15 200.6 % 2.19
Q1 2011 829.96 68.4 % 59.02 102.4 % 20.27 1801.1 % 4.85
Q2 2011 799.29 59.6 % 60.40 345.4 % 22.56 185.1 % 5.40
Q3 2011 744.74 102.0 % 22.85 164.9 % (14.77) 79.3 % (3.53)
Q4 2011 825.57 66.8 % 1.23 (88.7 %) (22.95) (350.8 %) (5.49)
Q1 2012 917.64 10.6 % 80.03 35.6 % 25.16 24.1 % 6.02
Q2 2012 860.71 7.7 % 77.74 28.7 % 20.18 (10.6 %) 4.83
Q3 2012 615.43 (17.4 %) 39.55 73.1 % (13.68) 7.4 % (3.27)
Q4 2012 294.06 (64.4 %) (111.45) (9183.0 %) (188.07) (719.5 %) (44.99)
Q1 2013 669.34 (27.1 %) 49.07 (38.7 %) (15.41) (161.2 %) (3.69)
Q2 2013 598.42 (30.5 %) 18.51 (76.2 %) (131.75) (753.0 %) (31.52)
Q3 2013 617.36 0.3 % 46.05 16.4 % (8.04) 41.2 % (1.92)
Q4 2013 562.20 91.2 % (3.75) 96.6 % (73.92) 60.7 % (17.68)
Q1 2014 458.56 (31.5 %) 16.35 (66.7 %) (41.13) (166.9 %) (9.84)
Q2 2014 434.54 (27.4 %) 0.95 (94.8 %) (50.57) 61.6 % (12.10)
Q3 2014 394.66 (36.1 %) (1.44) (103.1 %) (50.05) (522.6 %) (11.97)
Q4 2014 404.74 (28.0 %) (19.28) (413.7 %) (59.94) 18.9 % (14.34)
Q1 2015 498.35 8.7 % 29.34 79.5 % (7.94) 80.7 % (1.90)
Q2 2015 475.70 9.5 % 21.25 2127.6 % 0.88 101.7 % 0.21
Q3 2015 491.63 24.6 % 14.82 1128.4 % (2.85) 94.3 % (0.68)
Q4 2015 449.84 11.1 % (1.25) 93.5 % 11.60 119.4 % 2.78
Q1 2016 386.66 (22.4 %) (13.77) (146.9 %) (58.66) (638.6 %) (14.03)
Q2 2016 474.84 (0.2 %) 36.89 73.6 % (18.21) (2167.3 %) (4.36)
Q3 2016 348.48 (29.1 %) 15.71 6.0 % 4.87 270.7 % 1.17
Q4 2016 354.57 (21.2 %) 9.61 870.6 % (154.30) (1430.0 %) (36.91)
Q1 2017 340.07 (12.1 %) 11.72 185.1 % (23.65) 59.7 % (5.66)
Q2 2017 351.41 (26.0 %) 10.05 (72.8 %) 39.38 316.2 % 9.42
Q3 2017 314.59 (9.7 %) 17.14 9.1 % (34.49) (808.1 %) (8.25)
Q4 2017 336.29 (5.2 %) 12.89 34.1 % (61.54) 60.1 % (14.72)
Q1 2018 275.07 (19.1 %) 0.15 (98.8 %) (20.72) 12.4 % (4.96)
Q2 2018 252.03 (28.3 %) (3.24) (132.2 %) (97.24) (346.9 %) (23.26)
Q3 2018 178.97 (43.1 %) (22.05) (228.6 %) (15.71) 54.5 % (3.76)
Q4 2018 158.96 (52.7 %) (70.73) (648.8 %) 70.72 214.9 % 16.92
Q1 2019 102.46 (62.8 %) (9.00) (6304.1 %) (32.10) (54.9 %) (7.68)
Q2 2019 90.58 (64.1 %) (12.07) (273.0 %) (18.32) 81.2 % (4.38)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 10.05 % 7.05 % 2.57 %
Q2 2010 6.88 % 3.91 % (0.67 %)
Q3 2010 2.39 % (0.52 %) (5.38 %)
Q4 2010 0.99 % (3.30 %) (4.73 %)
Q1 2011 2.20 % (1.83 %) (3.13 %)
Q2 2011 3.82 % (0.09 %) (0.78 %)
Q3 2011 5.34 % 1.72 % 1.30 %
Q4 2011 4.49 % 1.80 % 0.16 %
Q1 2012 5.00 % 2.04 % 0.30 %
Q2 2012 5.43 % 2.36 % 0.23 %
Q3 2012 6.17 % 2.85 % 0.27 %
Q4 2012 3.20 % (1.27 %) (5.82 %)
Q1 2013 2.25 % (2.58 %) (8.07 %)
Q2 2013 (0.20 %) (9.90 %) (16.02 %)
Q3 2013 0.10 % (9.84 %) (15.75 %)
Q4 2013 4.49 % (4.17 %) (9.36 %)
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 4.18 14.18 14.18 306.61
Q2 2010 4.18 (3.45) (3.45) 264.76
Q3 2010 4.18 (25.37) (25.37) 275.01
Q4 2010 4.18 (21.01) (21.01) 283.16
Q1 2011 4.18 (16.42) (16.42) 280.97
Q2 2011 4.18 (4.68) (4.68) 265.98
Q3 2011 4.18 8.90 8.90 229.61
Q4 2011 4.18 1.22 1.22 241.41
Q1 2012 4.18 2.39 2.39 257.47
Q2 2012 4.18 1.82 1.82 248.95
Q3 2012 4.18 2.08 2.08 272.18
Q4 2012 4.18 (37.42) (37.42) 218.92
Q1 2013 4.18 (47.12) (47.12) 198.95
Q2 2013 4.18 (83.47) (83.47) 158.40
Q3 2013 4.18 (82.12) (82.12) 177.55
Q4 2013 4.18 (54.81) (54.81) 161.17
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) (20.97)
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 47.96 47.96 2.22
Q2 2010 NEG NEG 1.85
Q3 2010 NEG NEG 1.62
Q4 2010 NEG NEG 1.43
Q1 2011 NEG NEG 1.39
Q2 2011 NEG NEG 1.56
Q3 2011 41.87 41.87 1.62
Q4 2011 More than 50 More than 50 1.68
Q1 2012 More than 50 More than 50 2.22
Q2 2012 More than 50 More than 50 1.72
Q3 2012 More than 50 More than 50 1.69
Q4 2012 NEG NEG 1.77
Q1 2013 NEG NEG 1.97
Q2 2013 NEG NEG 2.42
Q3 2013 NEG NEG 2.00
Q4 2013 NEG NEG 2.27
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 50 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 (7.95)
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 50 NEG 5.92

Business Segments (Million)

Compared With The
Period Sale of Goods Contract Revenue
Q3 2012 595.12 20.32
Q4 2012 204.37 89.69
Q1 2013 576.06 93.28
Q2 2013 522.87 75.55
Q3 2013 487.52 130.39
Q4 2013 487.40 105.39
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

Current
Market Cap (M Riyal) 505.07
Enterprise Value (EV) (M) 601.51
Shares Outstanding ((M)) 6.67
EPS ( Riyal) (TTM) 5.48
Book Value (BV) ( Riyal) (69.62)
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 13.82
Price/book (1.09)
Return on Average Assets (%) (TTM) 5.3
Return on Average Equity (%) (TTM) -

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