Financial Results : Saudi Cable reports SAR 7M profit in H1 2024; Q2 at SAR 11.9M

Saudi Cable reports SAR 7M profit in H1 2024; Q2 at SAR 11.9M

07/08/2024 Argaam Exclusive

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Saudi Cable Co. (SCC) reported a net profit of SAR 7 million in H1 2024, 87.8% down from SAR 57.4 in the same period last year.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 15.59 22.69 45.6 %
Gross Income (35.27) (19.56) 44.5 %
Operating Income (17.42) (55.97) (221.3 %)
Net Income 57.44 7.02 (87.8 %)
Average Shares 6.67 6.67 -
Earnings Per Share before unusual items (Riyals) 4.18 1.05 (74.8 %)
EPS (Riyal) 8.61 1.05 (87.8 %)

This was attributed to higher revenues from improved utilization of production capacity, as well as lower costs and fixed expenses and better-than-expected results from an associated company.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 3.87 10.12 161.2 %
Gross Income (17.19) (8.96) 47.9 %
Operating Income (21.74) (19.33) 11.1 %
Net Income (6.83) 11.87 273.8 %
Average Shares 6.67 6.67 -
Earnings Per Share before unusual items (Riyal) 0.69 1.78 156.4 %
EPS (Riyal) (1.02) 1.78 273.8 %

Shareholders’ equity, after excluding minority interest, reached SAR 445.67 million at the end of H1 2024, compared to SAR 474.32 million in the year-earlier period.

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