Saudi Cable incurs losses in Q3, nine months

Sales plummeted by 74.6% year-on-year

  
Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrative purpose

Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrative purpose

REUTERS/Ahmed Yosri
Riyadh –  Saudi Cable Company turned to net losses after Zakat and tax worth SAR 46.55 million in the third quarter (Q3) of 2021 against profits of SAR 51.4 million in Q3-20.

Sales plummeted by 74.6% year-on-year (YoY) to SAR 23.5 million in Q3-21 from SAR 92.6 million, according to the initial financial results.

During the first nine months of 2021, Saudi Cable’s net losses deepened by 1,113% YoY to SAR 101.62 million from SAR 8.37 million.

The loss per share went up to SAR 2.82 at the end of September 2021 from SAR 0.18 in the same period last year.

Sales also shrank by 56.7% YoY to SAR 128.7 million in January-September 2021 from SAR 297.32 million.

At the end of September 2021, the accumulated losses reached SAR 164.04 million, representing 45.49% of the SAR 360.61 million capital.

Source: Mubasher

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