Saudi Cable incurs net loss in Q1

The net loss in Q1-21 was lower by 23%

  
A Saudi man stands in front of a screen as another inspects stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

A Saudi man stands in front of a screen as another inspects stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

REUTERS/Ahmed Yosri
Riyadh – Mubasher: Saudi Cable Company suffered a net loss after Zakat and tax of SAR 35.88 million in the first quarter (Q1) of 2021, down by 16.9% from SAR 43.19 million in the same period in 2020.

Loss per share stood at SAR 1 in Q1-21, compared with SAR 1.2 in Q1-20, according to the initial financial results on Tadawul.

The net loss in Q1-21 was lower by 23% from SAR 46.63 million in the fourth quarter (Q4) of 2020.

Revenues increased 7% year-on-year (YoY) to SAR 63.85 million in Q1-21 from SAR 59.53 million in Q1-20. They were meanwhile lower by 10.6% in the first three months of 2021 when compared to SAR 71.45 million in Q4-20.

Saudi Cable’s accumulated losses amounted to SAR 98.3 million as on 31 March 2021, representing 27.26% of the SAR 360.61 million paid-up capital.

By the end of December 2020, the accumulated losses totalled SAR 62.4 million that accounted for 17.31% of the capital.

Source: Mubasher

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