Saudi Cable turns profitable in Q3

The move to profits was helped by a growth in sales and improving profit margins

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri

Riyadh – Mubasher: Saudi Cable Company (SCC) returned to profitability in this year’s third quarter (Q3), achieving SAR 51.4 million in net earnings, against net losses of SAR 23.8 million in the year-ago period.

The move to profits was helped by a growth in sales and improving profit margins, coupled with a drop in expenses and other income, according to a bourse filing on Wednesday.

Revenue for the quarter ended on 30 September 2020 jumped by 13.45% annually to reach SAR 92.6 million.

During the first nine months of the year, the company’s losses plunged by 88.7% yearly to SAR 8.4 million.

Source: Mubasher

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