Saudi Cable’s losses shrink 11% in 2020

Revenues declined 3.27%

  
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 reported an 11% year-on-year (YoY) decrease in net loss after Zakat and tax to SAR 55.01 million in 2020, compared with SAR 61.83 million.

Revenues declined 3.27% YoY to SAR 368.77 million from SAR 381.27 million in 2019, according to a disclosure to Tadawul on Wednesday.

Saudi Cable registered a loss per share of SAR 1.53 last year, compared with SAR 2.79 in 2019.

The company attributed the losses recorded in 2020 to the decrease in sales, higher one-off expenses and other income, as well as an increased share of profit from associates.

During the third quarter of 2020, Saudi Cable turned profitable at SAR 51.4 million, against net losses of SAR 23.8 million in the year-ago period.

Earlier this year, the company’s board proposed increasing the capital by SAR 360 million.

Source: Mubasher

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