Saudi Cable cuts FY17 net losses by 66%

01/04/2018 Argaam Exclusive

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Saudi Cable Co. narrowed net losses to SAR 80.3 million for the fiscal year 2017, a drop of 66 percent year-on-year (YoY), thanks to restructuring a SAR 77 million bank loan.

The company also cited lower operating expenses and improved margins.

Financials (M)

Item	2016	2017	Change‬
Revenues	1,564.56	1,342.48	(14.2 %)
Gross Income	39.35	51.92	31.9 %
Operating Income	(141.73)	(87.91)	38.0 %
Net Income	(235.39)	(80.31)	65.9 %
Average Shares	4.18	4.18	-
EPS (Riyals)	(56.31)	(19.21)	65.9 %

Current Quarter Comparison (M)

Compared With The

Item	Q4 2016	Q4 2017	Change‬
Revenues	354.57	336.29	(5.2 %)
Gross Income	9.61	12.89	34.1 %
Operating Income	(34.93)	(21.38)	38.8 %
Net Income	(154.30)	(61.54)	60.1 %
Average Shares	4.18	4.18	-
EPS (Riyals)	(36.91)	(14.72)	60.1 %

Item	Q3 2017	Q4 2017	Change‬
Revenues	314.59	336.29	6.9 %
Gross Income	17.14	12.89	(24.8 %)
Operating Income	(17.56)	(21.38)	(21.7 %)
Net Income	(34.49)	(61.54)	(78.4 %)
Average Shares	4.18	4.18	-
EPS (Riyals)	(8.25)	(14.72)	(78.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	760.18	14.5 %	157.39	29.8 %	84.14	22.5 %	20.13
Q2 2008	977.16	19.8 %	154.52	11.0 %	86.78	23.7 %	20.76
Q3 2008	1,005.19	27.7 %	170.54	55.2 %	92.26	22.2 %	22.07
Q4 2008	756.87	(13.6 %)	70.88	(63.6 %)	(51.13)	(174.7 %)	(12.23)
2008	3,499.39	11.3 %	553.32	(2.1 %)	212.05	(25.0 %)	50.73
Q1 2009	645.07	(15.1 %)	108.10	(31.3 %)	46.27	(45.0 %)	11.07
Q2 2009	646.97	(33.8 %)	96.86	(37.3 %)	47.20	(45.6 %)	11.29
Q3 2009	557.04	(44.6 %)	66.20	(61.2 %)	20.11	(78.2 %)	4.81
Q4 2009	609.36	(19.5 %)	39.64	(44.1 %)	(9.10)	82.2 %	(2.18)
2009	2,458.43	(29.7 %)	310.80	(43.8 %)	104.48	(50.7 %)	24.99
Q1 2010	492.81	(23.6 %)	29.15	(73.0 %)	1.07	(97.7 %)	0.26
Q2 2010	500.81	(22.6 %)	13.56	(86.0 %)	(26.50)	(156.1 %)	(6.34)
Q3 2010	368.66	(33.8 %)	(35.20)	(153.2 %)	(71.53)	(455.7 %)	(17.11)
Q4 2010	494.83	(18.8 %)	10.90	(72.5 %)	9.15	200.6 %	2.19
2010	1,857.11	(24.5 %)	18.41	(94.1 %)	(87.82)	(184.1 %)	(21.01)
Q1 2011	829.96	68.4 %	59.02	102.4 %	20.27	1801.1 %	4.85
Q2 2011	799.29	59.6 %	60.40	345.4 %	22.56	185.1 %	5.40
Q3 2011	744.74	102.0 %	22.85	164.9 %	(14.77)	79.3 %	(3.53)
Q4 2011	825.57	66.8 %	1.23	(88.7 %)	(22.95)	(350.8 %)	(5.49)
2011	3,199.57	72.3 %	143.51	679.4 %	5.11	105.8 %	1.22
Q1 2012	917.64	10.6 %	80.03	35.6 %	25.16	24.1 %	6.02
Q2 2012	860.71	7.7 %	77.74	28.7 %	20.18	(10.6 %)	4.83
Q3 2012	615.43	(17.4 %)	39.55	73.1 %	(13.68)	7.4 %	(3.27)
Q4 2012	294.06	(64.4 %)	(111.45)	(9183.0 %)	(188.07)	(719.5 %)	(44.99)
2012	2,687.85	(16.0 %)	85.88	(40.2 %)	(156.41)	(3163.8 %)	(37.42)
Q1 2013	669.34	(27.1 %)	49.07	(38.7 %)	(15.41)	(161.2 %)	(3.69)
Q2 2013	598.42	(30.5 %)	18.51	(76.2 %)	(131.75)	(753.0 %)	(31.52)
Q3 2013	617.36	0.3 %	46.05	16.4 %	(8.04)	41.2 %	(1.92)
Q4 2013	562.20	91.2 %	(3.75)	96.6 %	(73.92)	60.7 %	(17.68)
2013	2,447.86	(8.9 %)	70.38	(18.0 %)	(229.12)	(46.5 %)	(54.81)
Q1 2014	458.56	(31.5 %)	16.35	(66.7 %)	(41.13)	(166.9 %)	(9.84)
Q2 2014	434.54	(27.4 %)	0.95	(94.8 %)	(50.57)	61.6 %	(12.10)
Q3 2014	394.66	(36.1 %)	(1.44)	(103.1 %)	(50.05)	(522.6 %)	(11.97)
Q4 2014	404.74	(28.0 %)	(19.28)	(413.7 %)	(59.94)	18.9 %	(14.34)
2014	1,716.32	(29.9 %)	6.66	(90.5 %)	(201.68)	12.0 %	(48.25)
Q1 2015	498.35	8.7 %	29.34	79.5 %	(7.94)	80.7 %	(1.90)
Q2 2015	475.70	9.5 %	21.25	2127.6 %	0.88	101.7 %	0.21
Q3 2015	491.63	24.6 %	14.82	1128.4 %	(2.85)	94.3 %	(0.68)
Q4 2015	449.84	11.1 %	(1.25)	93.5 %	11.60	119.4 %	2.78
2015	1,918.06	11.8 %	68.41	926.6 %	1.69	100.8 %	0.40
Q1 2016	386.66	(22.4 %)	(13.77)	(146.9 %)	(58.66)	(638.6 %)	(14.03)
Q2 2016	474.84	(0.2 %)	36.89	73.6 %	(18.21)	(2167.3 %)	(4.36)
Q3 2016	348.48	(29.1 %)	15.71	6.0 %	4.87	270.7 %	1.17
Q4 2016	354.57	(21.2 %)	9.61	870.6 %	(154.30)	(1430.0 %)	(36.91)
2016	1,564.56	(18.4 %)	39.35	(42.5 %)	(235.39)	(14053.3 %)	(56.31)
Q1 2017	340.07	(12.1 %)	11.72	185.1 %	(23.65)	59.7 %	(5.66)
Q2 2017	351.41	(26.0 %)	10.05	(72.8 %)	39.38	316.2 %	9.42
Q3 2017	314.59	(9.7 %)	17.14	9.1 %	(34.49)	(808.1 %)	(8.25)
Q4 2017	336.29	(5.2 %)	12.89	34.1 %	(61.54)	60.1 %	(14.72)
2017	1,342.48	(14.2 %)	51.92	31.9 %	(80.31)	65.9 %	(19.21)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	3,499.39	11.3 %	553.32	(2.1 %)	212.05	(25.0 %)	50.73
2009	2,458.43	(29.7 %)	310.80	(43.8 %)	104.48	(50.7 %)	24.99
2010	1,857.11	(24.5 %)	18.41	(94.1 %)	(87.82)	(184.1 %)	(21.01)
2011	3,199.57	72.3 %	143.51	679.4 %	5.11	105.8 %	1.22
2012	2,687.85	(16.0 %)	85.88	(40.2 %)	(156.41)	(3163.8 %)	(37.42)
2013	2,447.86	(8.9 %)	70.38	(18.0 %)	(229.12)	(46.5 %)	(54.81)
2014	1,716.32	(29.9 %)	6.66	(90.5 %)	(201.68)	12.0 %	(48.25)
2015	1,918.06	11.8 %	68.41	926.6 %	1.69	100.8 %	0.40
2016	1,564.56	(18.4 %)	39.35	(42.5 %)	(235.39)	(14053.3 %)	(56.31)
2017	1,342.48	(14.2 %)	51.92	31.9 %	(80.31)	65.9 %	(19.21)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	18.55 %	12.33 %	9.21 %
Q2 2008	18.12 %	12.31 %	9.26 %
Q3 2008	18.71 %	12.64 %	9.16 %
Q4 2008	15.81 %	10.10 %	6.06 %
2008	15.81 %	10.10 %	6.06 %
Q1 2009	14.89 %	9.54 %	5.15 %
Q2 2009	14.62 %	9.42 %	4.41 %
Q3 2009	13.13 %	8.00 %	2.40 %
Q4 2009	12.64 %	8.95 %	4.25 %
2009	12.64 %	8.95 %	4.25 %
Q1 2010	10.05 %	7.05 %	2.57 %
Q2 2010	6.88 %	3.91 %	(0.67 %)
Q3 2010	2.39 %	(0.52 %)	(5.38 %)
Q4 2010	0.99 %	(3.30 %)	(4.73 %)
2010	0.99 %	(3.30 %)	(4.73 %)
Q1 2011	2.20 %	(1.83 %)	(3.13 %)
Q2 2011	3.82 %	(0.09 %)	(0.78 %)
Q3 2011	5.34 %	1.72 %	1.30 %
Q4 2011	4.49 %	1.80 %	0.16 %
2011	4.49 %	1.80 %	0.16 %
Q1 2012	5.00 %	2.04 %	0.30 %
Q2 2012	5.43 %	2.36 %	0.23 %
Q3 2012	6.17 %	2.85 %	0.27 %
Q4 2012	3.20 %	(1.27 %)	(5.82 %)
2012	3.20 %	(1.27 %)	(5.82 %)
Q1 2013	2.25 %	(2.58 %)	(8.07 %)
Q2 2013	(0.20 %)	(9.90 %)	(16.02 %)
Q3 2013	0.10 %	(9.84 %)	(15.75 %)
Q4 2013	4.49 %	(4.17 %)	(9.36 %)
2013	2.88 %	(4.17 %)	(9.36 %)
Q1 2014	3.45 %	(6.29 %)	(11.39 %)
Q2 2014	2.88 %	(3.14 %)	(8.38 %)
Q3 2014	0.65 %	(5.47 %)	(11.66 %)
Q4 2014	(0.20 %)	(6.24 %)	(11.19 %)
2014	0.39 %	(6.16 %)	(11.03 %)
Q1 2015	0.55 %	(4.80 %)	(9.01 %)
Q2 2015	1.68 %	(2.83 %)	(6.95 %)
Q3 2015	2.47 %	(1.15 %)	(5.22 %)
Q4 2015	3.35 %	(0.50 %)	(5.26 %)
2015	3.57 %	(0.50 %)	(5.25 %)
Q1 2016	1.17 %	(2.50 %)	(8.40 %)
Q2 2016	2.04 %	(1.67 %)	(8.43 %)
Q3 2016	2.26 %	(1.96 %)	(9.90 %)
Q4 2016	3.10 %	(0.86 %)	(9.96 %)
2016	2.52 %	(1.44 %)	(10.54 %)
Q1 2017	4.87 %	1.51 %	(7.96 %)
Q2 2017	3.38 %	0.28 %	(10.06 %)
Q3 2017	3.57 %	0.50 %	(10.15 %)
Q4 2017	3.86 %	0.70 %	(11.72 %)
2017	3.87 %	0.70 %	(11.72 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	15.81 %	10.10 %	6.06 %
2009	12.64 %	8.95 %	4.25 %
2010	0.99 %	(3.30 %)	(4.73 %)
2011	4.49 %	1.80 %	0.16 %
2012	3.20 %	(1.27 %)	(5.82 %)
2013	2.88 %	(4.17 %)	(9.36 %)
2014	0.39 %	(6.16 %)	(11.03 %)
2015	3.57 %	(0.50 %)	(5.25 %)
2016	2.52 %	(1.44 %)	(10.54 %)
2017	3.87 %	0.70 %	(11.72 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	20.70 %	14.40 %	11.07 %
Q2 2008	15.81 %	11.60 %	8.88 %
Q3 2008	16.97 %	12.20 %	9.18 %
Q4 2008	9.36 %	1.05 %	(6.76 %)
Q1 2009	16.76 %	12.24 %	7.17 %
Q2 2009	14.97 %	12.07 %	7.30 %
Q3 2009	11.88 %	7.78 %	3.61 %
Q4 2009	6.50 %	3.24 %	(1.49 %)
Q1 2010	5.92 %	4.35 %	0.22 %
Q2 2010	2.71 %	(0.03 %)	(5.29 %)
Q3 2010	(9.55 %)	(13.92 %)	(19.40 %)
Q4 2010	2.20 %	(6.33 %)	1.85 %
Q1 2011	7.11 %	5.13 %	2.44 %
Q2 2011	7.56 %	4.73 %	2.82 %
Q3 2011	3.07 %	0.05 %	(1.98 %)
Q4 2011	0.15 %	(2.80 %)	(2.78 %)
Q1 2012	8.72 %	5.67 %	2.74 %
Q2 2012	9.03 %	5.77 %	2.34 %
Q3 2012	6.43 %	2.14 %	(2.22 %)
Q4 2012	(37.90 %)	(50.65 %)	(63.95 %)
Q1 2013	7.33 %	3.45 %	(2.30 %)
Q2 2013	3.09 %	(17.21 %)	(22.02 %)
Q3 2013	7.46 %	2.31 %	(1.30 %)
Q4 2013	(0.67 %)	(6.47 %)	(13.15 %)
Q1 2014	3.56 %	(3.39 %)	(8.97 %)
Q2 2014	0.22 %	(6.33 %)	(11.64 %)
Q3 2014	(0.37 %)	(5.51 %)	(12.68 %)
Q4 2014	(4.76 %)	(10.09 %)	(11.76 %)
Q1 2015	5.89 %	1.41 %	(1.59 %)
Q2 2015	4.47 %	1.15 %	(3.73 %)
Q3 2015	3.01 %	1.41 %	(4.94 %)
Q4 2015	(0.28 %)	(6.43 %)	(11.29 %)
Q1 2016	(3.56 %)	(7.39 %)	(15.17 %)
Q2 2016	7.77 %	4.33 %	(3.84 %)
Q3 2016	4.51 %	1.27 %	(10.50 %)
Q4 2016	2.71 %	(2.77 %)	(11.95 %)
Q1 2017	3.45 %	2.31 %	(6.96 %)
Q2 2017	2.86 %	0.41 %	(10.71 %)
Q3 2017	5.45 %	2.34 %	(10.96 %)
Q4 2017	3.83 %	(2.17 %)	(18.30 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	4.18	71.35	71.35	273.31
Q2 2008	4.18	75.32	75.32	290.00
Q3 2008	4.18	79.34	79.34	283.05
Q4 2008	4.18	50.73	50.73	251.21
Q1 2009	4.18	41.67	41.67	262.68
Q2 2009	4.18	32.20	32.20	291.79
Q3 2009	4.18	14.94	14.94	304.80
Q4 2009	4.18	24.99	24.99	310.67
Q1 2010	4.18	14.18	14.18	306.61
Q2 2010	4.18	(3.45)	(3.45)	264.76
Q3 2010	4.18	(25.37)	(25.37)	275.01
Q4 2010	4.18	(21.01)	(21.01)	283.16
Q1 2011	4.18	(16.42)	(16.42)	280.97
Q2 2011	4.18	(4.68)	(4.68)	265.98
Q3 2011	4.18	8.90	8.90	229.61
Q4 2011	4.18	1.22	1.22	241.41
Q1 2012	4.18	2.39	2.39	257.47
Q2 2012	4.18	1.82	1.82	248.95
Q3 2012	4.18	2.08	2.08	272.18
Q4 2012	4.18	(37.42)	(37.42)	218.92
Q1 2013	4.18	(47.12)	(47.12)	198.95
Q2 2013	4.18	(83.47)	(83.47)	158.40
Q3 2013	4.18	(82.12)	(82.12)	177.55
Q4 2013	4.18	(54.81)	(54.81)	161.17
Q1 2014	4.18	(60.96)	(60.96)	138.77
Q2 2014	4.18	(41.54)	(41.54)	136.46
Q3 2014	4.18	(51.59)	(51.59)	121.79
Q4 2014	4.18	(48.25)	(45.30)	102.81
Q1 2015	4.18	(40.31)	(37.36)	101.26
Q2 2015	4.18	(28.00)	(29.50)	103.53
Q3 2015	4.18	(16.71)	(23.34)	99.73
Q4 2015	4.18	0.40	(24.11)	104.06
Q1 2016	4.18	(11.73)	(36.24)	95.36
Q2 2016	4.18	(16.30)	(36.36)	88.43
Q3 2016	4.18	(14.45)	(39.30)	92.92
Q4 2016	4.18	(54.14)	(37.28)	71.68
Q1 2017	4.18	(45.76)	(28.91)	64.29
Q2 2017	4.18	(31.99)	(33.55)	74.42
Q3 2017	4.18	(41.40)	(33.05)	67.25
Q4 2017	4.18	(19.21)	(37.63)	50.20

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	4.18	50.73	50.73	251.21
2009	4.18	24.99	24.99	310.67
2010	4.18	(21.01)	(21.01)	283.16
2011	4.18	1.22	1.22	241.41
2012	4.18	(37.42)	(37.42)	218.92
2013	4.18	(54.81)	(54.81)	161.17
2014	4.18	(48.25)	(45.30)	102.81
2015	4.18	0.40	(24.11)	104.06
2016	4.18	(56.31)	(39.46)	71.68
2017	4.18	(19.21)	(37.63)	50.20

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	31.30	31.30	8.17
Q2 2008	31.57	31.57	8.20
Q3 2008	20.19	20.19	5.66
Q4 2008	15.15	15.15	3.06
Q1 2009	13.08	13.08	2.08
Q2 2009	25.12	25.12	2.77
Q3 2009	69.69	69.69	3.42
Q4 2009	28.43	28.43	2.29
Q1 2010	47.96	47.96	2.22
Q2 2010	NEG	NEG	1.85
Q3 2010	NEG	NEG	1.62
Q4 2010	NEG	NEG	1.43
Q1 2011	NEG	NEG	1.39
Q2 2011	NEG	NEG	1.56
Q3 2011	41.87	41.87	1.62
Q4 2011	More than 100	More than 100	1.68
Q1 2012	More than 100	More than 100	2.22
Q2 2012	More than 100	More than 100	1.72
Q3 2012	More than 100	More than 100	1.69
Q4 2012	NEG	NEG	1.77
Q1 2013	NEG	NEG	1.97
Q2 2013	NEG	NEG	2.42
Q3 2013	NEG	NEG	2.00
Q4 2013	NEG	NEG	2.27
Q1 2014	NEG	NEG	2.61
Q2 2014	NEG	NEG	2.61
Q3 2014	NEG	NEG	3.15
Q4 2014	NEG	NEG	2.61
Q1 2015	NEG	NEG	2.89
Q2 2015	NEG	NEG	2.49
Q3 2015	NEG	NEG	2.21
Q4 2015	More than 100	NEG	2.14
Q1 2016	NEG	NEG	2.13
Q2 2016	NEG	NEG	2.18
Q3 2016	NEG	NEG	1.44
Q4 2016	NEG	NEG	2.46
Q1 2017	NEG	NEG	2.59
Q2 2017	NEG	NEG	2.24
Q3 2017	NEG	NEG	2.48
Q4 2017	NEG	NEG	3.32

Period	P/E	Adjusted P/E	Price/book
2008	15.15	15.15	3.06
2009	28.43	28.43	2.29
2010	NEG	NEG	1.43
2011	More than 100	More than 100	1.68
2012	NEG	NEG	1.77
2013	NEG	NEG	2.27
2014	NEG	NEG	2.61
2015	More than 100	NEG	2.14
2016	NEG	NEG	2.46
2017	NEG	NEG	3.32

Business Segments (Million)

Compared With The

Period	Sale of Goods	Contract Revenue
Q3 2012	595.12	20.32
Q4 2012	204.37	89.69
Q1 2013	576.06	93.28
Q2 2013	522.87	75.55
Q3 2013	487.52	130.39
Q4 2013	487.40	105.39
Q1 2014	393.31	65.25
Q2 2014	414.10	20.45
Q3 2014	348.65	46.01
Q4 2014	407.12	21.44
Q1 2015	472.24	26.11
Q2 2015	461.29	14.41
Q3 2015	480.09	11.54
Q4 2015	422.83	38.96
Q1 2016	379.92	6.75
Q2 2016	444.91	29.93
Q3 2016	330.89	17.60
Q4 2016	324.95	67.48
Q1 2017	325.31	14.88
Q2 2017	332.95	18.46
Q3 2017	291.99	22.59
Q4 2017	293.43	42.86

Period	Sale of Goods	Contract Revenue
2012	2,458.18	-
2013	2,073.85	404.60
2014	1,563.18	153.14
2015	1,827.03	91.03
2016	1,480.65	83.90
2017	1,243.68	98.80

Financial Ratios

	Current
Market Cap (M Riyal)	521.08
Enterprise Value (EV) (M)	614.88
Shares Outstanding ((M))	6.67
EPS ( Riyal) (TTM)	(1.38)
Book Value (BV) ( Riyal)	(69.08)
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	(1.13)
Return on Average Assets (%) (TTM)	(1.30 )
Return on Average Equity (%) (TTM)	-

Saudi Cable Co. (SAUDI CABLE)

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Saudi Cable cuts FY17 net losses by 66%

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2017 Q4

Financial Ratios

Share Price

Saudi Cable Co. (SAUDI CABLE)

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Saudi Cable cuts FY17 net losses by 66%

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2017

Revenue by Business Segment (Latest) 2017 Q4

Financial Ratios

Share Price

Saudi Cable Co. (SAUDI CABLE)

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Business Segments (Million)