Saudi Cable trims FY18 losses by 15%

Saudi Cable trims FY18 losses by 15%

24/03/2019 Argaam Exclusive

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Saudi Cable Co. narrowed net losses after zakat and tax by 14.55 percent year-on-year (YoY) to SAR 68.62 million for the fiscal year 2018, driven by waiving off SAR 228 million worth of loans in FY18, compared to SAR 77 million a year earlier.

 

The company also cited lower operating expenses and financing costs.



Financials (M)

Item 2017 2018 Change‬
Revenues 1,342.48 865.02 (35.6 %)
Gross Income 51.92 (95.87) (284.6 %)
Operating Income (87.91) (208.13) (136.8 %)
Net Income (80.31) (62.95) 21.6 %
Average Shares 4.18 4.18 -
EPS (Riyals) (19.21) (15.06) 21.6 %


Current Quarter Comparison (M)

Compared With The
Item Q4 2017 Q4 2018 Change‬
Revenues 336.29 158.96 (52.7 %)
Gross Income 12.89 (70.73) (648.8 %)
Operating Income (21.38) (105.35) (392.8 %)
Net Income (61.54) 70.72 214.9 %
Average Shares 4.18 4.18 -
EPS (Riyals) (14.72) 16.92 214.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 645.07 (15.1 %) 108.10 (31.3 %) 57.93 (40.1 %)
Q2 2009 646.97 (33.8 %) 96.86 (37.3 %) 55.43 (42.9 %)
Q3 2009 557.04 (44.6 %) 66.20 (61.2 %) 18.50 (82.2 %)
Q4 2009 609.36 (19.5 %) 39.64 (44.1 %) (6.74) 45.9 %
Q1 2010 492.81 (23.6 %) 29.15 (73.0 %) (5.81) (110.0 %)
Q2 2010 500.81 (22.6 %) 13.56 (86.0 %) (27.63) (149.8 %)
Q3 2010 368.66 (33.8 %) (35.20) (153.2 %) (80.84) (537.0 %)
Q4 2010 494.83 (18.8 %) 10.90 (72.5 %) (43.85) (550.5 %)
Q1 2011 829.96 68.4 % 59.02 102.4 % 23.66 507.5 %
Q2 2011 799.29 59.6 % 60.40 345.4 % 18.01 165.2 %
Q3 2011 744.74 102.0 % 22.85 164.9 % (19.14) 76.3 %
Q4 2011 825.57 66.8 % 1.23 (88.7 %) (38.44) 12.3 %
Q1 2012 917.64 10.6 % 80.03 35.6 % 31.46 33.0 %
Q2 2012 860.71 7.7 % 77.74 28.7 % 29.08 61.5 %
Q3 2012 615.43 (17.4 %) 39.55 73.1 % (11.24) 41.3 %
Q4 2012 294.06 (64.4 %) (111.45) (9183.0 %) (169.42) (340.8 %)
Q1 2013 669.34 (27.1 %) 49.07 (38.7 %) (0.71) (102.3 %)
Q2 2013 598.42 (30.5 %) 18.51 (76.2 %) (122.72) (522.0 %)
Q3 2013 617.36 0.3 % 46.05 16.4 % (14.34) (27.6 %)
Q4 2013 562.20 91.2 % (3.75) 96.6 % (58.56) 65.4 %
Q1 2014 458.56 (31.5 %) 16.35 (66.7 %) (40.49) (5,579.2 %)
Q2 2014 434.54 (27.4 %) 0.95 (94.8 %) (41.82) 65.9 %
Q3 2014 394.66 (36.1 %) (1.44) (103.1 %) (56.25) (292.3 %)
Q4 2014 404.74 (28.0 %) (19.28) (413.7 %) (62.92) (7.5 %)
Q1 2015 498.35 8.7 % 29.34 79.5 % (15.80) 61.0 %
Q2 2015 475.70 9.5 % 21.25 2127.6 % (16.63) 60.2 %
Q3 2015 491.63 24.6 % 14.82 1128.4 % (20.16) 64.2 %
Q4 2015 449.84 11.1 % (1.25) 93.5 % (49.48) 21.4 %
Q1 2016 386.66 (22.4 %) (13.77) (146.9 %) (60.06) (280.1 %)
Q2 2016 474.84 (0.2 %) 36.89 73.6 % (11.71) 29.6 %
Q3 2016 348.48 (29.1 %) 15.71 6.0 % (25.94) (28.7 %)
Q4 2016 354.57 (21.2 %) 9.61 870.6 % (34.93) 29.4 %
Q1 2017 340.07 (12.1 %) 11.72 185.1 % (22.05) 63.3 %
Q2 2017 351.41 (26.0 %) 10.05 (72.8 %) (26.91) (129.8 %)
Q3 2017 314.59 (9.7 %) 17.14 9.1 % (17.56) 32.3 %
Q4 2017 336.29 (5.2 %) 12.89 34.1 % (21.38) 38.8 %
Q1 2018 275.07 (19.1 %) 0.15 (98.8 %) (29.84) (35.3 %)
Q2 2018 252.03 (28.3 %) (3.24) (132.2 %) (23.75) 11.8 %
Q3 2018 178.97 (43.1 %) (22.05) (228.6 %) (49.19) (180.1 %)
Q4 2018 158.96 (52.7 %) (70.73) (648.8 %) (105.35) (392.8 %)
2018 865.02 (35.6 %) (95.87) (284.6 %) (208.13) (136.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 46.27 (45.0 %) 11.07 - 46.27 11.07
Q2 2009 47.20 (45.6 %) 11.29 - 47.20 11.29
Q3 2009 20.11 (78.2 %) 4.81 - 20.11 4.81
Q4 2009 (9.10) 82.2 % (2.18) - (9.10) (2.18)
Q1 2010 1.07 (97.7 %) 0.26 - 1.07 0.26
Q2 2010 (26.50) (156.1 %) (6.34) - (26.50) (6.34)
Q3 2010 (71.53) (455.7 %) (17.11) - (71.53) (17.11)
Q4 2010 9.15 200.6 % 2.19 - 9.15 2.19
Q1 2011 20.27 1801.1 % 4.85 - 20.27 4.85
Q2 2011 22.56 185.1 % 5.40 - 22.56 5.40
Q3 2011 (14.77) 79.3 % (3.53) - (14.77) (3.53)
Q4 2011 (22.95) (350.8 %) (5.49) - (22.95) (5.49)
Q1 2012 25.16 24.1 % 6.02 - 25.16 6.02
Q2 2012 20.18 (10.6 %) 4.83 - 20.18 4.83
Q3 2012 (13.68) 7.4 % (3.27) - (13.68) (3.27)
Q4 2012 (188.07) (719.5 %) (44.99) - (188.07) (44.99)
Q1 2013 (15.41) (161.2 %) (3.69) - (15.41) (3.69)
Q2 2013 (131.75) (753.0 %) (31.52) - (131.75) (31.52)
Q3 2013 (8.04) 41.2 % (1.92) - (8.04) (1.92)
Q4 2013 (73.92) 60.7 % (17.68) - (73.92) (17.68)
Q1 2014 (41.13) (166.9 %) (9.84) - (41.13) (9.84)
Q2 2014 (50.57) 61.6 % (12.10) - (50.57) (12.10)
Q3 2014 (50.05) (522.6 %) (11.97) - (50.05) (11.97)
Q4 2014 (59.94) 18.9 % (14.34) (12.34) (47.60) (11.39)
Q1 2015 (7.94) 80.7 % (1.90) - (7.94) (1.90)
Q2 2015 0.88 101.7 % 0.21 18.61 (17.73) (4.24)
Q3 2015 (2.85) 94.3 % (0.68) 21.45 (24.30) (5.81)
Q4 2015 11.60 119.4 % 2.78 62.39 (50.79) (12.15)
Q1 2016 (58.66) (638.6 %) (14.03) - (58.66) (14.03)
Q2 2016 (18.21) (2167.3 %) (4.36) - (18.21) (4.36)
Q3 2016 4.87 270.7 % 1.17 41.47 (36.60) (8.76)
Q4 2016 (154.30) (1430.0 %) (36.91) (111.93) (42.37) (10.14)
Q1 2017 (23.65) 59.7 % (5.66) - (23.65) (5.66)
Q2 2017 39.38 316.2 % 9.42 77.00 (37.62) (9.00)
Q3 2017 (34.49) (808.1 %) (8.25) - (34.49) (8.25)
Q4 2017 (61.54) 60.1 % (14.72) - (61.54) (14.72)
Q1 2018 (20.72) 12.4 % (4.96) 24.99 (45.70) (10.93)
Q2 2018 (97.24) (346.9 %) (23.26) - (97.24) (23.26)
Q3 2018 (15.71) 54.5 % (3.76) 47.56 (63.27) (15.14)
Q4 2018 70.72 214.9 % 16.92 203.56 (132.84) (31.78)
2018 (62.95) 21.6 % (15.06) 276.11 (339.06) (81.11)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %)
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 %
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 %)
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 %)
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 %)
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 %)
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 %)
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 %)
Q1 2018 3.15 % (0.67 %) (14.04 %)
Q2 2018 2.29 % (1.13 %) (20.29 %)
Q3 2018 (1.18 %) (5.13 %) (25.69 %)
Q4 2018 (11.08 %) (18.24 %) (39.20 %)
2018 (11.08 %) (18.24 %) (39.20 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2018 4.18 (18.51) (42.91) 49.24
Q2 2018 4.18 (51.19) (57.17) 24.57
Q3 2018 4.18 (46.70) (64.06) 21.02
Q4 2018 4.18 (15.06) (81.11) 38.79

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2018 NEG NEG 3.39
Q2 2018 NEG NEG 5.28
Q3 2018 NEG NEG 4.73
Q4 2018 NEG NEG 4.16

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
Q1 2018 261.76 13.30
Q2 2018 232.45 19.58
Q3 2018 166.50 12.47
Q4 2018 140.51 18.44


Financial Ratios
Current
Market Cap (M Riyal) 571.79
Enterprise Value (EV) (M) 671.31
Shares Outstanding ((M)) 6.67
EPS ( Riyal) (TTM) 6.79
Book Value (BV) ( Riyal) (64.15)
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 32.75
P/E (TTM) 12.62
Price/book (1.34)
Return on Average Assets (%) (TTM) 6.7
Return on Average Equity (%) (TTM) -
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Share Price

Saudi Cable Co.
85.70
(2.10) (2.39 %)

Saudi Cable Co. (SAUDI CABLE)

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