Saudi Cable narrows its net loss in 9M 2019

Saudi Cable narrows its net loss in 9M 2019

10/11/2019 Argaam Exclusive

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Saudi Cable Co trimmed net losses after zakat and tax by 44.4 percent year-on-year (YoY) to SAR 74.2 million for the first nine months of 2019, compared to SAR 122.5 million in the same period last year, the company said in a bourse filing.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 706.07 274.67 (61.1 %)
Gross Income (25.14) (22.73) 9.6 %
Operating Income (102.78) (85.80) 16.5 %
Net Income (133.67) (74.21) 44.5 %
Average Shares 4.18 4.18 0.0 %
EPS (Riyals) (31.98) (17.75) 44.5 %

The company attributed the decrease in net loss of current period to lower volume in current period and reduced operating expenses. It also cited waiver of finance cost and decrease in the share of loss from associates.

 

In Q3 2019, net losses after zakat and tax widened by 51.4 percent YoY to SAR 23.7 million, due to lower volume in current quarter, and reduced operating expenses and finance cost, apart from adecrease in share of loss from associates and absence of gain on disposal of subsidiary.

 

On a sequential basis, net losses after zakat and tax increased by 30 percent.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 178.97 81.63 (54.4 %)
Gross Income (22.05) (1.66) 92.5 %
Operating Income (49.19) (22.09) 55.1 %
Net Income (15.71) (23.79) (51.4 %)
Average Shares 4.18 4.18 0.0 %
EPS (Riyals) (3.76) (5.69) (51.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2019 102.46 (62.8 %) (9.00) (6304.1 %) (26.69) 10.6 %
Q2 2019 90.58 (64.1 %) (12.07) (273.0 %) (37.03) (55.9 %)
Q3 2019 81.63 (54.4 %) (1.66) 92.5 % (22.09) 55.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q1 2019 (32.10) (54.9 %) (7.68) - (32.10) (7.68)
Q2 2019 (18.32) 81.2 % (4.38) - (18.32) (4.38)
Q3 2019 (23.79) (51.4 %) (5.69) - (23.79) (5.69)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q1 2019 (15.17 %) (23.90 %) (47.00 %)
Q2 2019 (21.44 %) (35.73 %) (46.43 %)
Q3 2019 (21.55 %) (39.33 %) (47.75 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2019 4.18 (17.78) (77.86) 31.60
Q2 2019 4.18 1.10 (58.98) 26.42
Q3 2019 4.18 (0.83) (49.53) 21.41

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2019 NEG NEG 5.72
Q2 2019 More than 100 NEG 5.92
Q3 2019 NEG NEG 6.98

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
Q1 2019 93.48 8.98
Q2 2019 70.23 20.35
Q3 2019 52.77 28.86


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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