Saudi Cable turns to SAR 36.6M profit in 2023; Q4 at SAR 2.4M

Saudi Cable turns to SAR 36.6M profit in 2023; Q4 at SAR 2.4M

05/05/2024 Argaam Exclusive

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Saudi Cable Co. turned a net profit of SAR 36.6 million in 2023, from a net loss of SAR 580.5 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 68.37 30.68 (55.1 %)
Gross Income (84.73) (68.16) 19.6 %
Operating Income (207.03) (65.07) 68.6 %
Net Income (580.48) 36.56 106.3 %
Average Shares 6.67 6.67 -
EPS (Riyals) (86.99) 5.48 106.3 %

The company recorded a net profit of SAR 66.18 billion from continuing operations, backed by its profit share from an associate, the gains resulting from special settlement with ZATCA, and fair value gains on the reclassification of right-of-use assets to assets held for sale.

 

Also, the company incurred losses mainly from discontinued activities amounting to SAR -29.62 billion from its Turkish subsidiary.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 6.41 11.62 81.2 %
Gross Income (31.23) (17.13) 45.1 %
Operating Income (118.06) (25.66) 78.3 %
Net Income (463.90) 2.36 100.5 %
Average Shares 6.67 6.67 -
EPS (Riyals) (69.52) 0.35 100.5 %

On the other hand, revenue dropped due to freeze of company’s bank accounts resulting from a liquidity crunch, which led to a suspension of production activities for around eight months and entry into a financial restructuring procedure (FRP).

 

In Q4 2023, the cable producer swung to a net profit of SAR 2.4 million against a net loss of SAR 880,000 in Q4 2022.

 

Total shareholders' equity, after minority interest, reached SAR -464.57 million as of March 31, 2024, compared to SAR -496.48 million in the previous year.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
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
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)
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)
Q1 2018 275.07 (19.1 %) 0.15 (98.8 %) (20.72) 12.4 % (4.96)
Q2 2018 252.03 (28.3 %) (3.24) (132.2 %) (97.24) (346.9 %) (23.26)
Q3 2018 178.97 (43.1 %) (22.05) (228.6 %) (15.71) 54.5 % (3.76)
Q4 2018 158.96 (52.7 %) (70.73) (648.8 %) 70.72 214.9 % 16.92
Q1 2019 102.46 (62.8 %) (9.00) (6304.1 %) (32.10) (54.9 %) (7.68)
Q2 2019 90.58 (64.1 %) (12.07) (273.0 %) (18.32) 81.2 % (4.38)
Q3 2019 81.63 (54.4 %) (1.66) 92.5 % (23.79) (51.4 %) (5.69)
Q4 2019 106.61 (32.9 %) (12.45) 82.4 % 12.38 (82.5 %) 2.96
Q1 2020 59.53 (41.9 %) (17.31) (92.4 %) (43.20) (34.6 %) (6.47)
Q2 2020 145.18 60.3 % (6.74) 44.2 % (16.58) 9.5 % (2.48)
Q3 2020 92.61 13.5 % (13.28) (700.6 %) 51.41 316.1 % 7.70
Q4 2020 71.46 (33.0 %) (20.34) (63.4 %) (46.64) (476.9 %) (6.99)
Q1 2021 63.86 7.3 % (17.26) 0.3 % (35.88) 16.9 % (5.38)
Q2 2021 41.35 (71.5 %) (20.97) (211.1 %) (19.19) (15.7 %) (2.88)
Q3 2021 23.50 (74.6 %) (24.22) (82.4 %) (46.56) (190.6 %) (6.98)
Q4 2021 31.85 (55.4 %) (14.18) 30.3 % (92.68) (98.7 %) (13.89)
Q1 2022 35.36 (44.6 %) (26.74) (54.9 %) (37.16) (3.5 %) (5.57)
Q2 2022 25.03 (39.5 %) (18.31) 12.7 % (44.49) (131.9 %) (6.67)
Q3 2022 6.01 (74.4 %) (20.14) 16.9 % (34.93) 25.0 % (5.23)
Q4 2022 6.41 (79.9 %) (31.23) (120.2 %) (463.90) (400.5 %) (69.52)
Q1 2023 11.72 (66.9 %) (18.08) 32.4 % 40.90 210.1 % 6.13
Q2 2023 3.87 (84.5 %) (19.63) (7.2 %) (5.83) 86.9 % (0.87)
Q3 2023 3.47 (42.2 %) (15.76) 21.7 % (0.88) 97.5 % (0.13)
Q4 2023 11.62 81.2 % (17.13) 45.1 % 2.36 100.5 % 0.35
2023 30.68 (55.1 %) (68.16) 19.6 % 36.56 106.3 % 5.48

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2019 (9.23 %) (19.05 %) (16.22 %)
Q1 2020 (12.85 %) (24.76 %) (21.56 %)
Q2 2020 (9.71 %) (18.37 %) (18.12 %)
Q3 2020 (12.32 %) (22.44 %) 0.99 %
Q4 2020 (15.64 %) (35.68 %) (14.92 %)
Q1 2021 (15.44 %) (35.14 %) (12.78 %)
Q2 2021 (26.68 %) (51.05 %) (18.68 %)
Q3 2021 (41.36 %) (70.09 %) (74.07 %)
Q4 2021 (47.73 %) (68.42 %) (121.02 %)
Q1 2022 (65.20 %) (88.46 %) (148.11 %)
Q2 2022 (72.10 %) (106.10 %) (190.86 %)
Q3 2022 (80.78 %) (111.16 %) (213.00 %)
Q4 2022 (132.42 %) (273.12 %) (705.13 %)
Q1 2023 (178.48 %) (311.84 %) (968.85 %)
Q2 2023 (317.99 %) (514.04 %) (1521.53 %)
Q3 2023 (332.52 %) (561.21 %) (1534.68 %)
Q4 2023 (230.16 %) (159.07 %) (63.94 %)
2023 (222.19 %) (149.38 %) (63.89 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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) (20.97)
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
Q4 2019 4.18 (14.79) (14.79) 22.56
Q1 2020 6.67 (10.93) (10.93) 44.54
Q2 2020 6.67 (10.67) (10.67) 43.91
Q3 2020 6.67 0.60 0.60 51.12
Q4 2020 6.67 (8.24) (8.24) 43.26
Q1 2021 6.67 (7.15) (7.15) 37.73
Q2 2021 6.67 (7.54) (7.54) 33.67
Q3 2021 6.67 (22.22) (22.22) 26.42
Q4 2021 6.67 (29.12) (29.12) 12.56
Q1 2022 6.67 (29.31) (29.31) 9.85
Q2 2022 6.67 (33.10) (33.10) (2.72)
Q3 2022 6.67 (31.36) (31.36) (7.10)
Q4 2022 6.67 (86.99) (76.94) (74.40)
Q1 2023 6.67 (75.29) (71.38) (68.41)
Q2 2023 6.67 (69.50) (63.87) (71.08)
Q3 2023 6.67 (64.40) (58.58) (69.50)
Q4 2023 6.67 5.48 (2.94) (69.62)

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 (7.95)
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
Q4 2019 NEG NEG 7.10
Q1 2020 NEG NEG 1.27
Q2 2020 NEG NEG 1.65
Q3 2020 More than 100 More than 100 2.24
Q4 2020 NEG NEG 3.72
Q1 2021 NEG NEG 4.28
Q2 2021 NEG NEG 4.85
Q3 2021 NEG NEG 5.54
Q4 2021 NEG NEG 8.40
Q1 2022 NEG NEG 8.03
Q2 2022 NEG NEG (21.06)
Q3 2022 NEG NEG (8.05)
Q4 2022 NEG NEG (0.77)
Q1 2023 NEG NEG (0.84)
Q2 2023 NEG NEG (0.80)
Q3 2023 NEG NEG (0.82)
Q4 2023 10.44 NEG (0.82)

Business Segments (Million)

Compared With The
Period Sale of Goods Contract Revenue
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
Q1 2020 41.57 17.97
Q2 2020 133.48 11.70
Q3 2020 75.65 16.96
Q4 2020 59.87 11.58
Q1 2021 60.12 3.73
Q2 2021 37.63 3.72
Q3 2021 19.75 3.75
Q4 2021 25.61 6.24
Q1 2022 29.72 5.63
Q2 2022 13.44 11.59
Q3 2022 4.83 1.30
Q1 2023 5.91 5.81
Q2 2023 2.07 1.80
Q3 2023 2.32 1.16
Q4 2023 7.69 3.93

Current
Market Cap (M Riyal) 522.42
Enterprise Value (EV) (M) 616.22
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) -

Share Price

78.30
(0.70) (0.89 %)

Saudi Cable Co. (SAUDI CABLE)


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