Saudi Cable Co.’s net loss for 2022 widened to SAR 582.6 million in 2022 from SAR 194.3 million in 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 160.55 | 68.37 | (57.4 %) |
| Gross Income | (76.63) | (84.73) | (10.6 %) |
| Operating Income | (144.22) | (207.03) | (43.6 %) |
| Net Income | (194.31) | (580.48) | (198.7 %) |
| Average Shares | 6.67 | 6.67 | - |
| EPS (Riyals) | (29.12) | (86.99) | (198.7 %) |
The loss expansion came as the company was facing a liquidity issue due to the judicial enforcement orders filed against it by creditors and lenders. Accordingly, it was unable to use its bank accounts to execute or produce on-hand orders obtained from the market.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 31.85 | 6.41 | (79.9 %) |
| Gross Income | (14.18) | (31.23) | (120.2 %) |
| Operating Income | (32.64) | (118.06) | (261.7 %) |
| Net Income | (92.68) | (541.83) | (484.6 %) |
| Average Shares | 6.67 | 6.67 | - |
| EPS (Riyals) | (13.89) | (81.20) | (484.6 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 6.01 | 6.41 | 6.7 % |
| Gross Income | (20.14) | (31.23) | (55.1 %) |
| Operating Income | (28.12) | (118.06) | (319.9 %) |
| Net Income | (34.93) | (541.83) | (1,451.3 %) |
| Average Shares | 6.67 | 6.67 | - |
| EPS (Riyals) | (5.23) | (81.20) | (1,451.3 %) |
In Q4 2022, the company’s losses deepened to SAR 466.1 million from SAR 92.68 million a year earlier.
Sequentially, losses expanded from SAR 34.9 million in Q3 2022.
Total shareholders’ equity, excluding minority interest, stood at SAR 469.48 million as of Dec. 31, 2022, compared to SAR 83.79 million a year earlier.
Accumulated losses reached SAR 543.3 million by the end of 2022, or 814.2% of capital.
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