Saudi Cable Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

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ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE
Sales/Revenue145,18490,58160.2859,532143.875
Gross Profit (Loss)-6,738-12,073-44.189-17,305-61.063
Operational Profit (Loss)-25,140-37,029-32.107-37,947-33.749
Net Profit (Loss) after Zakat and Tax-16,582-18,320-9.486-43,197-61.613
Total Comprehensive Income-4,423-21,899-79.802-47,054-90.6
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE
Sales/Revenue204,716193,0386.049
Gross Profit (Loss)-24,043-21,06914.115
Operational Profit (Loss)-63,087-63,714-0.984
Net Profit (Loss) after Zakat and Tax-59,779-50,41518.573
Total Comprehensive Income-51,477-52,315-1.601
Total Share Holders Equity (after Deducting Minority Equity)290,290109,023166.264
Profit (Loss) per Share-1.26-2.23
All figures are in (Thousands) Saudi Arabia, Riyals
ACCUMULATED LOSSESCAPITALPERCENTAGE %
-67,188360,614-18.63
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT LISTEXPLANATION
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed toThe Group made a net loss of SR 16.6 million in current quarter as compared to the net loss of SR 18.3 million in the same quarter of the previous year and the change in net losses of the current quarter compared with net loss of the same quarter of the previous year are mainly due to following impacts:• Higher volumes and improved margins in current quarter as compared to same quarter of previous year.• Decreased expenses in current quarter as compared to same quarter of the previous year.• Decreased other income compared to same quarter of the previous year.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed toThe Group made a net loss of SR 16.6 million in current quarter as compared to the net loss of SR 43.2 million in the previous quarter and the change in net losses of the current quarter compared with net loss of the previous quarter are mainly due to following impacts:• Higher volumes and improved margins in current quarter as compared to previous quarter.• Decrease in operating expenses and finance cost in current quarter as compared to previous quarter.• Increase in share of profit from associates in current quarter, as compared to share of losses in the previous quarter.• Increased other income in the current quarter, as compared to the previous quarter.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed toThe Group made a net loss of SR 59.8 million in current period as compared to the net loss of SR 50.4 million in the same period of the previous year and the change in net losses of the current period compared with net loss of the same period of the previous year are mainly due to following impacts:• Higher volumes with lower margins in current period as compared to same period of previous year.• Decreased other income in current period as compared to same period of the previous year.• Increased share of losses from associates in the current period as compared to same period of the previous year.
Basis of the External Auditor’s OpinionEmphasis of Matter paragraph
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor OpinionMaterial Uncertainty Related to Going ConcernWe draw attention to Note 2.5 in the interim condensed consolidated financial statements which states that the Group incurred a net loss of SR 59.96 million during the six months period ended 30 June 2020 and, as of that date, the Group’s current liabilities exceeded its current assets by SR 20.64 million. These events or conditions, along with other matters, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.Other MatterThe consolidated financial statements of the Group for the year ended 31 December 2019 were audited by another auditor who expressed a modified opinion on those financial statements on 30 March 2020. Further, the interim condensed consolidated financial statements of the Group for the three-month period ended 31 March 2020 and for the six-month period ended 30 June 2019 were reviewed by another auditor who expressed a modified review conclusion on those financial statements on 17 June 2020 and 25 July 2019, respectively.ConclusionBased on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34, as endorsed in the Kingdom of Saudi Arabia.
Reclassification of Comparison ItemsThere is no reclassification in comparative quarter financial result.
Additional InformationIn line with IAS 33 Earnings per share, Basic EPS is calculated by dividing profit or loss attributable to ordinary equity holders of the parent entity by the weighted average number of ordinary shares outstanding during the period. As there was a capital increase by way of rights issue, that took place as approved in the Extraordinary General Assembly by the shareholders, on December 31, 2019, the weighted average share structure changed, affecting weighted average number of ordinary shares outstanding since then.The weighted average number of ordinary shares outstanding on June 30, 2020 were calculated to be 47,590 thousand shares (restated June 30, 2019 – 22,590 thousand shares).
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