Saudi Cable Co. announces its Annual Financial Results for the Period Ending on 2019-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 381,274 | 865,023 | -55.923 | ||
| Gross Profit (Loss) | -35,177 | -95,866 | -63.306 | ||
| Operational Profit (Loss) | -107,402 | -208,126 | -48.395 | ||
| Net Profit (Loss) after Zakat and Tax | -61,831 | -62,952 | -1.78 | ||
| Total Comprehensive Income | -68,962 | -53,377 | 29.197 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 91,765 | 161,797 | -43.283 | ||
| Profit (Loss) per Share | -5.59 | -2.05 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to | The Group made a net loss of SR 61.8 million as compared to the net loss of SR 62.9 million last year and the change in net losses of the current year compared with net loss of the previous year are mainly due to following impacts:
• Close monitoring and strict control over spending, minimized expenses as compared to the previous year. • Negotiations with a formerly restructured lender waived off finance cost. • Restructuring debt with 2 main lenders of the Parent, shifting majority of immediate dues over 2 to 6 years with a debt moratorium to facilitate sustainable growth. • Share of results from associates reached breakeven as compared to significant losses in 2018. • Reached a zakat settlement with the General Authority of Zakat and Tax to waive an amount of SR 33 million from its obligations for assessment raised up to 2012. • Lower volumes and margins in 2019 as compared to 2018 due to severe working capital constraints resulted in heavy unutilized capacity and thereby unrecovered fixed costs. |
| Basis of the External Auditor's Opinion | Qualified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Emphasis of Matter
Without further qualifying our opinion, we draw attention to note (32) to the consolidated financial statements, stating that during the year 2020, the Company has finalized its capital increase procedures by way of rights issue of SAR 250 million, where proceeds were deposited to the Company on February 20, 2020. After fulfilling all regulatory requirements, the Company’s share capital has increased to SAR 360,614,060 consisting of 36,061,406 shares.
Other Matter The Group's current liabilities exceeded its current assets by SAR 187.1 million (2018: SAR 369.9 million), which indicates that the Group is unable to meet its short-term liabilities when it becomes due. |
| Reclassification of Comparison Items | Certain figures have been reclassified in comparative 2018 consolidated financial statements to conform with the presentation in the current year. |
| Additional Information | Earnings per share the years ended December 31, 2019 and 2018 has been computed by dividing the operating loss and net loss for each years by weighted average number of shares outstanding during such years. As of December 31, 2019 the weighted average number of shares outstanding is 11,061 thousands shares (2018: 30,762 thousands shares). |
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