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Saudi Cable Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 30,678 | 68,368 | -55.13 | ||
| Gross Profit (Loss) | -68,163 | -84,731 | -19.55 | ||
| Operational Profit (Loss) | -65,066 | -207,034 | -68.57 | ||
| Net profit (Loss) | 36,556 | -584,965 | - | ||
| Total Comprehensive Income | 31,906 | -584,771 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | -464,578 | -496,484 | -6.43 | ||
| Profit (Loss) per Share | 9.92 | -25.04 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -506,765 | -759 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The drop in Sales is due to freeze of company’s bank accounts resulting from liquidity crunch which contributed in seizing production activities for around 8 months and entry into Financial Restructuring Procedure. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The company has recorded net profit from continuing operations amounting to SAR 66,184 million resulting from its share of profit from an associate, gain resulting from special settlement with ZATCA, and fair value gain resulting from reclassification of right of use of some assets to assets held for sale. Also, the company incurred losses mainly from discontinued activities amounting to SAR (29,628) million resulting from its Turkish subsidiary. Both resulted to a net profit to SAR 36,556 million. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Material Uncertainty Related to Going Concern We draw attention to note 1 of the consolidated financial statements which indicates that for the year ended December 31, 2023, the Group incurred a net profit of SAR 37 million (2022: net losses of SAR 585 million), and the Group’s accumulated losses have reached SAR 507 million (2022: SAR 543.3 million), representing 759% (2022: 814%) of the Group’s share capital. Further, the Group current liabilities exceeded its current assets by SAR 845 million as at December 31, 2023 (2022: SAR 974 million). These conditions, along with other matters, cast a significant doubt about the Group’s ability to continue as a going concern and its ability to meet its obligations when it becomes due. In this respect the management has prepared five years forecast which exhibits net profit from year 2025, the plan includes certain assumptions in respect of cash injection via rights issue, revenue growth based on pipeline orders and quotations, creditors voting due in May 2024 to convert part of debt to equity in the process of Financial Restructuring Procedure (FRP). These elements are future events and hence contain material uncertainty as to the outcome. Our opinion is not modified in respect of this matter. Emphasis of Matter We draw your attention to Note 30.b to the consolidated financial statements where it shows that the Group has a court in Turkey issued a verdict in favor of Mass Kablo Yatırım ve Tic. A.Ş for a case filed by the minority shareholders of its subsidiary. An appeal against the verdict has been presented by said minority shareholders. However, based on a legal opinion obtained from an independent counsel which is of view that the decision of Court of Appeal will not be different from the original decision issued by court of first instance. In this respect the Board of Directors of the Group decided on 22 Shabaan 1445H, corresponding to March 3, 2024, to exit of its investments in Turkey, by disposing of them by sale or in any other way as permitted by Turkish law. As these companies did not achieve the desired returns and continued to achieve losses during the past years despite the solutions and treatments carried out by successive administrations to no avail and strengthening the opinion of local and international legal advisors to support the exiting decision. Our opinion is not modified in respect of this matter. |
| Reclassification of Comparison Items | Certain prior period figures have been reclassified to conform to current period presentation, which are not material in nature. |
| Additional Information | - |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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