Riyadh – Mubasher: Saudi Cable Company’s accumulated losses amounted to SAR 227.2 million, representing 63.01% of the capital, as of 31 January 2022.
Saudi Cable has logged accumulated losses due to the decrease in the current period’s volume, the rise in the finance cost, and the decline in other incomes, compared to the year-ago period, according to a recent bourse filing.
To tackle the losses, the company will follow the procedures and instructions applicable on the Capital Market Authority (CMA)-listed companies whose accumulated losses exceeded 50% of the capital.
It is worth noting that in the third quarter (Q3) of 2021, Saudi Cable incurred net losses after Zakat and tax worth SAR 46.55 million, versus profits of SAR 51.4 million in Q3-20.
