Saudi Cable Company announces the Interim Financial Results for the period ending 30/06/2011:
1.The net profit during the second quarter amounts to SR 22.56 million as against net loss of SR 26.50 million for the same quarter of last year, and, against a profit of SR 20.27 million for the previous quarter, an increase of 11%.
2.The gross profit during the second quarter amounts to SR 60.40 million as against a gross profit of SR 13.56 million for the same quarter of last year, an increase of 345.4 %.
3.The operating profit during the second quarter amounts to SR 18.01 million as against a loss of SR 27.63 million for the same quarter of last year
4.The net profit during the six months amounts to SR 42.82 million as against net loss of SR 25.44 million for the same period of last year
5.The gross profit during the six months amounts to SR 119.42 million as against SR 42.71 million for the same period of last year, an increase of 179.6 %
6.The operating income during the six months amounts to SR 41.66 million as against a loss of SR 33.43 million for the same period of last year
7.The income per share on net income during the six months amounts to SR 0.56 as against loss of SR 0.33 for the same period of last year
8.The increase in profit is mainly because of the improvement of the operational performance, increase in sales and better gross profit margins
It is worth to mention here the related party transactions that have been conducted during the six months of the year 2011 and were reviewed by both internal and external auditors.
For the sake of transparency, please find below the details of such transactions:
1)Contracts with a sister company (Xeca Co.) for SR 10.619 million against upgrading of SAP Project and providing support services to IT center
2)Contracts for purchasing aluminum materials from a sister company (Midal Cables) for SR 5.34 million
3)Expenses against cost through Xenel Co. amounting to SR 2.368 million representing Saudi Cable share in the expenses of the Chairmans office, fee of SCCs specialized consultants, travel expenses, training and participation in conferences
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