Saudi Cable Company announces the Interim Financial Results for the period ending 30/06/2012:
1.The net profit during the second quarter amounts to SR 20.18 million as against net profit of SR 22.56 million for the same quarter of last year, a decrease of 10.6%and against a profit of SR 25.16 million for the previous quarter, a decrease of 19.8%.
2.The gross profit during the second quarter amounts to SR 74.56 million as against a gross profit of SR 60.40 million for the same quarter of last year, an increase of 23.4 %.
3.The operating profit during the second quarter amounts to SR 29.08 million as against a profit of SR 18.01 million for the same quarter of last year, an increase of 61.5 %.
4.The net profit during the six months amounts to SR 45.34 million as against net profit of SR 42.82 million for the same period of last year, an increase of 5.9 %
5.The earnings per share (EPS) on net income during the six months amounts to SR 0.60 as against income of SR 0.56 for the same period of last year.
6.The gross profit during the six months amounts to SR 154.59 million compared to SR 119.42 million for the same period of last year, an increase of 29.4 %.
7.The operating profit during the six months amounts to SR 60.54 million as against a profit of SR 41.66 million for the same period of last year, an increase of 45.3 %.
8.Although the net income of SR 20.18 million during the second quarter was slightly lower as compared to the net income of SR 22.56 million for the same quarter of last year and also as compared to a net income of SR 25.16 million for the previous quarter due to decrease in sales, however income from main operation of SR 60.54 million during six months was significantly higher as against an income of SR 41.66 million for the same period of last year mainly due to increase in sales and better gross profit margins.
9.Transactions carried out with related parties during the six months of the year 2012 are as follows:
a)Contract with Xeca, an associate company, amounting to SR 1.92 million for IT services and SAP implementation.
b)Purchase contract for aluminum from an associate company, Midal Cables, amounting to SR 12.07 million
c)Expenses at cost through Xenel, amounting to SR 1.98 million, are shared expenses on behalf of Saudi Cable Company pertaining to fees to consultants/advisors and other business expenses.
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