The financial statements of Saudi Cable Company showed that the company's losses decreased last year by 1.8% year on year.
According to the company’s results for the Saudi market (Tadawul), last year’s losses amounted to 61.83 million riyals, compared to the 2018 losses of 62.95 million riyals.
The company said that the decrease in losses during the comparison years is due to careful monitoring, control and strictness of spending, and reducing costs compared to 2018.
The company also reported that negotiations with creditors, debt restructuring and write off of the cost of financing contributed to reducing losses in the past year.
The company attributed the decrease in losses for 2019 to debt restructuring with two major lenders of the parent company, and the transfer of the majority of immediate receivables over a period of 2 to 6 years with stopping interest on debts to facilitate sustainable growth. .
The cables indicated that the results of the associates reached a breakeven point in the past year compared to the large losses in 2018.
She stated that the Zakat settlement was reached with the General Authority of Zakat and Income by waiving the amount of 33 million riyals from the value of the resident Zakat, which relates to the years 2005 to 2012.
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