Saudi Cable Company (2110) Q1 2026 earnings summary

Executive summary

• Report covers the three months ended March 31, 2026, with interim unaudited consolidated financials reviewed by independent auditors.

• Net profit for the period was SAR 23.6 million, down from SAR 46.6 million in the same quarter last year.

• Accumulated losses remain high at SAR 251 million, representing 376% of share capital.

• Significant doubt remains about the group's ability to continue as a going concern due to negative equity and liquidity constraints.

Financial highlights

• Revenue for the quarter was SAR 22.3 million, a 49% decrease year-over-year.

• Gross loss widened to SAR 8.2 million from SAR 4.2 million year-over-year.

• Operating loss increased to SAR 29.1 million from SAR 13.8 million year-over-year.

• Share of profit from associate contributed SAR 54.5 million, partially offsetting operating losses.

• Total comprehensive profit for the period was SAR 41.8 million, up from SAR 40.7 million year-over-year, mainly due to hedging reserve gains.

Outlook and guidance

• Management forecasts net profit and positive cash flows for 2026, contingent on cash injections and revenue growth from future orders.

• Plans include a rights issue and financial restructuring to address liquidity and solvency.