Saudi Cable Company (2110) Q4 2024 earnings summary

Executive summary

• Celebrated 50 years of operations as a leading power cable manufacturer with a strong regional and international presence, offering a broad product portfolio and engineering services.

• Underwent significant board and executive management changes in 2024, including new appointments and several resignations.

• Focused on enhancing liquidity, supporting operations, and repaying creditors, with a major capital increase of SAR 400 million approved.

Financial highlights

• Revenue for 2024 reached SAR 44.1 million, up from SAR 30.7 million in 2023, driven by higher contract revenue.

• Net losses for 2024 totaled SAR 48.8 million, compared to SAR 17.8 million in 2023.

• Total assets at year-end 2024 were SAR 781.7 million, with liabilities at SAR 1,201.2 million and negative equity of SAR 419.4 million.

• Long-term loans outstanding were SAR 104.3 million, primarily from the Saudi Industrial Development Fund.

Outlook and guidance

• Strategic focus on liquidity improvement, working capital support, and creditor repayment.

• Plans to increase production capacity and restructure finances through capital injection.