Saudi Cable Company (2110) Q1 2025 earnings summary

Executive summary

• Achieved net profit of SAR 47 million for Q1 2025, reversing a net loss of SAR 5 million in Q1 2024.

• Accumulated losses remain high at SAR 430 million, representing 645% of share capital.

• Current liabilities exceed current assets by SAR 856 million, raising significant going concern doubts.

• Board decided to exit Turkish investments due to continued losses and legal issues.

• Financial Restructuring Procedure (FRP) ongoing, with new trustee appointed and capital increase of SAR 400 million proposed.

Financial highlights

• Revenue rose to SAR 44.1 million, up from SAR 12.6 million year-over-year.

• Gross loss of SAR 4.2 million, improved from SAR 10.6 million loss in Q1 2024.

• Operating loss reduced to SAR 16.5 million from SAR 13.8 million year-over-year.

• Net profit after discontinued operations: SAR 46.7 million (Q1 2024: net loss SAR 4.8 million).

• Basic and diluted EPS from continuing operations: SAR 7.34 (Q1 2024: -0.38).

Outlook and guidance

• Management forecasts net profit from 2025 onward, contingent on cash injection, revenue growth, and FRP approval.

• Capital increase via rights issue planned to provide working capital and support future operations.