Saudi Cable Company (2110) Q3 2024 earnings summary

Executive summary

• Achieved net profit of SAR 42.97 million for the nine months ended September 30, 2024, compared to SAR 61.17 million in the same period last year.

• Revenue for the nine-month period rose to SAR 29.96 million, up from SAR 19.06 million year-over-year.

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

• Financial Restructuring Procedure (FRP) proposal submitted to court; capital increase of SAR 400 million recommended.

Financial highlights

• Gross loss for nine months was SAR 26.0 million, improved from SAR 51.0 million year-over-year.

• Operating loss for nine months was SAR 55.8 million, compared to SAR 52.1 million last year.

• Share of results from associate contributed SAR 102.6 million, up from SAR 85.7 million.

• Basic and diluted EPS from continuing operations: SAR 8.36 (2023: SAR 13.31).

• Cash and cash equivalents at period end: SAR 4.77 million, down from SAR 7.85 million at year-end.

Outlook and guidance

• Management forecasts net profit from 2025, contingent on rights issue, revenue growth, and FRP approval.

• Capital increase and restructuring plan aim to provide working capital and support future operations.