Nael Fayez, CEO of Saudi Cable Co.
Saudi Cable Co. (SCC) expects to announce Q3 2023 financial results by March 15, CEO Nael Fayez told Asharq News.
The stock was suspended after to the company’s missed the deadline to disclose the third-quarter results last year, and it will resume trading after disclosing the financials.
Fayez views the financial results positively, as the company is currently on track to recovery and is expected to reach the breakeven point, then turn profitable.
He explained that the company started to achieve operating profits and resume operations. The impact will appear in the coming period.
The firm aims to hold nearly 25% of the cables market in the coming years, the CEO said.
He stated that the company's policy is based on four pillars, including restructuring, disposing of assets that the company does not benefit from, exiting foreign investments that do not generate returns, and reviewing the number of branches, plants, and employees.
The pillars also include benefiting from the qualification of the company and its products, Vision 2030 programs, strong demand in the market, and the available orders with the company that currently exceed SAR 250 million. In addition, future orders of over SAR 1 billion.
SCC is currently witnessing a growth in demand for its products, and it is in the process of expansion. In addition, the firm has contracts from the Kingdom or other GCC countries. It signed a contract in Iraq to supply some of its products, and other contracts will be signed in Kuwait and Bahrain.
If the five-year plan is implemented, and SCC is able to benefit from competencies and production capacity as well as turn profitable, it will consider an expansionary capital program to boost productivity later.
SCC swung to a net profit of SAR 34.6 million, before minority interest, by the end of the first half of 2023, compared to losses of SAR 82.4 million in the same period in 2022, according to data available with Argaam.
Comments
{{DisplayName}}
{{ElapsedTime}}