Saudi Cable Company (SCC) is expected to post ‘very good’ results and avoid losses in 2019, CEO Abdulhadi Abdulrahman Abu Al Khair told CNBC Arabia on Wednesday.
“The firm is also seen to begin the actual operating income phase in 2020,” Abu Al Khair said.
“The un-audited figures for the fourth quarter of 2018 show non-operating income attributed to selling a factory in Turkey and a financial settlement with creditors that positively impacted 2018 results,” he continued.
SCC is currently focusing on expansion and opening new markets, as over 50 percent of production will be for Saudi Arabia, while the remaining output will be targeting the Gulf and North African markets, especially Kuwait and Egypt, Abu Al Khair added.
According to data compiled by Argaam, SCC signed in December an agreement to settle SAR 313.6 million worth of debt. Lenders waived SAR 203.8 million, while the cables company repaid SAR 109.76 million.
Comments
{{DisplayName}}
{{ElapsedTime}}