Saudi Cable discloses auditor’s qualified conclusion in H1 2025 results

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Saudi Cable Co. announced today, Sept. 2, additional details to the auditor’s note, disclosed earlier under “reservations” along with preliminary financial results for the six-month period ended June 30, 2025.

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In a statement to Tadawul, the cable manufacturer said the basis for the auditor’s qualified conclusion in the interim condensed consolidated statement of financial position includes property, plant and equipment with a net book value of SAR 40 million as of June 30, 2025 (versus SAR 43 million as of Dec. 31, 2024).

The board had engaged an independent expert to conduct an impairment assessment based on specific assumptions as of Dec. 31, 2024.

However, Saudi Cable’s auditor noted that the assumptions applied by the independent expert were not consistent with International Accounting Standard 36, and asserted that they lack apt reasonable evidence and are not sufficiently grounded, as of the auditing date.

Accordingly, the auditor was unable to determine the recoverable amount of the assets, whether an impairment loss should be recognized, or the potential impact on the interim statements.

Saudi Cable noted the qualified conclusion as: “Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with IAS 34 that is endorsed in Saudi Arabia.”

Saudi Cable posted a net profit of SAR 64.9 million for H1 2025, compared with SAR 7 million in the same period last year, Argaam earlier reported.