Financial Results : Saudi Cable earns SAR 201.9M in 2025, SAR 100.3M in Q4

Saudi Cable earns SAR 201.9M in 2025, SAR 100.3M in Q4

31/03/2026 Argaam Exclusive

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Saudi Cable Co. reported a net profit of SAR 201.9 million in 2025, up from SAR 48.8 million in 2024.



Financials (M)

Item 2024 2025 Change‬
Revenues 44.08 155.95 253.8 %
Gross Income (18.92) (31.30) (65.4 %)
Operating Income (80.52) (101.01) (25.5 %)
Net Income 48.76 201.93 314.1 %
Average Shares 6.67 6.67 -
Earnings Per Share before unusual items (Riyals) 5.14 21.39 316.4 %
EPS (Riyal) 7.31 30.26 314.1 %

Revenue rose by more than 250% year-on-year (YoY), driven by the conversion of backlog into recognized revenue, stronger market demand, and improved customer acquisition. A significant portion of this growth was attributed to the commencement of integrated high-voltage projects in Bahrain.

 

The company also benefited from effective cost control measures and improved operational efficiency. Its share of profit from its associate, Midal, reached SAR 237 million during the year.

 

Saudi Cable recorded a net profit of SAR 204.25 million from continuing operations, mainly supported by its share of profit from an associate. Meanwhile, it incurred losses of SAR 2.3 million from discontinued operations, primarily related to its subsidiary in Turkey, bringing total net profit to SAR 201.9 million.

 

In Q4 2025, the cable manufacturer's bottom line soared to SAR 100.3 million from SAR 5.79 million in Q4 2024.

 

The three-month net earnings more than doubled from SAR 36.78 million in Q3 2025.



Current Quarter Comparison (M)

Compared With The
Item Q4 2024 Q4 2025 Change‬
Revenues 14.12 42.68 202.3 %
Gross Income 7.08 (6.45) (191.0 %)
Operating Income (24.71) (25.07) (1.5 %)
Net Income 5.79 100.26 1631.3 %
Average Shares 6.67 6.67 -
Earnings Per Share before unusual items (Riyal) (1.30) 6.16 572.9 %
EPS (Riyal) 0.87 15.02 1631.3 %

Shareholders’ equity, after minority interest, stood at SAR 214.35 million at the end of 2025, compared to SAR 419.44 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 386.66 (22.4 %) (13.77) (146.9 %) (60.06) (280.1 %)
Q2 2016 474.84 (0.2 %) 36.89 73.6 % (11.71) 29.6 %
Q3 2016 348.48 (29.1 %) 15.71 6.0 % (25.94) (28.7 %)
Q4 2016 354.57 (21.2 %) 9.61 870.6 % (34.93) 29.4 %
Q1 2017 340.07 (12.1 %) 11.72 185.1 % (22.05) 63.3 %
Q2 2017 351.41 (26.0 %) 10.05 (72.8 %) (26.91) (129.8 %)
Q3 2017 314.59 (9.7 %) 17.14 9.1 % (17.56) 32.3 %
Q4 2017 336.29 (5.2 %) 12.89 34.1 % (21.38) 38.8 %
Q1 2018 275.07 (19.1 %) 0.15 (98.8 %) (29.84) (35.3 %)
Q2 2018 252.03 (28.3 %) (3.24) (132.2 %) (23.75) 11.8 %
Q3 2018 178.97 (43.1 %) (22.05) (228.6 %) (49.19) (180.1 %)
Q4 2018 158.96 (52.7 %) (70.73) (648.8 %) (105.35) (392.8 %)
Q1 2019 102.46 (62.8 %) (9.00) (6304.1 %) (26.69) 10.6 %
Q2 2019 90.58 (64.1 %) (12.07) (273.0 %) (37.03) (55.9 %)
Q3 2019 81.63 (54.4 %) (1.66) 92.5 % (22.09) 55.1 %
Q4 2019 106.61 (32.9 %) (12.45) 82.4 % (21.60) 79.5 %
Q1 2020 59.53 (41.9 %) (17.31) (92.4 %) (37.95) (42.2 %)
Q2 2020 145.18 60.3 % (6.74) 44.2 % (25.14) 32.1 %
Q3 2020 92.61 13.5 % (13.28) (700.6 %) (42.76) (93.6 %)
Q4 2020 71.46 (33.0 %) (20.34) (63.4 %) (63.97) (196.1 %)
Q1 2021 63.86 7.3 % (17.26) 0.3 % (36.83) 2.9 %
Q2 2021 41.35 (71.5 %) (20.97) (211.1 %) (31.50) (25.3 %)
Q3 2021 23.50 (74.6 %) (24.22) (82.4 %) (43.24) (1.1 %)
Q4 2021 31.85 (55.4 %) (14.18) 30.3 % (32.64) 49.0 %
Q1 2022 35.36 (44.6 %) (26.74) (54.9 %) (42.07) (14.2 %)
Q2 2022 25.03 (39.5 %) (18.31) 12.7 % (36.06) (14.5 %)
Q3 2022 6.01 (74.4 %) (20.14) 16.9 % (28.12) 35.0 %
Q4 2022 6.41 (79.9 %) (31.23) (120.2 %) (118.06) (261.7 %)
Q1 2023 11.72 (66.9 %) (18.08) 32.4 % 4.32 110.3 %
Q2 2023 3.87 (84.5 %) (17.19) 6.1 % (21.74) 39.7 %
Q3 2023 3.47 (42.2 %) (15.76) 21.7 % (21.99) 21.8 %
Q4 2023 11.62 81.2 % (17.13) 45.1 % (44.41) 62.4 %
Q1 2024 12.57 7.3 % (10.60) 41.4 % (36.64) (948.8 %)
Q2 2024 10.12 161.2 % (8.96) 47.9 % (19.33) 11.1 %
Q3 2024 7.27 109.4 % (6.44) 59.2 % 0.16 100.7 %
Q4 2024 14.12 21.5 % 7.08 141.3 % (24.71) 44.4 %
Q1 2025 44.11 250.8 % (4.25) 59.9 % (13.84) 62.2 %
Q2 2025 30.19 198.4 % (14.63) (63.2 %) (41.55) (115.0 %)
Q3 2025 38.97 436.0 % (5.98) 7.1 % (20.55) (13025.8 %)
Q4 2025 42.68 202.3 % (6.45) (191.0 %) (25.07) (1.5 %)
2025 155.95 253.8 % (31.30) (65.4 %) (101.01) (25.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 (58.66) (638.6 %) (14.03) - (58.66) (14.03)
Q2 2016 (18.21) (2167.3 %) (4.36) - (18.21) (4.36)
Q3 2016 4.87 270.7 % 1.17 41.47 (36.60) (8.76)
Q4 2016 (154.30) (1430.0 %) (36.91) (111.93) (42.37) (10.14)
Q1 2017 (23.65) 59.7 % (5.66) - (23.65) (5.66)
Q2 2017 39.38 316.2 % 9.42 77.00 (37.62) (9.00)
Q3 2017 (34.49) (808.1 %) (8.25) - (34.49) (8.25)
Q4 2017 (61.54) 60.1 % (14.72) - (61.54) (14.72)
Q1 2018 (20.72) 12.4 % (4.96) 24.99 (45.70) (10.93)
Q2 2018 (97.24) (346.9 %) (23.26) - (97.24) (23.26)
Q3 2018 (15.71) 54.5 % (3.76) 47.56 (63.27) (15.14)
Q4 2018 70.72 214.9 % 16.92 203.56 (132.84) (31.78)
Q1 2019 (32.10) (54.9 %) (7.68) - (32.10) (7.68)
Q2 2019 (18.32) 81.2 % (4.38) - (18.32) (4.38)
Q3 2019 (23.79) (51.4 %) (5.69) - (23.79) (5.69)
Q4 2019 12.38 (82.5 %) 2.96 17.61 (5.23) (1.25)
Q1 2020 (43.20) (34.6 %) (6.47) - (43.20) (6.47)
Q2 2020 (16.58) 9.5 % (2.48) - (16.58) (2.48)
Q3 2020 51.41 316.1 % 7.70 89.74 (38.34) (5.75)
Q4 2020 (46.64) (476.9 %) (6.99) - (46.64) (6.99)
Q1 2021 (35.88) 16.9 % (5.38) - (35.88) (5.38)
Q2 2021 (19.19) (15.7 %) (2.88) - (19.19) (2.88)
Q3 2021 (46.56) (190.6 %) (6.98) - (46.56) (6.98)
Q4 2021 (92.68) (98.7 %) (13.89) - (92.68) (13.89)
Q1 2022 (37.16) (3.5 %) (5.57) - (37.16) (5.57)
Q2 2022 (44.49) (131.9 %) (6.67) - (44.49) (6.67)
Q3 2022 (34.93) 25.0 % (5.23) - (34.93) (5.23)
Q4 2022 (463.90) (400.5 %) (69.52) (67.09) (396.82) (59.47)
Q1 2023 40.90 210.1 % 6.13 41.01 (0.11) (0.02)
Q2 2023 (6.83) 84.7 % (1.02) (11.46) 4.63 0.69
Q3 2023 3.72 110.7 % 0.56 (1.25) 4.98 0.75
Q4 2023 (43.36) 90.7 % (6.50) (1.77) (41.59) (6.23)
Q1 2024 (4.85) (111.8 %) (0.73) - (4.85) (0.73)
Q2 2024 11.87 273.8 % 1.78 - 11.87 1.78
Q3 2024 35.94 865.2 % 5.39 - 35.94 5.39
Q4 2024 5.79 113.4 % 0.87 14.48 (8.69) (1.30)
Q1 2025 46.66 1063.0 % 6.99 - 46.66 6.99
Q2 2025 18.23 53.6 % 2.73 - 18.23 2.73
Q3 2025 36.78 2.3 % 5.51 - 36.78 5.51
Q4 2025 100.26 1631.3 % 15.02 59.19 41.07 6.16
2025 201.93 314.1 % 30.26 59.19 142.74 21.39

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2016 1.17 % (2.50 %) (8.40 %)
Q2 2016 2.04 % (1.67 %) (8.43 %)
Q3 2016 2.26 % (1.96 %) (9.90 %)
Q4 2016 3.10 % (0.86 %) (9.96 %)
Q1 2017 4.87 % 1.51 % (7.96 %)
Q2 2017 3.38 % 0.28 % (10.06 %)
Q3 2017 3.57 % 0.50 % (10.15 %)
Q4 2017 3.86 % 0.70 % (11.72 %)
Q1 2018 3.15 % (0.67 %) (14.04 %)
Q2 2018 2.29 % (1.13 %) (20.29 %)
Q3 2018 (1.18 %) (5.13 %) (25.69 %)
Q4 2018 (11.08 %) (18.24 %) (39.20 %)
Q1 2019 (15.17 %) (23.90 %) (47.00 %)
Q2 2019 (21.44 %) (35.73 %) (46.43 %)
Q3 2019 (21.55 %) (39.33 %) (47.75 %)
Q4 2019 (9.23 %) (19.05 %) (20.83 %)
Q1 2020 (12.85 %) (24.76 %) (26.76 %)
Q2 2020 (9.71 %) (18.37 %) (22.60 %)
Q3 2020 (12.32 %) (22.44 %) (25.59 %)
Q4 2020 (15.64 %) (35.68 %) (39.25 %)
Q1 2021 (15.44 %) (35.14 %) (36.84 %)
Q2 2021 (26.68 %) (51.05 %) (52.01 %)
Q3 2021 (41.36 %) (70.09 %) (74.07 %)
Q4 2021 (47.73 %) (68.42 %) (121.02 %)
Q1 2022 (65.20 %) (88.46 %) (148.11 %)
Q2 2022 (72.10 %) (106.10 %) (190.86 %)
Q3 2022 (80.78 %) (111.16 %) (213.00 %)
Q4 2022 (132.42 %) (273.12 %) (705.13 %)
Q1 2023 (178.48 %) (311.84 %) (968.85 %)
Q2 2023 (309.27 %) (503.43 %) (1525.10 %)
Q3 2023 (322.93 %) (549.54 %) (1520.51 %)
Q4 2023 (222.19 %) (210.51 %) (104.63 %)
Q1 2024 (192.43 %) (339.81 %) (116.80 %)
Q2 2024 (138.85 %) (283.23 %) (78.33 %)
Q3 2024 (103.74 %) (199.23 %) 3.30 %
Q4 2024 (42.93 %) (148.80 %) 77.77 %
2024 (42.93 %) (148.80 %) 77.77 %
Q1 2025 (16.63 %) (57.29 %) 113.45 %
Q2 2025 (19.06 %) (68.58 %) 96.30 %
Q3 2025 (13.95 %) (68.32 %) 72.99 %
Q4 2025 (20.07 %) (56.11 %) 91.53 %
2025 (20.07 %) (56.11 %) 91.53 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 4.18 (11.73) (36.24) 95.36
Q2 2016 4.18 (16.30) (36.36) 88.43
Q3 2016 4.18 (14.45) (39.30) 92.92
Q4 2016 4.18 (54.14) (37.28) 71.68
Q1 2017 4.18 (45.76) (28.91) 64.29
Q2 2017 4.18 (31.99) (33.55) 74.42
Q3 2017 4.18 (41.40) (33.05) 67.25
Q4 2017 4.18 (19.21) (37.63) 50.20
Q1 2018 4.18 (18.51) (42.91) 49.24
Q2 2018 4.18 (51.19) (57.17) 24.57
Q3 2018 4.18 (46.70) (64.06) 21.02
Q4 2018 4.18 (15.06) (81.11) 38.79
Q1 2019 4.18 (17.78) (77.86) 31.60
Q2 2019 4.18 1.10 (58.98) 26.42
Q3 2019 4.18 (0.83) (49.53) 21.41
Q4 2019 4.18 (14.79) (19.00) 22.56
Q1 2020 6.67 (10.93) (13.57) 44.54
Q2 2020 6.67 (10.67) (13.31) 43.91
Q3 2020 6.67 0.60 (15.49) 51.12
Q4 2020 6.67 (8.24) (21.69) 43.26
Q1 2021 6.67 (7.15) (20.60) 37.73
Q2 2021 6.67 (7.54) (20.99) 33.67
Q3 2021 6.67 (22.22) (22.22) 26.42
Q4 2021 6.67 (29.12) (29.12) 12.56
Q1 2022 6.67 (29.31) (29.31) 9.85
Q2 2022 6.67 (33.10) (33.10) (2.72)
Q3 2022 6.67 (31.36) (31.36) (7.10)
Q4 2022 6.67 (86.99) (76.94) (74.40)
Q1 2023 6.67 (75.29) (71.38) (68.41)
Q2 2023 6.67 (69.65) (64.02) (71.08)
Q3 2023 6.67 (63.86) (58.04) (65.46)
Q4 2023 6.67 (0.83) (4.81) (72.43)
Q1 2024 6.67 (7.69) (5.52) (69.08)
Q2 2024 6.67 (4.89) (4.43) (66.79)
Q3 2024 6.67 (0.06) 0.21 (61.34)
Q4 2024 6.67 7.31 5.14 (62.86)
Q1 2025 6.67 15.03 12.86 (56.76)
Q2 2025 6.67 15.98 13.81 (53.97)
Q3 2025 6.67 16.10 13.93 (47.06)
Q4 2025 6.67 30.26 21.39 (32.12)

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 NEG NEG 2.13
Q2 2016 NEG NEG 2.18
Q3 2016 NEG NEG 1.44
Q4 2016 NEG NEG 2.46
Q1 2017 NEG NEG 2.59
Q2 2017 NEG NEG 2.24
Q3 2017 NEG NEG 2.48
Q4 2017 NEG NEG 3.32
Q1 2018 NEG NEG 3.39
Q2 2018 NEG NEG 5.28
Q3 2018 NEG NEG 4.73
Q4 2018 NEG NEG 4.16
Q1 2019 NEG NEG 5.72
Q2 2019 More than 100 NEG 5.92
Q3 2019 NEG NEG 6.98
Q4 2019 NEG NEG 7.10
Q1 2020 NEG NEG 1.27
Q2 2020 NEG NEG 1.65
Q3 2020 More than 100 NEG 2.24
Q4 2020 NEG NEG 3.72
Q1 2021 NEG NEG 4.28
Q2 2021 NEG NEG 4.85
Q3 2021 NEG NEG 5.54
Q4 2021 NEG NEG 8.40
Q1 2022 NEG NEG 8.03
Q2 2022 NEG NEG (21.06)
Q3 2022 NEG NEG (8.05)
Q4 2022 NEG NEG (0.77)
Q1 2023 NEG NEG (0.84)
Q2 2023 NEG NEG (0.80)
Q3 2023 NEG NEG (0.87)
Q4 2023 NEG NEG (0.79)
Q1 2024 NEG NEG (1.21)
Q2 2024 NEG NEG (1.18)
Q3 2024 NEG More than 100 (1.33)
Q4 2024 13.82 19.66 (1.61)
Q1 2025 8.17 9.55 (2.16)
Q2 2025 9.20 10.64 (2.72)
Q3 2025 9.78 11.30 (3.35)
Q4 2025 4.63 6.54 (4.36)

Business Segments (Million)

Compared With The
Period Sale of Goods Contract Revenue
Q1 2016 379.92 6.75
Q2 2016 444.91 29.93
Q3 2016 330.89 17.60
Q4 2016 324.95 67.48
Q1 2017 325.31 14.88
Q2 2017 332.95 18.46
Q3 2017 291.99 22.59
Q4 2017 293.43 42.86
Q1 2018 261.76 13.30
Q2 2018 232.45 19.58
Q3 2018 166.50 12.47
Q4 2018 140.51 18.44
Q1 2019 93.48 8.98
Q2 2019 70.23 20.35
Q3 2019 52.77 28.86
Q1 2020 41.57 17.97
Q2 2020 133.48 11.70
Q3 2020 75.65 16.96
Q4 2020 59.87 11.58
Q1 2021 60.12 3.73
Q2 2021 37.63 3.72
Q3 2021 19.75 3.75
Q4 2021 25.61 6.24
Q1 2022 29.72 5.63
Q2 2022 13.44 11.59
Q3 2022 4.83 1.30
Q1 2023 5.91 5.81
Q2 2023 2.07 1.80
Q3 2023 2.32 1.16
Q4 2023 7.69 3.93
Q1 2024 9.22 3.36
Q2 2024 5.18 4.94
Q3 2024 2.35 4.92
Q4 2024 1.09 13.03
Q1 2025 37.41 6.70
Q2 2025 26.21 3.98
Q3 2025 21.80 17.18
Q4 2025 17.38 25.30


Financial Ratios
Current
Market Cap (M Riyal) 1,056.18
Enterprise Value (EV) (M Riyal) 1,123.93
Shares Outstanding ((M)) 6.67
EPS ( Riyal) (TTM) 30.26
Book Value (BV) ( Riyal) (32.12)
Par Value ( Riyal) 10.00
Recurring P/E 7.40
P/E (TTM) 5.23
Price/book (4.93)
Return on Average Assets (%) (TTM) 25.1
Return on Average Equity (%) (TTM) (63.72 )
EV/adj EBITDA (12.84)
EV/Revenues 7.21
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Share Price

Saudi Cable Co.
158.90
0.60 0.38 %

Saudi Cable Co. (SAUDI CABLE)

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