Saudi Cable Co. — Earnings Release 2025

Mar 31, 2026

Saudi Cable Co. announces its Annual Financial results for the period ending on 2025-12-31

2110 · 31/03/2026 15:50:04 · Announcement #94042 · View on Saudi Exchange

Saudi Cable Co. announces its Annual Financial results for the period ending on 2025-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	155,952	44,079	253.8
Gross Profit (Loss)	-31,301	-18,922	65.42
Operational Profit (Loss)	-101,012	-66,041	52.95
Net Profit (Loss) Attributable to Shareholders of the Issuer	201,925	48,758	314.14
Total Comprehensive Income Attributable to Shareholders of the Issuer	205,090	63,887	221.02
Total Shareholders Equity (after Deducting Minority Equity)	-214,351	-419,441	-48.9
Profit (Loss) per Share	30.26	7.31
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
Accumulated Losses	-274,832	-412
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year	The 250%+ revenue surge is primarily driven by the conversion of the company’s order backlog into active billing, increased market demand and improved customer acquisition.

A significant portion of the growth is attributed to the commencement of high-voltage turnkey projects in Bahrain. The reason of the increase (decrease) in the net profit during the current year compared to the last year is A substantial increase in sales/revenue of the group, leading to higher profitability. Effective cost control measures and improved operational efficiency. The company's share of the profits of an associate company, Midal, amounted to 237 million, which has an increase of 187% of last year's profits.

The company has recorded net profit from continuing operations amounting to SAR 204,253 million resulting from its share of profit from an associate. Also, the company incurred losses mainly from discontinued activities amounting to SAR (2.3) million resulting from its Turkish subsidiary. Both resulted to a net profit to SAR 201,925 million. Statement of the type of external auditor's report Unmodified opinion Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) Material Uncertainty Related to Going Concern

We draw attention to note 1 of the consolidated financial statements which indicates that for the year ended December 31, 2025, the Group incurred a net profit of SAR 202 million (2024: net profit of SAR 49 million), and the Group’s accumulated losses have reached SAR 275 million (2024: SAR 477 million), representing 411% (2024: 714%) of the Group’s share capital. Further, the Group current liabilities exceeded its current assets by SAR 670 million as at December 31, 2025 (2024: SAR 907 million). These conditions, along with other matters, cast significant doubt about the Group’s ability to continue as a going concern and its ability to meet its obligations when it becomes due.

In this regard, management has prepared forecasts for 2026 that indicate net profit and positive cash flows. The plan includes certain assumptions related to cash injections through the issuance of rights issue instruments, as well as revenue growth based on future orders and tenders, in addition to the parent company’s ability to exit financial restructuring proceedings. These elements represent future events and therefore involve material uncertainty regarding their outcome. Our opinion has not been modified in respect of this matter.

Emphasis of Matter

We draw your attention to note 14 to the consolidated financial statements where it shows that the Group has a court in Turkey issued a verdict in favor of Mass Kablo Yatırım ve Tic. A.Ş for a case filed by the minority shareholders of its subsidiary. An appeal against the verdict has been presented by said minority shareholders. However, based on a legal opinion obtained from an independent counsel which is of view that the decision of Court of Appeal will not be different from the original decision issued by court of first instance.

In this respect the Board of Directors of the Group decided on 22 Shabaan 1445H, corresponding to March 3, 2024, to exit of its investments in Turkey, by disposing of them by sale or in any other way as permitted by Turkish law. As these companies did not achieve the desired returns and continued to achieve losses during the past years despite the solutions and treatments carried out by successive administrations to no avail and strengthening the opinion of local and international legal advisors to support the exiting decision. The Group has recognized provisions for the full value of the investments in the investee company. Our opinion has not been modified in respect of this matter. Reclassification of Comparison Items Certain prior period figures have been reclassified to confirm to current period presentation, which are not material in nature. Additional Information -

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.