Khaled Khashoggi, the CEO and Managing Director of Saudi Cable Co., stated that the company’s solid results were largely due to the enhanced performance of its subsidiary Midal Co., the divestment from the Turkish investment, and cutbacks in fixed costs at the Jeddah factory.
During an interview with Argaam, Khashoggi mentioned that the company’s profits in the third quarter of 2024 were boosted by the ongoing expansion of its technical division’s contracting activities in Bahrain and profit contributions from its subsidiary.
He noted that production capacity hit 10% in Q3 2024, which positively impacted the company’s revenues and helped offset some fixed expenses.
Sales volume in the third quarter of 2024 increased to SAR 7.3 million from SAR 3.5 million in Q3 2023, representing a growth of 109%.
He also highlighted the rising demand for copper and aluminum cables and the exceptional performance of the subsidiary, noting the noticeable quarter-over-quarter growth in its earnings.
The process concerning financial regulation and the plan approval, along with the claims list at the Jeddah Commercial Court, are still in progress. The company’s management is actively pursuing the completion of this procedure swiftly to restore normal operations, as explained by the CEO.
Khashoggi anticipates that demand will rise in Q4 2024, both for the Midal affiliate and the main company in Jeddah. The company will begin receiving customer orders and management plans to attract more customers and gradually increase market share.
According to data provided by Argaam, Saudi Cable reported a SAR43 million profit for the first nine months of 2024, compared to the SAR 61.2 million earned during the same timeframe in 2023.
