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Wednesday, April 24, 2024 19:17 GMT
Saudi Cable Company has submitted a request to increase capital as it seeks to raise funds to invest in production, Chairman Meyassar Nowailati said. Production has declined, not due to a lack of contracts, but because of difficulties obtaining financing, he said. The company needs to restore the confidence of banks following challenges arising from the coronavirus, said Nowailati. “The company’s capital needs are very large,” he said.The company has extended the maturity of some of its short-term debt and it has no issues with solvency, Nowailti said. “The company’s debts reached SR1.7 billion (US$453.480 million) in the past, but now the only debt listed in the company’s figures is around SR250 million (US$66.688 million), while the rest has been paid,” he said. The Saudi Cable Company posted a net loss of SR55 million (US$14.671 million) in 2020, compared to a net loss of SR61.8 million (US$16.485 million) in the previous year. Revenue decreased by more than 3% last year to SR368 million (US$98.165 million).