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Local News
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June 24, 2020
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Saudi Cable Co. is expected to see a strong performance recovery and turn to operating profit over the next 18 months, CEO Meyasser Nowailati told Argaam in an exclusive on Wednesday. "The company entered a new phase in Q2 2020, after rescheduling its last debt. It also resumed solid production afte
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Saudi Cable Co. is expected to see a strong performance recovery and turn to operating profit over the next 18 months, CEO Meyasser Nowailati told Argaam in an exclusive on Wednesday. "The company entered a new phase in Q2 2020, after rescheduling its last debt. It also resumed solid production after ensuring required liquidity for purchasing raw materials," Nowailati said. The factory renovation works are likely to continue. Saudi Cable is close to securing new bank facilities, which will allow it to raise working capital. The new facilities will also provide the cable producer with better options for raw materials, to improve production and boost profit margins in the remaining period of the year. Saudi Cable's restructuring plan, which has been put into effect since early 2018, aims mainly to regain the company's leading position. (Argaam)
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