Saudi Cable secures SAR 56.3M payout from associate

Saudi Cable Co. (SCC) announced that the board of directors of its associate company, Midal Cables Co., decided in its meeting held on Nov. 25 to distribute dividends to partners for 2024.

In a statement to Tadawul, the company said its share of the dividends amounts to SAR 56.25 million.

SCC noted that these dividends will support the enhancement of its manufacturing capacity.

The company expects this distribution to positively impact its working capital and increase cash flow in the fourth quarter of 2024.

According to data available on Argaam, Saudi Cable owns 50% of Midal Cables, which has a capital of SAR 124 million. Midal Cables is based in Bahrain and specializes in the manufacturing and marketing of cables and related products.