Riyadh - Mubasher: Saudi Cable Company has named Nael Sameer Mohammad Fayez as its new CEO for one year, according to a bourse filing.

Fayez, who was appointed as the company’s Managing Director in July 2022, assumed his new role on 1 February 2023.

He holds bachelor's and executive master’s degrees in Business Administration from the US.

Moreover, the new official has a 20-year experience in the fields of macroeconomics, as well as strategy and sustainability, as he held key positions in NEOM and Saudi Arabian Oil Company (Saudi Aramco).

In the first nine months (9M) of 2022, Saudi Cable incurred net losses after Zakat and tax worth SAR 116.57 million, an annual increase of 14.71% from SAR 101.62 million.

Revenues plunged by 48.32% year-on-year (YoY) to SAR 66.51 million in the January-September 2022 period, compared to SAR 128.70 million.

The loss per share enlarged to SAR 5.01 in 9M-22 from SAR 2.82 in 9M-21.

Meanwhile, the company registered accumulated losses worth SAR 79.41 million as of 30 September 2022, accounting for 119.01% of the SAR 66.72 million capital.