MESC turns into profitability during the first quarter due to sales


RIYADH – Mubasher: The financial results of the Middle East Specialized Cables Company – Misk showed its turnaround in profitability during the first quarter of this year.

According to the financial statements of the company today on “Tadawul”, the net profit amounted to about 0.3 million riyals, compared to a loss of 10.6 million riyals.

The company explained through the statement that the accumulated losses of the company amounted to 69.2 million riyals, representing about 17.3% of the total capital of 400 million riyals.

The company attributed the reason for achieving a net profit during the current quarter compared to a net loss during the same quarter of the previous year due to the increase in sales volume and the improvement of profit margins during the current quarter.

According to the statement, the company’s sales amounted to about 140.2 million riyals, compared to 115 million riyals, an increase of 22.23%.


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