The net profit of the Middle East Specialized Cables Company “Misk” decreased by 88.9% in the first quarter of this year, to 100,000 riyals after zakat and tax, compared to 900 thousand riyals in the same quarter of 2021, and a loss of about 17.2 million riyals in the fourth quarter of 2021.
Misk said in a statement on the Saudi Tadawul today, Monday, that the decrease in net profits in the first quarter of 2022, on an annual basis, is due to the decrease in profit margins and the increase in expenses as a result of the increase in sales volume during the first quarter of this year.
Misk recorded accumulated losses of about 90.5 million riyals at the end of March 2022, equivalent to 22.6% of the capital of 400 million riyals.
