Middle East Specialized Cables Company “MiSK” achieved a big jump in its net profit for the first quarter of this year, to record 12.4 million riyals, a growth of 12300%, compared to 0.1 million riyals in the same period last year.
The company said in a statement to Tadawul Saudi Arabia today that the reason for the increase in net profit during the first quarter of this year compared to the same quarter of the previous year is due to the increase in sales volume and profit margins.
The company’s revenues rose to 218.6 million riyals in the first quarter of this year, compared to 187.6 in the corresponding quarter of last year, a growth of 16.5%.
Total shareholders’ equity, after excluding minority interests, amounted to 340.7 million pounds, compared to 338.4 million pounds in the comparative quarter of 2022, a growth of 0.68%.
