MESK’s profits jump 4433.3% during Q3 to 13.6 million riyals

Middle East Specialized Cables Company revealed an increase in net profit after zakat and tax in the third quarter to 13.6 million riyals, compared to 0.3 million riyals in the same quarter of last year, by 4433.3%. This came after today’s announcement of the preliminary financial results for the period ending in September 30, 2023 (nine months).

Operating profit reached 21.3 million riyals in the third quarter, compared to 4 million riyals in the same quarter of the previous year, a growth of 432.5%.

The net profit after zakat and tax in the 9-month period amounted to 38.4 million riyals, compared to a loss of 11.5% million riyals in the same period last year.

Earnings per share in the current period reached 0.96 riyals, compared to a loss of 0.29 riyals in the same period last year.

-The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is due to the increase in sales volume and profit margins during the current quarter.

-The reason for the increase in net profit during the current quarter compared to the previous quarter is due to the increase in sales volume during the current quarter.

-The reason for achieving a net profit during the current period compared to a net loss during the similar period of the previous year is due to the high sales volume and profit margins during the current period.

– Additional information:

1- The reason for the increase in sales volume during the current quarter compared to the same quarter of the previous year is due to the start of many projects during the current year that had been stopped during previous periods.

2-The reason for the increase in sales volume during the current quarter compared to the previous quarter is due to the decrease in sales during the Ramadan and Eid period from the previous quarter.

3-The reason for the increase in sales volume during the current period compared to the similar period of the previous year is due to the start of many projects during the current year that had been stopped during previous periods.