“MESK” records profits during 2023 at 48.9 million riyals

The Middle East Specialized Cables Company recorded a net profit during the year ending December 31, 2023, of 48.9 million riyals, compared to a loss of 11.8 million riyals in the year before last. This came after today’s announcement of the annual financial results ending on December 31, 2023.

Operating profit reached 77.1 million riyals during the year ending December 31, 2023, compared to 25.7 million riyals in the year before last, a growth of 200%.

Total ownership rights (after excluding non-controlling interests) amounted to 377.6 million riyals last year, compared to 328.3 million riyals in the year before last, an increase of 15%.

Earnings per share last year reached 1.22 riyals, compared to a loss of 0.29 riyals in the year before last.

  The reason for the increase in sales volume by 13.8% during the current year compared to the previous year is the start of many projects during the current year that had been stopped during previous periods.

The reason for achieving a net profit during the current year compared to a net loss during the previous year is the increase in sales volume and profit margins during the current year.