The Middle East Specialized Cables Company, Misk, turned to profitability by about 2.7 million riyals in the second quarter of 2021, compared to losses of about 1.5 million riyals in the second quarter of 2020.
According to Arab Net, Misk's profits increased by 200% in the second quarter of 2021, compared to profits of about 0.9 million riyals in the first quarter of this year.
In a statement on the Saudi Tadawul, today, Sunday, Misk said that achieving a net profit during the second quarter of 2021, compared to a net loss during the same quarter of the previous year, is due to Decreased expenses during the second quarter of 2021, especially selling and marketing expenses.
The company turned to achieving a net profit of about 3.5 million riyals in the first half of this year, compared to losses of about 1.2 million riyals in the same period of 2020.
The company stated that its accumulated losses amounted to 64.4 million riyals at the end of the first half of 2021, equivalent to 16.1% of the capital of 400 million riyals.
