MESC wipes out accumulated loss, starts to make retained earnings

08:44 AM (Mecca time) Argaam
One of the company's products

One of the company's products

Middle East Specialized Cables Co. (MESC) fully offset its accumulated loss and started making retained earnings as on July 31, 2024, the company said a statement to Tadawul.

 

MESC attributed the positive development to higher sales revenue and improved profit margins during the period.

 

The management, in line with the board of directors’ guidelines, is working to improve operating efficiency and rationalize costs to increase profitability.

 

 

MESC reported a net profit of SAR 47.7 million in H1 2024, an increase of 92% from SAR 24.9 million in the prior year period. Q2 2024 profit reached SAR 21.8 million.

Click below to review auditor’s balance sheet report:

Auditor’s balance sheet report

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