Gulf Cables and Electrical Industries Company achieved profits estimated at 12.9 million dinars during the past year, while the company’s board of directors recommended the distribution of cash dividends at the rate of 60 fils in cash per share, in accordance with the standards and controls governing eligibility in the stock exchange and after approval from the general assembly and the concerned authorities.
The company recorded a growth in its revenues by 39 percent, to reach 113 million dinars in 2022, compared to 81.3 million achieved by the “cables” in 2021, as its total revenues consist of 3 main components: cable sales, investment revenues, and service provision revenues, reports Al-Rai daily.
According to the report approved by the Board of Directors of the “cables”, the total revenues from cable sales last year amounted to 99.3 million dinars, compared to 65.5 million in 2021, as the parent company achieved sales related to cable products at a value of 77.1 million dinars, compared to 50.3 million in 2021, a percentage Growth year on year amounted to 53.4 percent.
The company recorded a remarkable growth in cable sales and production on the basis of weight, as the total weight of cables produced increased on an annual basis by about 51.4 percent and the total weight of cables sold by 53.2 percent, through the group’s production of 50,831 metric tons and its sale of 51,746 metric tons of cables in 2022 compared to producing 33,566 metric tons and selling 33,767 metric tons in 2021.
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