Gulf Cable and Electrical Industries has received a purchase request by a local contracting company.
The purchase request contract is valued at KWD 2.88 million ($9.54 million) for supplying low- and medium-pressure cables, according to a bourse statement on Tuesday.
An operating profit of 2% is expected to be realised from the request value, however, this percentage can be changed based on prices and execution circumstances.
The financial impact of this contract will reflect on the income statements of the fourth quarter of 2018 and the first half of fiscal year 2019.
At the stock level, Gulf Cable closed Tuesday’s session 1.05% higher at 386 fils.