Mubasher: Gulf Cable and Electrical Industries announced signing two contracts with the Kuwaiti Ministry of Electricity and Water, valued at KWD 8.56 million.

The first contract, which involves providing medium-voltage copper cables, is valued at KWD 6.375 million, while the second, valued at KWD 2.18 million, comprises a deal for aluminium cables.

The company expects to achieve operational profit from the two deals at a margin of 3%, expecting it to reflect on its financial statements for the third and fourth quarters of 2020.

Gulf Cable noted that it did not receive the purchase order to date, according to a disclosure to Boursa Kuwait on Thursday.