Middle East Specialized Cables Company reported a net loss of SAR 17.5m for the nine months ended September 30, 2014, compared to a net profit of SAR 28.7m for the same period last year.
| Item | 9m 2013 | 9m 2014 | Change |
|---|---|---|---|
| Revenues | 694.22 | 661.92 | (4.7 %) |
| Gross Income | 112.10 | 80.72 | (28.0 %) |
| Operating Income | 40.44 | 1.09 | (97.3 %) |
| Net Income | 28.71 | (17.48) | (160.9 %) |
| Average Shares | 30.99 | 40.00 | 29.1 % |
| EPS (Riyals) | 0.93 | (0.44) | (147.2 %) |
The company attributed the losses of the first nine months of 2014’s, compared to a net profit for the same period last year, to:
1- The decrease of instrumentation cables sales volume due to the postponement of some orders from EPC customers which was partially offset by an increase in power cables sales that has less profit margins.
2- Recording additional doubtful debt provision during the current period.
3- Recording a capital gain from sale of land during the same period of last year.
Reporting a net loss for Q3-2014’s compared to a net profit for the same period last year was attributed to:
1- The decrease of sales volume because of the delay in some deliveries from EPC customers during the current quarter.
2- Recording additional doubtful debt provision during the current quarter.
3- Recording a capital gain from sale of land during the same quarter of last year.
Reporting a net loss for Q3-2014’s compared to a net loss for the previous period (Q2-2014) was attributed to :
1- The decrease of sales volume because of the delay in some deliveries from EPC customers during the current quarter.
2- Recording additional doubtful debt provision during the current quarter.
| Item | Q3 2013 | Q3 2014 | Change |
|---|---|---|---|
| Revenues | 238.76 | 182.59 | (23.5 %) |
| Gross Income | 33.42 | 17.70 | (47.1 %) |
| Operating Income | 11.33 | (14.89) | (231.4 %) |
| Net Income | 15.32 | (19.83) | (229.5 %) |
| Average Shares | 30.99 | 40.00 | 29.1 % |
| EPS (Riyals) | 0.49 | (0.50) | (200.3 %) |
| Item | Q2 2014 | Q3 2014 | Change |
|---|---|---|---|
| Revenues | 269.78 | 182.59 | (32.3 %) |
| Gross Income | 40.73 | 17.70 | (56.6 %) |
| Operating Income | 17.85 | (14.89) | (183.4 %) |
| Net Income | 10.19 | (19.83) | (294.6 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.25 | (0.50) | (294.6 %) |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2005 | - | - | - | - | - | - | - |
| Q2 2005 | - | - | - | - | - | - | - |
| Q3 2005 | - | - | - | - | - | - | - |
| Q4 2005 | - | - | - | - | - | - | - |
| 2005 | 276.54 | 44.3 % | 64.76 | 56.2 % | 38.03 | 90.1 % | 1.23 |
| Q1 2006 | - | - | - | - | - | - | - |
| Q2 2006 | - | - | - | - | - | - | - |
| Q3 2006 | - | - | - | - | - | - | - |
| Q4 2006 | - | - | - | - | - | - | - |
| 2006 | 648.07 | 134.3 % | 177.26 | 173.7 % | 84.03 | 121.0 % | 2.71 |
| Q1 2007 | 268.17 | - | 61.98 | - | 34.53 | - | 1.11 |
| Q2 2007 | 273.80 | - | 72.11 | - | 34.87 | - | 1.13 |
| Q3 2007 | 293.12 | - | 76.40 | - | 44.18 | - | 1.43 |
| Q4 2007 | 268.20 | - | 60.87 | - | 36.55 | - | 1.18 |
| 2007 | 1,103.28 | 70.2 % | 271.36 | 53.1 % | 150.13 | 78.7 % | 4.84 |
| Q1 2008 | 357.08 | 33.2 % | 81.84 | 32.0 % | 49.25 | 42.6 % | 1.59 |
| Q2 2008 | 360.99 | 31.8 % | 90.84 | 26.0 % | 51.05 | 46.4 % | 1.65 |
| Q3 2008 | 371.57 | 26.8 % | 76.22 | (0.2 %) | 21.39 | (51.6 %) | 0.69 |
| Q4 2008 | 218.80 | (18.4 %) | 41.85 | (31.2 %) | (33.27) | (191.0 %) | (1.07) |
| 2008 | 1,308.44 | 18.6 % | 290.75 | 7.1 % | 88.42 | (41.1 %) | 2.85 |
| Q1 2009 | 237.97 | (33.4 %) | 49.26 | (39.8 %) | 25.99 | (47.2 %) | 0.84 |
| Q2 2009 | 245.59 | (32.0 %) | 66.17 | (27.2 %) | 30.13 | (41.0 %) | 0.97 |
| Q3 2009 | 231.19 | (37.8 %) | 39.08 | (48.7 %) | 13.23 | (38.1 %) | 0.43 |
| Q4 2009 | 319.17 | 45.9 % | 23.31 | (44.3 %) | (18.03) | 45.8 % | (0.58) |
| 2009 | 1,033.92 | (21.0 %) | 177.83 | (38.8 %) | 51.31 | (42.0 %) | 1.66 |
| Q1 2010 | 288.81 | 21.4 % | 34.67 | (29.6 %) | 3.12 | (88.0 %) | 0.10 |
| Q2 2010 | 272.04 | 10.8 % | 39.88 | (39.7 %) | 4.70 | (84.4 %) | 0.15 |
| Q3 2010 | 232.69 | 0.6 % | 20.90 | (46.5 %) | (3.51) | (126.5 %) | (0.11) |
| Q4 2010 | 235.71 | (26.1 %) | 19.41 | (16.7 %) | (99.26) | (450.4 %) | (3.20) |
| 2010 | 1,029.25 | (0.5 %) | 114.86 | (35.4 %) | (94.95) | (285.0 %) | (3.06) |
| Q1 2011 | 227.36 | (21.3 %) | 11.24 | (67.6 %) | (20.97) | (771.4 %) | (0.68) |
| Q2 2011 | 331.40 | 21.8 % | 24.93 | (37.5 %) | 1.35 | (71.3 %) | 0.04 |
| Q3 2011 | 288.33 | 23.9 % | 33.87 | 62.0 % | (6.52) | (85.8 %) | (0.21) |
| Q4 2011 | 292.30 | 24.0 % | 25.59 | 31.9 % | (93.99) | 5.3 % | (3.03) |
| 2011 | 1,139.39 | 10.7 % | 95.62 | (16.7 %) | (120.14) | (26.5 %) | (3.88) |
| Q1 2012 | 296.38 | 30.4 % | 51.82 | 361.1 % | 10.72 | 151.1 % | 0.35 |
| Q2 2012 | 270.85 | (18.3 %) | 37.48 | 50.4 % | 14.33 | 962.1 % | 0.46 |
| Q3 2012 | 193.87 | (32.8 %) | 40.37 | 19.2 % | 9.22 | 241.3 % | 0.30 |
| Q4 2012 | 229.48 | (21.5 %) | 31.49 | 23.0 % | (3.17) | 96.6 % | (0.10) |
| 2012 | 990.58 | (13.1 %) | 161.16 | 68.5 % | 31.10 | 125.9 % | 1.00 |
| Q1 2013 | 227.41 | (23.3 %) | 46.73 | (9.8 %) | 13.38 | 24.8 % | 0.43 |
| Q2 2013 | 228.05 | (15.8 %) | 31.96 | (14.7 %) | 0.01 | (99.9 %) | 0.00 |
| Q3 2013 | 238.76 | 23.2 % | 33.42 | (17.2 %) | 15.32 | 66.2 % | 0.49 |
| Q4 2013 | 236.51 | 3.1 % | 33.80 | 7.3 % | 1.69 | 153.4 % | 0.04 |
| 2013 | 930.73 | (6.0 %) | 145.90 | (9.5 %) | 30.40 | (2.2 %) | 0.76 |
| Q1 2014 | 209.55 | (7.9 %) | 22.30 | (52.3 %) | (7.83) | (158.6 %) | (0.20) |
| Q2 2014 | 269.78 | 18.3 % | 40.73 | 27.5 % | 10.19 | 72678.6 % | 0.25 |
| Q3 2014 | 182.59 | (23.5 %) | 17.70 | (47.1 %) | (19.83) | (229.5 %) | (0.50) |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| 2004 | 191.70 | 11.7 % | 41.45 | 7.3 % | 20.00 | 44.6 % | 0.65 |
| 2005 | 276.54 | 44.3 % | 64.76 | 56.2 % | 38.03 | 90.1 % | 1.23 |
| 2006 | 648.07 | 134.3 % | 177.26 | 173.7 % | 84.03 | 121.0 % | 2.71 |
| 2007 | 1,103.28 | 70.2 % | 271.36 | 53.1 % | 150.13 | 78.7 % | 4.84 |
| 2008 | 1,308.44 | 18.6 % | 290.75 | 7.1 % | 88.42 | (41.1 %) | 2.85 |
| 2009 | 1,033.92 | (21.0 %) | 177.83 | (38.8 %) | 51.31 | (42.0 %) | 1.66 |
| 2010 | 1,029.25 | (0.5 %) | 114.86 | (35.4 %) | (94.95) | (285.0 %) | (3.06) |
| 2011 | 1,139.39 | 10.7 % | 95.62 | (16.7 %) | (120.14) | (26.5 %) | (3.88) |
| 2012 | 990.58 | (13.1 %) | 161.16 | 68.5 % | 31.10 | 125.9 % | 1.00 |
| 2013 | 930.73 | (6.0 %) | 145.90 | (9.5 %) | 30.40 | (2.2 %) | 0.76 |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2005 | - | - | - |
| Q2 2005 | - | - | - |
| Q3 2005 | - | - | - |
| Q4 2005 | - | - | - |
| 2005 | 23.42 % | 17.95 % | 13.75 % |
| Q1 2006 | - | - | - |
| Q2 2006 | - | - | - |
| Q3 2006 | - | - | - |
| Q4 2006 | - | - | - |
| 2006 | 27.35 % | 22.86 % | 12.97 % |
| Q1 2007 | - | - | - |
| Q2 2007 | - | - | - |
| Q3 2007 | - | - | - |
| Q4 2007 | 24.60 % | 21.06 % | 13.61 % |
| 2007 | 24.60 % | 21.06 % | 13.61 % |
| Q1 2008 | 24.43 % | 20.72 % | 13.83 % |
| Q2 2008 | 24.23 % | 20.75 % | 14.15 % |
| Q3 2008 | 22.81 % | 17.72 % | 11.65 % |
| Q4 2008 | 22.22 % | 18.31 % | 6.76 % |
| 2008 | 22.22 % | 18.31 % | 6.76 % |
| Q1 2009 | 21.71 % | 17.89 % | 5.48 % |
| Q2 2009 | 21.74 % | 18.58 % | 4.12 % |
| Q3 2009 | 21.03 % | 20.45 % | 3.86 % |
| Q4 2009 | 17.20 % | 14.70 % | 4.96 % |
| 2009 | 17.20 % | 14.70 % | 4.96 % |
| Q1 2010 | 15.05 % | 11.90 % | 2.62 % |
| Q2 2010 | 12.32 % | 7.95 % | 0.27 % |
| Q3 2010 | 10.67 % | 5.86 % | (1.23 %) |
| Q4 2010 | 11.16 % | 4.89 % | (1.74 %) |
| 2010 | 11.16 % | 4.89 % | (1.74 %) |
| Q1 2011 | 9.45 % | 2.90 % | (4.34 %) |
| Q2 2011 | 7.45 % | 1.59 % | (4.42 %) |
| Q3 2011 | 8.26 % | 2.60 % | (4.47 %) |
| Q4 2011 | 8.39 % | 2.69 % | (4.35 %) |
| 2011 | 8.39 % | 2.69 % | (4.35 %) |
| Q1 2012 | 11.27 % | 5.74 % | (1.48 %) |
| Q2 2012 | 12.96 % | 7.29 % | (0.43 %) |
| Q3 2012 | 14.74 % | 8.34 % | 1.03 % |
| Q4 2012 | 16.27 % | 10.03 % | 3.14 % |
| 2012 | 16.27 % | 10.03 % | 3.14 % |
| Q1 2013 | 16.93 % | 10.35 % | 3.66 % |
| Q2 2013 | 17.13 % | 10.00 % | 2.21 % |
| Q3 2013 | 15.54 % | 9.11 % | 2.77 % |
| Q4 2013 | 15.68 % | 10.17 % | 1.90 % |
| 2013 | 15.68 % | 10.17 % | 1.90 % |
| Q1 2014 | 13.31 % | 7.84 % | (0.39 %) |
| Q2 2014 | 13.64 % | 8.53 % | 0.70 % |
| Q3 2014 | 12.75 % | 6.14 % | (3.17 %) |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 2004 | 21.62 % | 15.90 % | 10.43 % |
| 2005 | 23.42 % | 17.95 % | 13.75 % |
| 2006 | 27.35 % | 22.86 % | 12.97 % |
| 2007 | 24.60 % | 21.06 % | 13.61 % |
| 2008 | 22.22 % | 18.31 % | 6.76 % |
| 2009 | 17.20 % | 14.70 % | 4.96 % |
| 2010 | 11.16 % | 4.89 % | (1.74 %) |
| 2011 | 8.39 % | 2.69 % | (4.35 %) |
| 2012 | 16.27 % | 10.03 % | 3.14 % |
| 2013 | 15.68 % | 10.17 % | 1.90 % |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2005 | - | - | - |
| Q2 2005 | - | - | - |
| Q3 2005 | - | - | - |
| Q4 2005 | - | - | - |
| Q1 2006 | - | - | - |
| Q2 2006 | - | - | - |
| Q3 2006 | - | - | - |
| Q4 2006 | - | - | - |
| Q1 2007 | 23.11 % | 20.42 % | 12.87 % |
| Q2 2007 | 26.34 % | 21.75 % | 12.74 % |
| Q3 2007 | 26.06 % | 22.73 % | 15.07 % |
| Q4 2007 | 22.69 % | 19.17 % | 13.63 % |
| Q1 2008 | 22.92 % | 19.45 % | 13.79 % |
| Q2 2008 | 25.16 % | 21.58 % | 14.14 % |
| Q3 2008 | 20.51 % | 11.24 % | 5.76 % |
| Q4 2008 | 19.13 % | 23.03 % | (15.20 %) |
| Q1 2009 | 20.70 % | 17.94 % | 10.92 % |
| Q2 2009 | 26.95 % | 26.36 % | 12.27 % |
| Q3 2009 | 16.90 % | 14.32 % | 5.72 % |
| Q4 2009 | 7.30 % | 3.58 % | (5.65 %) |
| Q1 2010 | 12.00 % | 6.86 % | 1.08 % |
| Q2 2010 | 14.66 % | 8.80 % | 1.73 % |
| Q3 2010 | 8.98 % | 4.32 % | (1.51 %) |
| Q4 2010 | 8.23 % | (1.50 %) | (9.45 %) |
| Q1 2011 | 4.94 % | (1.04 %) | (9.23 %) |
| Q2 2011 | 7.52 % | 3.69 % | 0.41 % |
| Q3 2011 | 11.75 % | 7.56 % | (2.26 %) |
| Q4 2011 | 8.76 % | (0.33 %) | (8.01 %) |
| Q1 2012 | 17.48 % | 12.27 % | 3.62 % |
| Q2 2012 | 13.84 % | 9.78 % | 5.29 % |
| Q3 2012 | 20.82 % | 13.39 % | 4.75 % |
| Q4 2012 | 13.72 % | 4.61 % | (1.38 %) |
| Q1 2013 | 20.55 % | 14.22 % | 5.88 % |
| Q2 2013 | 14.01 % | 8.34 % | 0.01 % |
| Q3 2013 | 14.00 % | 9.29 % | 6.42 % |
| Q4 2013 | 14.29 % | 8.91 % | (4.66 %) |
| Q1 2014 | 10.64 % | 4.44 % | (3.74 %) |
| Q2 2014 | 15.10 % | 10.69 % | 3.78 % |
| Q3 2014 | 9.69 % | (2.20 %) | (10.86 %) |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2005 | - | - | - | - |
| Q2 2005 | - | - | - | - |
| Q3 2005 | - | - | - | - |
| Q4 2005 | - | - | - | - |
| Q1 2006 | - | - | - | - |
| Q2 2006 | - | - | - | - |
| Q3 2006 | - | - | - | - |
| Q4 2006 | - | - | - | - |
| Q1 2007 | 30.99 | - | - | 11.60 |
| Q2 2007 | 30.99 | - | - | 12.72 |
| Q3 2007 | 30.99 | - | - | 12.83 |
| Q4 2007 | 30.99 | 4.84 | 4.84 | 14.02 |
| Q1 2008 | 30.99 | 5.32 | 5.32 | 15.62 |
| Q2 2008 | 30.99 | 5.84 | 5.84 | 17.27 |
| Q3 2008 | 30.99 | 5.11 | 5.11 | 17.44 |
| Q4 2008 | 30.99 | 2.85 | 2.85 | 16.35 |
| Q1 2009 | 30.99 | 2.10 | 2.10 | 15.58 |
| Q2 2009 | 30.99 | 1.43 | 1.43 | 16.54 |
| Q3 2009 | 30.99 | 1.16 | 1.16 | 16.95 |
| Q4 2009 | 30.99 | 1.66 | 1.66 | 16.27 |
| Q1 2010 | 30.99 | 0.92 | 0.92 | 15.08 |
| Q2 2010 | 30.99 | 0.10 | 0.10 | 15.41 |
| Q3 2010 | 30.99 | (0.44) | (0.44) | 15.03 |
| Q4 2010 | 30.99 | (3.06) | (0.58) | 11.85 |
| Q1 2011 | 30.99 | (3.84) | (1.36) | 11.26 |
| Q2 2011 | 30.99 | (3.95) | (1.46) | 11.44 |
| Q3 2011 | 30.99 | (4.05) | (1.56) | 10.41 |
| Q4 2011 | 30.99 | (3.88) | (1.60) | 7.83 |
| Q1 2012 | 30.99 | (2.85) | (0.58) | 8.43 |
| Q2 2012 | 30.99 | (2.43) | (0.16) | 8.89 |
| Q3 2012 | 30.99 | (1.93) | 0.35 | 9.19 |
| Q4 2012 | 30.99 | 1.00 | 1.00 | 9.08 |
| Q1 2013 | 30.99 | 1.09 | 1.09 | 9.52 |
| Q2 2013 | 30.99 | 0.63 | 0.63 | 9.52 |
| Q3 2013 | 30.99 | 0.82 | 0.82 | 10.02 |
| Q4 2013 | 40.00 | 0.76 | 0.44 | 12.60 |
| Q1 2014 | 40.00 | 0.23 | (0.09) | 12.42 |
| Q2 2014 | 40.00 | 0.48 | 0.17 | 12.67 |
| Q3 2014 | 40.00 | (0.39) | (0.71) | 12.17 |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 2004 | 30.99 | 0.65 | 0.65 | 2.43 |
| 2005 | 30.99 | 1.23 | 1.23 | 3.66 |
| 2006 | 30.99 | 2.71 | 2.71 | 10.46 |
| 2007 | 30.99 | 4.84 | 4.84 | 14.02 |
| 2008 | 30.99 | 2.85 | 2.85 | 16.35 |
| 2009 | 30.99 | 1.66 | 1.66 | 16.27 |
| 2010 | 30.99 | (3.06) | (0.58) | 11.85 |
| 2011 | 30.99 | (3.88) | (1.60) | 7.83 |
| 2012 | 30.99 | 1.00 | 1.00 | 9.08 |
| 2013 | 40.00 | 0.76 | 0.44 | 12.60 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2005 | - | - | - |
| Q2 2005 | - | - | - |
| Q3 2005 | - | - | - |
| Q4 2005 | - | - | - |
| Q1 2006 | - | - | - |
| Q2 2006 | - | - | - |
| Q3 2006 | - | - | - |
| Q4 2006 | - | - | - |
| Q1 2007 | - | - | - |
| Q2 2007 | - | - | - |
| Q3 2007 | - | - | - |
| Q4 2007 | 23.04 | 23.04 | 7.96 |
| Q1 2008 | 22.11 | 22.11 | 7.53 |
| Q2 2008 | 30.80 | 30.80 | 10.42 |
| Q3 2008 | 27.40 | 27.40 | 8.03 |
| Q4 2008 | 21.66 | 21.66 | 3.78 |
| Q1 2009 | 22.10 | 22.10 | 2.98 |
| Q2 2009 | 49.25 | 49.25 | 4.25 |
| Q3 2009 | More than 50 | More than 50 | 4.23 |
| Q4 2009 | 35.41 | 35.41 | 3.60 |
| Q1 2010 | More than 50 | More than 50 | 3.53 |
| Q2 2010 | More than 50 | More than 50 | 2.20 |
| Q3 2010 | NEG | NEG | 2.06 |
| Q4 2010 | NEG | NEG | 2.58 |
| Q1 2011 | NEG | NEG | 2.41 |
| Q2 2011 | NEG | NEG | 2.49 |
| Q3 2011 | NEG | NEG | 2.43 |
| Q4 2011 | NEG | NEG | 3.45 |
| Q1 2012 | NEG | NEG | 4.36 |
| Q2 2012 | NEG | NEG | 3.37 |
| Q3 2012 | NEG | More than 50 | 4.06 |
| Q4 2012 | 29.79 | 29.79 | 3.29 |
| Q1 2013 | 28.30 | 28.30 | 3.24 |
| Q2 2013 | More than 50 | More than 50 | 3.36 |
| Q3 2013 | 31.71 | 31.71 | 2.61 |
| Q4 2013 | 27.14 | 46.68 | 1.64 |
| Q1 2014 | More than 50 | NEG | 1.79 |
| Q2 2014 | 47.09 | More than 50 | 1.80 |
| Q3 2014 | NEG | NEG | 2.35 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 2004 | - | - | - |
| 2005 | - | - | - |
| 2006 | - | - | - |
| 2007 | 23.04 | 23.04 | 7.96 |
| 2008 | 21.66 | 21.66 | 3.78 |
| 2009 | 35.41 | 35.41 | 3.60 |
| 2010 | NEG | NEG | 2.58 |
| 2011 | NEG | NEG | 3.45 |
| 2012 | 29.79 | 29.79 | 3.29 |
| 2013 | 27.14 | 46.68 | 1.64 |
| Current | |
| Market Cap (M Riyal) | 1,288.00 |
| Enterprise Value (EV) (M) | 1,269.50 |
| Shares Outstanding ((M)) | 40.00 |
| EPS ( Riyal) (TTM) | 1.56 |
| Book Value (BV) ( Riyal) | 10.09 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 20.61 |
| P/E (TTM) | 20.61 |
| Price/book | 3.19 |
| Return on Average Assets (%) (TTM) | 8.2 |
| Return on Average Equity (%) (TTM) | 16.8 |
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