MESC net losses down 62% to SAR 3 mln in Q1

21/04/2015 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC)

Middle East Specialized Cables (MESC), a manufacturer of industrial instruments and process control cables, reported a net loss of SAR 3 million for first quarter, 62 percent lower compared to the same period in 2014.

Losses narrowed from the same period last year due to higher sales in Q1-2015.

On a quarterly basis, the company's losses narrowed 48 percent. In Q4-2014, MESC recorded SAR 5.74 million in losses.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2014	Q1 2015	Change‬
Revenues	209.55	258.29	23.3 %
Gross Income	22.30	30.32	36.0 %
Operating Income	(1.87)	3.02	261.6 %
Net Income	(7.83)	(2.99)	61.8 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.20)	(0.07)	61.8 %

Item	Q4 2014	Q1 2015	Change‬
Revenues	196.55	258.29	31.4 %
Gross Income	25.73	30.32	17.8 %
Operating Income	1.28	3.02	136.6 %
Net Income	(5.60)	(2.99)	46.6 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.14)	(0.07)	46.6 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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)
Q4 2014	196.55	(16.9 %)	25.73	(23.9 %)	(5.60)	(430.7 %)	(0.14)
2014	858.48	(7.8 %)	106.45	(27.0 %)	(23.07)	(175.9 %)	(0.58)
Q1 2015	258.29	23.3 %	30.32	36.0 %	(2.99)	61.8 %	(0.07)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2014	858.48	(7.8 %)	106.45	(27.0 %)	(23.07)	(175.9 %)	(0.58)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q4 2014	12.40 %	5.17 %	(2.69 %)
2014	12.40 %	5.17 %	(2.69 %)
Q1 2015	12.62 %	5.34 %	(2.01 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2014	12.40 %	5.17 %	(2.69 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q4 2014	13.09 %	5.23 %	(2.85 %)
Q1 2015	11.74 %	5.17 %	(1.16 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2014	40.00	(0.58)	(0.58)	12.02
Q1 2015	40.00	(0.46)	(0.46)	11.95

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2014	40.00	(0.58)	(0.58)	12.02

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2014	NEG	NEG	2.73
Q1 2015	NEG	NEG	1.95

Period	P/E	Adjusted P/E	Price/book
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
2014	NEG	NEG	2.73

Financial Ratios

	Current
Market Cap (M Riyal)	1,308.00
Enterprise Value (EV) (M)	1,289.50
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)	20.93
P/E (TTM)	20.93
Price/book	3.24
Return on Average Assets (%) (TTM)	8.2
Return on Average Equity (%) (TTM)	16.8

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MESC net losses down 62% to SAR 3 mln in Q1

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Share Price

Middle East Specialized Cables Co. (MESC)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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MESC net losses down 62% to SAR 3 mln in Q1

View other reports

Share Price

Middle East Specialized Cables Co. (MESC)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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