Middle East Specialized Cables (MESC) swung to a net loss after Zakat and tax of SAR 5.5 million in the first nine months of 2021, against a net profit of SAR 3.1 million a year earlier, hit by lower sales volume and profit margins. Meanwhile, this decrease was partially offset by lower selling and marketing expenses during the current period.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 391.42 | 371.70 | (5.0 %) |
| Gross Income | 55.49 | 37.57 | (32.3 %) |
| Operating Income | 13.63 | 6.34 | (53.5 %) |
| Net Income | 3.10 | (5.54) | (278.6 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.08 | (0.14) | (278.6 %) |
The cable manufacturer also turned to a net loss after Zakat and tax of SAR 9.1 million in Q3 2021, compared to a net profit of SAR 4.3 million in the year-earlier period on lower profit margins.
In the previous quarter, MESC reported a net profit of SAR 2.7 million.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 136.09 | 135.87 | (0.2 %) |
| Gross Income | 20.06 | 7.66 | (61.8 %) |
| Operating Income | 7.67 | (5.31) | (169.2 %) |
| Net Income | 4.28 | (9.06) | (311.8 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.11 | (0.23) | (311.8 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 124.07 | 135.87 | 9.5 % |
| Gross Income | 15.18 | 7.66 | (49.6 %) |
| Operating Income | 6.33 | (5.31) | (183.8 %) |
| Net Income | 2.67 | (9.06) | (439.2 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.07 | (0.23) | (439.2 %) |
Total shareholders' equity, excluding minority rights, amounted to SAR 355.5 million in 9M 2021, compared to SAR 362.6 million in the year-ago period.
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