MESC profit rises to SAR 55.1M in first 7 months of 2024

Logo of Middle East Specialized Cables Co. (MESC)

Middle East Specialized Cables Co. (MESC) posted profits of SAR 55.1 million by the end of the first seven months of 2024.

 

In H1 2024, the company’s bottom line leapt 92% year-on-year (YoY) to SAR 47.7 million.

 

Key Items of Income Statement – SAR mln

Period

Seven Months ended July 2024

Revenues

640.8

Gross Profit

115.7

Gross Profit Margin

18%

Net Profit

55.2

EPS (SAR)

1.38
 

Key Items of Balance Sheet – SAR mln

Period

Seven Months ended July 2024

Assets 

877.5

Loans

66.5

Liabilities

444.8

Shareholders' Rights

432.8

Book Value

10.82

 

According to the Argaam Charts, MESC incurred losses of SAR 102 million during Q2 2022, accounting for 25% of its capital.

 

The company reduced its losses with the recent rise in its contracts, which contributed to the growth of revenues, improved profit margins, rise in net profits and increase in shareholders' equity.

 

 

To Access Argaam Charts Platform

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