MESC reports 2014 losses of SAR 23.2 mln

Middle East Specialized Cables Company reported 2014’s net loss of SAR 23.2 million, compared to a net profit of SAR 30.4 million for the last year.

A net loss of SAR 5.7 million was reported for Q4-2014 compared to a net loss of SAR 19.8 million for Q3.

Financials (M)

Item	2013	2014	Change‬
Revenues	930.73	858.48	(7.8 %)
Gross Income	145.90	106.45	(27.0 %)
Operating Income	49.56	2.36	(95.2 %)
Net Income	30.40	(23.07)	(175.9 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.76	(0.58)	(175.9 %)

The company attributed the reporting 2014’s net loss, 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 the increase of 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 Q4-2014’s net loss, compared to a net profit for the same period last year was attributed to the decrease of sales volume because of the delay in some deliveries from EPC customers during the current quarter.

The decline of Q4-2014’s net loss, compared to the previous period (Q3-2014) was attributed to recording additional doubtful debt provision during the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	236.51	196.55	(16.9 %)
Gross Income	33.80	25.73	(23.9 %)
Operating Income	9.12	1.28	(86.0 %)
Net Income	1.69	(5.60)	(430.7 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.04	(0.14)	(430.7 %)

Item	Q3 2014	Q4 2014	Change‬
Revenues	182.59	196.55	7.6 %
Gross Income	17.70	25.73	45.4 %
Operating Income	(14.89)	1.28	108.6 %
Net Income	(19.83)	(5.60)	71.8 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.50)	(0.14)	71.8 %

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Share Price

Middle East Specialized Cables Co. (MESC)

	Current
Market Cap (M Riyal)	1,592.00
Enterprise Value (EV) (M)	1,612.75
Shares Outstanding ((M))	40.00
EPS ( Riyal) (TTM)	1.98
Book Value (BV) ( Riyal)	11.16
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	20.10
P/E (TTM)	20.10
Price/book	3.57
Return on Average Assets (%) (TTM)	9.7
Return on Average Equity (%) (TTM)	19.5

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	276.54	44.3 %	64.76	56.2 %	39.75	104.9 %
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	648.07	134.3 %	177.26	173.7 %	133.45	235.7 %
Q1 2007	268.17	-	61.98	-	49.69	-
Q2 2007	273.80	-	72.11	-	54.40	-
Q3 2007	293.12	-	76.40	-	61.68	-
Q4 2007	268.20	-	60.87	-	45.18	-
2007	1,103.28	70.2 %	271.36	53.1 %	210.95	58.1 %
Q1 2008	357.08	33.2 %	81.84	32.0 %	63.65	28.1 %
Q2 2008	360.99	31.8 %	90.84	26.0 %	68.96	26.7 %
Q3 2008	371.57	26.8 %	76.22	(0.2 %)	35.40	(42.6 %)
Q4 2008	218.80	(18.4 %)	41.85	(31.2 %)	43.81	(3.0 %)
2008	1,308.44	18.6 %	290.75	7.1 %	211.82	0.4 %
Q1 2009	237.97	(33.4 %)	49.26	(39.8 %)	34.35	(46.0 %)
Q2 2009	245.59	(32.0 %)	66.17	(27.2 %)	55.63	(19.3 %)
Q3 2009	231.19	(37.8 %)	39.08	(48.7 %)	24.11	(31.9 %)
Q4 2009	319.17	45.9 %	23.31	(44.3 %)	2.18	(95.0 %)
2009	1,033.92	(21.0 %)	177.83	(38.8 %)	116.27	(45.1 %)
Q1 2010	288.81	21.4 %	34.67	(29.6 %)	9.52	(72.3 %)
Q2 2010	272.04	10.8 %	39.88	(39.7 %)	13.58	(75.6 %)
Q3 2010	232.69	0.6 %	20.90	(46.5 %)	(1.40)	(105.8 %)
Q4 2010	235.71	(26.1 %)	19.41	(16.7 %)	(16.00)	(835.1 %)
2010	1,029.25	(0.5 %)	114.86	(35.4 %)	5.71	(95.1 %)
Q1 2011	227.36	(21.3 %)	11.24	(67.6 %)	(14.58)	(253.2 %)
Q2 2011	331.40	21.8 %	24.93	(37.5 %)	(1.23)	(109.1 %)
Q3 2011	288.33	23.9 %	33.87	62.0 %	8.41	699.1 %
Q4 2011	292.30	24.0 %	25.59	31.9 %	(13.02)	18.6 %
2011	1,139.39	10.7 %	95.62	(16.7 %)	(20.43)	(458.1 %)
Q1 2012	296.38	30.4 %	51.82	361.1 %	23.57	261.7 %
Q2 2012	270.85	(18.3 %)	37.48	50.4 %	15.38	1346.0 %
Q3 2012	193.87	(32.8 %)	40.37	19.2 %	14.92	77.5 %
Q4 2012	229.48	(21.5 %)	31.49	23.0 %	(0.33)	97.5 %
2012	990.58	(13.1 %)	161.16	68.5 %	53.54	362.1 %
Q1 2013	227.41	(23.3 %)	46.73	(9.8 %)	21.42	(9.1 %)
Q2 2013	228.05	(15.8 %)	31.96	(14.7 %)	7.69	(50.0 %)
Q3 2013	238.76	23.2 %	33.42	(17.2 %)	11.33	(24.0 %)
Q4 2013	236.51	3.1 %	33.80	7.3 %	9.12	2897.9 %
2013	930.73	(6.0 %)	145.90	(9.5 %)	49.56	(7.4 %)
Q1 2014	209.55	(7.9 %)	22.30	(52.3 %)	(1.87)	(108.7 %)
Q2 2014	269.78	18.3 %	40.73	27.5 %	17.85	132.1 %
Q3 2014	182.59	(23.5 %)	17.70	(47.1 %)	(14.89)	(231.4 %)
Q4 2014	196.55	(16.9 %)	25.73	(23.9 %)	1.28	(86.0 %)
2014	858.48	(7.8 %)	106.45	(27.0 %)	2.36	(95.2 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2005	276.54	44.3 %	64.76	56.2 %	39.75	104.9 %
2006	648.07	134.3 %	177.26	173.7 %	133.45	235.7 %
2007	1,103.28	70.2 %	271.36	53.1 %	210.95	58.1 %
2008	1,308.44	18.6 %	290.75	7.1 %	211.82	0.4 %
2009	1,033.92	(21.0 %)	177.83	(38.8 %)	116.27	(45.1 %)
2010	1,029.25	(0.5 %)	114.86	(35.4 %)	5.71	(95.1 %)
2011	1,139.39	10.7 %	95.62	(16.7 %)	(20.43)	(458.1 %)
2012	990.58	(13.1 %)	161.16	68.5 %	53.54	362.1 %
2013	930.73	(6.0 %)	145.90	(9.5 %)	49.56	(7.4 %)
2014	858.48	(7.8 %)	106.45	(27.0 %)	2.36	(95.2 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	38.03	90.1 %	1.23	-	38.03	1.23
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	84.03	121.0 %	2.71	-	84.03	2.71
Q1 2007	34.53	-	1.11	-	34.53	1.11
Q2 2007	34.87	-	1.13	-	34.87	1.13
Q3 2007	44.18	-	1.43	-	44.18	1.43
Q4 2007	36.55	-	1.18	-	36.55	1.18
2007	150.13	78.7 %	4.84	-	150.13	4.84
Q1 2008	49.25	42.6 %	1.59	-	49.25	1.59
Q2 2008	51.05	46.4 %	1.65	-	51.05	1.65
Q3 2008	21.39	(51.6 %)	0.69	-	21.39	0.69
Q4 2008	(33.27)	(191.0 %)	(1.07)	-	(33.27)	(1.07)
2008	88.42	(41.1 %)	2.85	-	88.42	2.85
Q1 2009	25.99	(47.2 %)	0.84	-	25.99	0.84
Q2 2009	30.13	(41.0 %)	0.97	-	30.13	0.97
Q3 2009	13.23	(38.1 %)	0.43	-	13.23	0.43
Q4 2009	(18.03)	45.8 %	(0.58)	-	(18.03)	(0.58)
2009	51.31	(42.0 %)	1.66	-	51.31	1.66
Q1 2010	3.12	(88.0 %)	0.10	-	3.12	0.10
Q2 2010	4.70	(84.4 %)	0.15	-	4.70	0.15
Q3 2010	(3.51)	(126.5 %)	(0.11)	-	(3.51)	(0.11)
Q4 2010	(99.26)	(450.4 %)	(3.20)	(77.00)	(22.26)	(0.72)
2010	(94.95)	(285.0 %)	(3.06)	(77.00)	(17.95)	(0.58)
Q1 2011	(20.97)	(771.4 %)	(0.68)	-	(20.97)	(0.68)
Q2 2011	1.35	(71.3 %)	0.04	-	1.35	0.04
Q3 2011	(6.52)	(85.8 %)	(0.21)	-	(6.52)	(0.21)
Q4 2011	(93.99)	5.3 %	(3.03)	(70.57)	(23.42)	(0.76)
2011	(120.14)	(26.5 %)	(3.88)	(70.57)	(49.57)	(1.60)
Q1 2012	10.72	151.1 %	0.35	-	10.72	0.35
Q2 2012	14.33	962.1 %	0.46	-	14.33	0.46
Q3 2012	9.22	241.3 %	0.30	-	9.22	0.30
Q4 2012	(3.17)	96.6 %	(0.10)	-	(3.17)	(0.10)
2012	31.10	125.9 %	1.00	-	31.10	1.00
Q1 2013	13.38	24.8 %	0.43	-	13.38	0.43
Q2 2013	0.01	(99.9 %)	0.00	-	0.01	0.00
Q3 2013	15.32	66.2 %	0.49	-	15.32	0.49
Q4 2013	1.69	153.4 %	0.04	12.73	(11.03)	(0.28)
2013	30.40	(2.2 %)	0.76	12.73	17.68	0.44
Q1 2014	(7.83)	(158.6 %)	(0.20)	-	(7.83)	(0.20)
Q2 2014	10.19	72678.6 %	0.25	-	10.19	0.25
Q3 2014	(19.83)	(229.5 %)	(0.50)	-	(19.83)	(0.50)
Q4 2014	(5.60)	(430.7 %)	(0.14)	-	(5.60)	(0.14)
2014	(23.07)	(175.9 %)	(0.58)	-	(23.07)	(0.58)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2005	38.03	90.1 %	1.23	-	38.03	1.23
2006	84.03	121.0 %	2.71	-	84.03	2.71
2007	150.13	78.7 %	4.84	-	150.13	4.84
2008	88.42	(41.1 %)	2.85	-	88.42	2.85
2009	51.31	(42.0 %)	1.66	-	51.31	1.66
2010	(94.95)	(285.0 %)	(3.06)	(77.00)	(17.95)	(0.58)
2011	(120.14)	(26.5 %)	(3.88)	(70.57)	(49.57)	(1.60)
2012	31.10	125.9 %	1.00	-	31.10	1.00
2013	30.40	(2.2 %)	0.76	12.73	17.68	0.44
2014	(23.07)	(175.9 %)	(0.58)	-	(23.07)	(0.58)

Profitability

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 %)
Q4 2014	12.40 %	5.17 %	(2.69 %)
2014	12.40 %	5.17 %	(2.69 %)

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 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 %)
Q4 2014	13.09 %	5.23 %	(2.85 %)

Per Share Data (Riyal)

Compared With The

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
Q4 2014	40.00	(0.58)	(0.58)	12.02

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 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	61.67	61.67	4.23
Q4 2009	35.41	35.41	3.60
Q1 2010	58.07	58.07	3.53
Q2 2010	More than 100	More than 100	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 100	4.06
Q4 2012	29.79	29.79	3.29
Q1 2013	28.30	28.30	3.24
Q2 2013	50.98	50.98	3.36
Q3 2013	31.71	31.71	2.61
Q4 2013	27.14	46.68	1.64
Q1 2014	96.95	NEG	1.79
Q2 2014	47.09	More than 100	1.80
Q3 2014	NEG	NEG	2.35
Q4 2014	NEG	NEG	2.73

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

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MESC reports 2014 losses of SAR 23.2 mln

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