MESC net profit plunges 89% to SAR 100,000 in Q1 2022

23/05/2022 Argaam Exclusive

Middle East Specialized Cables Co. (MESC) reported a net profit after Zakat and tax of SAR 100,000 in Q1 2022, a slump of 89% from SAR 900,000 in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 111.76 187.56 67.8 %
Gross Income 14.73 14.22 (3.5 %)
Operating Income 5.32 3.89 (26.9 %)
Net Income 0.85 0.07 (91.7 %)
Average Shares 40.00 40.00 -
EPS (Riyals) 0.02 0.00 (91.7 %)

The profit decline was due to lower profit margins and increased expenses.

 

On a quarterly basis, MESC turned to profit, versus a net loss of SAR 17.2 million in Q4 2021.

 

Total shareholders’ equity, excluding minority interest, dropped 6.5% year-on-year to SAR 338.4 million by the end of Q1 2022.

 

Accumulated losses stood for 22.6% of capital, or SAR 90.5 million as of March 31, 2022.

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Share Price

Middle East Specialized Cables Co.
39.75
(0.65) (1.61 %)

Middle East Specialized Cables Co. (MESC)

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Financial Ratios
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
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