MESC shrinks 2022 net loss to SAR 11.8 mln; Q4 loss at SAR 270,000

30/03/2023 Argaam Exclusive

Middle East Specialized Cables Co. (MESC) trimmed 2022 net loss to SAR 11.8 million, from SAR 22.7 million a year earlier, on higher sales volumes and increased gross profit in addition to booking additional provisions for due amounts from a subsidiary last year.



Financials (M)

Item 2021 2022 Change‬
Revenues 516.50 814.40 57.7 %
Gross Income 52.34 74.94 43.2 %
Operating Income (6.00) 25.70 528.7 %
Net Income (22.72) (11.79) 48.1 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.57) (0.29) 48.1 %

The company also cited additional provisions for Zakat.

 


Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 144.80 228.09 57.5 %
Gross Income 14.78 38.60 161.2 %
Operating Income (12.33) 25.95 310.4 %
Net Income (17.18) (0.27) 98.4 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.43) (0.01) 98.4 %

Q4 2022 net loss reached SAR 270,000, compared to SAR 17.18 million in the year-earlier period.   

 

On a sequential basis, MESC turned to losses from a profit of SAR 250,000 in Q3 2022.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 328.3 million by Dec. 31, 2022, compared to SAR 338.4 million a year earlier. 

 

Accumulated loss amounted to SAR 103.1 million by Dec. 31, 2022, or 25.8% of capital. 

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Share Price

Middle East Specialized Cables Co.
38.70
(1.70) (4.21 %)

Middle East Specialized Cables Co. (MESC)

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Financial Ratios
Current
Market Cap (M Riyal) 1,548.00
Enterprise Value (EV) (M) 1,568.75
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) 19.55
P/E (TTM) 19.55
Price/book 3.47
Return on Average Assets (%) (TTM) 9.7
Return on Average Equity (%) (TTM) 19.5
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