MESC cuts net losses to SAR 24.6 mln in FY19

24/03/2020 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC) trimmed net losses after Zakat and tax to SAR 24.6 million for the fiscal year 2019, compared to net losses of SAR 80.1 million a year earlier.

The losses narrowed on better profit margins and lower costs.

Accumulated losses stood at SAR 69.4 million as of Dec. 31, 2019, accounting for 17.4% of total capital.

Financials (M)

Item	2018	2019	Change‬
Revenues	591.86	468.18	(20.9 %)
Gross Income	48.13	53.38	10.9 %
Operating Income	(62.98)	(8.72)	86.2 %
Net Income	(80.11)	(24.58)	69.3 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(2.00)	(0.61)	69.3 %

In Q4 2019, the company incurred net losses of SAR 7.8 million, compared to net losses of SAR 37 million in year earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	134.48	115.70	(14.0 %)
Gross Income	14.32	13.60	(5.0 %)
Operating Income	(32.66)	(3.64)	88.9 %
Net Income	(37.07)	(7.82)	78.9 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.93)	(0.20)	78.9 %

Item	Q3 2019	Q4 2019	Change‬
Revenues	118.61	115.70	(2.4 %)
Gross Income	16.50	13.60	(17.6 %)
Operating Income	3.66	(3.64)	(199.4 %)
Net Income	(0.18)	(7.82)	(4,147.3 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.00	(0.20)	(4,147.3 %)

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