MESC swings to profit of SAR 2.1 mln in 2020

25/03/2021 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC) turned to a net profit after Zakat and tax of SAR 2.1 million for 2020, compared to a net loss of SAR 24.6 million a year earlier, backed by higher sales, along with a decline in expenses.

Financials (M)

Item	2019	2020	Change‬
Revenues	468.18	525.59	12.3 %
Gross Income	53.38	80.62	51.0 %
Operating Income	(8.72)	30.74	452.5 %
Net Income	(24.58)	2.07	108.4 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.61)	0.05	108.4 %

The company cut net losses to SAR 1 million in Q4 2020 from SAR 7.82 million in the year-ago period.

Shareholders’ equity, excluding minority interest, edged up 0.44% to SAR 361.1 million in 2020, from SAR 359.5 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	115.70	134.17	16.0 %
Gross Income	13.60	25.13	84.8 %
Operating Income	(3.64)	17.11	570.3 %
Net Income	(7.82)	(1.03)	86.8 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.20)	(0.03)	86.8 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	136.09	134.17	(1.4 %)
Gross Income	20.06	25.13	25.2 %
Operating Income	7.67	17.11	123.1 %
Net Income	4.28	(1.03)	(124.2 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.11	(0.03)	(124.2 %)

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