MESC trims net loss by 92.8% to SAR 1.2 mln in H1 2020

24/08/2020 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC) narrowed net loss after Zakat and tax by 92.8% year-on-year (YoY) to SAR 1.2 million for the first half of 2020, driven by higher sales volumes, improved profit margins and lower expenses.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	233.88	255.33	9.2 %
Gross Income	23.29	35.43	52.1 %
Operating Income	(8.74)	5.96	168.2 %
Net Income	(16.58)	(1.18)	92.9 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.41)	(0.03)	92.9 %

The company trimmed net loss after Zakat and tax by 75% YoY to SAR 1.5 million for the second quarter, due to higher profit margins, and lower expenses.

On a quarter-on-quarter basis, the company turned to loss in Q2 2020, versus net profit of SAR 0.3 million in year-earlier period, on lower sales volumes.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	119.17	115.09	(3.4 %)
Gross Income	12.81	15.03	17.3 %
Operating Income	(2.26)	1.83	180.9 %
Net Income	(6.00)	(1.46)	75.7 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.15)	(0.04)	75.7 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	140.24	115.09	(17.9 %)
Gross Income	20.40	15.03	(26.3 %)
Operating Income	4.14	1.83	(55.9 %)
Net Income	0.28	(1.46)	(617.0 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.01	(0.04)	(617.0 %)

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