MESC swings to net loss of SAR 22.7 mln in 2021, Q4 at SAR 17.2 mln

31/03/2022 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC) reported a net loss after Zakat and tax of SAR 22.7 million in 2021, against a net profit of SAR 2.1 million a year earlier.

The losses were driven by lower sales volume, subdued profit margins and higher general and administrative expenses.

Financials (M)

Item	2020	2021	Change‬
Revenues	525.59	516.50	(1.7 %)
Gross Income	80.62	52.34	(35.1 %)
Operating Income	30.74	(6.00)	(119.5 %)
Net Income	2.07	(22.72)	(1199.0 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.05	(0.57)	(1199.0 %)

Q4 2021 net loss widened to SAR 17.2 million from SAR 1.03 million in Q4 2020.

On a quarterly basis, Q4 net loss widened from SAR 9.06 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	134.17	144.80	7.9 %
Gross Income	25.13	14.78	(41.2 %)
Operating Income	17.11	(12.33)	(172.1 %)
Net Income	(1.03)	(17.18)	(1,563.1 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.03)	(0.43)	(1,563.1 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	135.87	144.80	6.6 %
Gross Income	7.66	14.78	93.0 %
Operating Income	(5.31)	(12.33)	(132.4 %)
Net Income	(9.06)	(17.18)	(89.7 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.23)	(0.43)	(89.7 %)

Total shareholders’ equity, excluding minority interest, dropped 6.3% to SAR 338.4 million, from SAR 361.1 million in 2020.

Accumulated losses stood at SAR 90.6 million as of Dec. 31, 2021, accounting for 22.7% of capital.

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