Financial Results : MESC Q1 2021 net profit rises threefold to SAR 900,000

MESC Q1 2021 net profit rises threefold to SAR 900,000

04/05/2021 Argaam Exclusive

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Middle East Specialized Cables (MESC) reported a net profit after Zakat and tax of SAR 900,000 for Q1 2021, a rise of threefold from SAR 300,000 in the year-ago period.

 

The profit growth was driven by a decline in expenses in the current quarter, epecially selling and marketing expenses.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 140.24 111.76 (20.3 %)
Gross Income 20.40 14.73 (27.8 %)
Operating Income 4.14 5.32 28.5 %
Net Income 0.28 0.85 201.4 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.01 0.02 201.4 %

Shareholders’ equity, excluding minority interest, grew by 0.6% to SAR 361.9 million by the end of Q1 2021, compared to SAR 359.8 million in the year-ago period.

 

Accumulated losses reached SAR 67 million, or 16.8% of capital by the end of Q1 2021.

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