MESC swings to SAR 3.5 mln net profit in H1 2021

05/09/2021 Argaam Exclusive

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Middle East Specialized Cables (MESC) swung to a net profit after Zakat and tax of SAR 3.5 million on H1 2021, against a net loss of SAR 1.2 million in the same period last year, driven by lower selling and marketing expenses.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	255.33	235.83	(7.6 %)
Gross Income	35.43	29.91	(15.6 %)
Operating Income	5.96	11.65	95.3 %
Net Income	(1.18)	3.52	399.3 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.03)	0.09	399.3 %

The firm also turned to profit after Zakat and tax of SAR 2.7 million in Q2 2021, compared to a loss of SAR 1.46 million in the year-earlier period.

On a sequential basis, MESC’s net profit jumped 217.6% in Q2 2021 from SAR 850,000.

Accumulated losses reached SAR 64.4 million, or 16.1% of capital, by the end of H1 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	115.09	124.07	7.8 %
Gross Income	15.03	15.18	1.0 %
Operating Income	1.83	6.33	246.5 %
Net Income	(1.46)	2.67	283.1 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.04)	0.07	283.1 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	111.76	124.07	11.0 %
Gross Income	14.73	15.18	3.1 %
Operating Income	5.32	6.33	19.0 %
Net Income	0.85	2.67	214.1 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.02	0.07	214.1 %

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