MESC swings to SAR 5.5 mln net loss in 9M 2021

02/11/2021 Argaam Exclusive

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Middle East Specialized Cables (MESC) swung to a net loss after Zakat and tax of SAR 5.5 million in the first nine months of 2021, against a net profit of SAR 3.1 million a year earlier, hit by lower sales volume and profit margins. Meanwhile, this decrease was partially offset by lower selling and marketing expenses during the current period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	391.42	371.70	(5.0 %)
Gross Income	55.49	37.57	(32.3 %)
Operating Income	13.63	6.34	(53.5 %)
Net Income	3.10	(5.54)	(278.6 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.08	(0.14)	(278.6 %)

The cable manufacturer also turned to a net loss after Zakat and tax of SAR 9.1 million in Q3 2021, compared to a net profit of SAR 4.3 million in the year-earlier period on lower profit margins.

In the previous quarter, MESC reported a net profit of SAR 2.7 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	136.09	135.87	(0.2 %)
Gross Income	20.06	7.66	(61.8 %)
Operating Income	7.67	(5.31)	(169.2 %)
Net Income	4.28	(9.06)	(311.8 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.11	(0.23)	(311.8 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	124.07	135.87	9.5 %
Gross Income	15.18	7.66	(49.6 %)
Operating Income	6.33	(5.31)	(183.8 %)
Net Income	2.67	(9.06)	(439.2 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.07	(0.23)	(439.2 %)

Total shareholders' equity, excluding minority rights, amounted to SAR 355.5 million in 9M 2021, compared to SAR 362.6 million in the year-ago period.

Accumulated losses during the current period amounted to SAR 73.4 million, or 18.4% of the company's capital.

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