MESC shrinks 2022 net loss to SAR 11.8 mln; Q4 loss at SAR 270,000

30/03/2023 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC) trimmed 2022 net loss to SAR 11.8 million, from SAR 22.7 million a year earlier, on higher sales volumes and increased gross profit in addition to booking additional provisions for due amounts from a subsidiary last year.

Financials (M)

Item	2021	2022	Change‬
Revenues	516.50	814.40	57.7 %
Gross Income	52.34	74.94	43.2 %
Operating Income	(6.00)	25.70	528.7 %
Net Income	(22.72)	(11.79)	48.1 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.57)	(0.29)	48.1 %

The company also cited additional provisions for Zakat.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	144.80	228.09	57.5 %
Gross Income	14.78	38.60	161.2 %
Operating Income	(12.33)	25.95	310.4 %
Net Income	(17.18)	(0.27)	98.4 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.43)	(0.01)	98.4 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	200.57	228.09	13.7 %
Gross Income	14.96	38.60	158.1 %
Operating Income	4.04	25.95	542.8 %
Net Income	0.25	(0.27)	(206.7 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.01	(0.01)	(206.7 %)

Q4 2022 net loss reached SAR 270,000, compared to SAR 17.18 million in the year-earlier period.

On a sequential basis, MESC turned to losses from a profit of SAR 250,000 in Q3 2022.

Total shareholders’ equity, excluding minority interest, stood at SAR 328.3 million by Dec. 31, 2022, compared to SAR 338.4 million a year earlier.

Accumulated loss amounted to SAR 103.1 million by Dec. 31, 2022, or 25.8% of capital.

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