Financial Results : MESC net profit plunges 89% to SAR 100,000 in Q1 2022

MESC net profit plunges 89% to SAR 100,000 in Q1 2022

23/05/2022 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC) reported a net profit after Zakat and tax of SAR 100,000 in Q1 2022, a slump of 89% from SAR 900,000 in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 111.76 187.56 67.8 %
Gross Income 14.73 14.22 (3.5 %)
Operating Income 5.32 3.89 (26.9 %)
Net Income 0.85 0.07 (91.7 %)
Average Shares 40.00 40.00 -
EPS (Riyals) 0.02 0.00 (91.7 %)

The profit decline was due to lower profit margins and increased expenses.

 

On a quarterly basis, MESC turned to profit, versus a net loss of SAR 17.2 million in Q4 2021.

 

Total shareholders’ equity, excluding minority interest, dropped 6.5% year-on-year to SAR 338.4 million by the end of Q1 2022.

 

Accumulated losses stood for 22.6% of capital, or SAR 90.5 million as of March 31, 2022.

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