Middle East Specialized Cables Co. (MESC) turned to a net loss after Zakat and tax of SAR 11.77 million in the first half of 2022, against a net profit of SAR 3.5 million in the year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 235.83 | 385.73 | 63.6 % |
| Gross Income | 29.91 | 21.39 | (28.5 %) |
| Operating Income | 11.65 | (4.29) | (136.8 %) |
| Net Income | 3.52 | (11.77) | (434.4 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.09 | (0.29) | (434.4 %) |
The company reported a decline in profit margins as a result of the high fluctuations in raw material prices. It also reversed a higher provision for impairment of trade receivables in the first half of 2021.
In Q2 2022, the company incurred a net loss after Zakat and tax of SAR 11.80 million, versus a net profit of SAR 2.67 million on lower profit margins and a reversal of a provision for impairment of trade receivables.
In Q1 2022, the company reported a net profit of SAR 700,000.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 124.07 | 198.17 | 59.7 % |
| Gross Income | 15.18 | 7.17 | (52.8 %) |
| Operating Income | 6.33 | (8.18) | (229.2 %) |
| Net Income | 2.67 | (11.84) | (543.5 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.07 | (0.30) | (543.5 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 187.56 | 198.17 | 5.7 % |
| Gross Income | 14.22 | 7.17 | (49.6 %) |
| Operating Income | 3.89 | (8.18) | (310.3 %) |
| Net Income | 0.07 | (11.84) | (16873.2 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.00 | (0.30) | (16873.2 %) |
Total shareholders’ equity, after minority interest, dropped to SAR 326.6 million as of June 30, 2022, from SAR 364.6 million a year earlier.
Accumulated losses reached SAR 102.4 million, or 25.6% of the company’s capital, by the end of the six-month period.
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