MESC turns to SAR 11.77 mln loss in H1 2022, Q2 loss at SAR 11.80 mln

18/08/2022 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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