Middle East Specialized Cables Co. (MESC) widened its net loss after Zakat and tax to SAR 11.5 million in the first nine months of 2022, compared with SAR 5.5 million a year earlier.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 371.70 | 586.30 | 57.7 % |
| Gross Income | 37.57 | 36.34 | (3.3 %) |
| Operating Income | 6.34 | (0.25) | (104.0 %) |
| Net Income | (5.54) | (11.52) | (108.1 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.14) | (0.29) | (108.1 %) |
This was due to a decline in profit margins as a result of high fluctuations in raw material prices, especially in Q2 2022.
The cable manufacturer reported a net profit after Zakat and tax of SAR 253,000 in Q3 2022, against a net loss after Zakat and tax of SAR 9.06 million in the year-earlier period.
This was attributed to an increase in sales volume, improvement in profit margins and low expenses.
Compared with the previous quarter, MESC turned profitable from a loss of SAR 11.84 million.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 135.87 | 200.57 | 47.6 % |
| Gross Income | 7.66 | 14.96 | 95.3 % |
| Operating Income | (5.31) | 4.04 | 176.1 % |
| Net Income | (9.06) | 0.25 | 102.8 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.23) | 0.01 | 102.8 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 198.17 | 200.57 | 1.2 % |
| Gross Income | 7.17 | 14.96 | 108.6 % |
| Operating Income | (8.18) | 4.04 | 149.4 % |
| Net Income | (11.84) | 0.25 | 102.1 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.30) | 0.01 | 102.1 % |
Total shareholders' equity, with no minority rights, amounted to SAR 326.9 million as of Sept. 30, 2022, compared to SAR 355.5 million in the year-ago period.
Accumulated losses during the current period amounted to SAR 102.1 million, or 25.5% of the company's capital.
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