MESC widens 9M 2022 losses to SAR 11.5 mln; Q3 profit at SAR 253,000

09/11/2022 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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