MESC turns to profit of SAR 48.9M in 2023; Q4 at SAR 10.5M

06/03/2024 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC) reported a net profit of SAR 48.9 million for 2023, against a net loss of SAR 11.8 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	814.40	926.88	13.8 %
Gross Income	74.94	152.04	102.9 %
Operating Income	25.70	77.13	200.1 %
Net Income	(11.79)	48.94	515.1 %
Average Shares	40.00	40.00	-
Earnings Per Share before unusual items	0.23	1.22	428.8 %
EPS (Riyals)	(0.29)	1.22	515.1 %

The positive performance was due to the increase in sales volume and profit margins during the current year.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	228.09	262.51	15.1 %
Gross Income	38.60	43.35	12.3 %
Operating Income	25.95	20.84	(19.7 %)
Net Income	(0.27)	10.51	3990.6 %
Average Shares	40.00	40.00	-
Earnings Per Share before unusual items	0.52	0.26	(49.4 %)
EPS (Riyals)	(0.01)	0.26	3990.6 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	229.89	262.51	14.2 %
Gross Income	39.23	43.35	10.5 %
Operating Income	21.33	20.84	(2.3 %)
Net Income	13.56	10.51	(22.5 %)
Average Shares	40.00	40.00	-
Earnings Per Share before unusual items	0.34	0.26	(22.5 %)
EPS (Riyals)	0.34	0.26	(22.5 %)

The company reported a net profit of SAR 10.5 million in Q4 2023, against a loss of SAR 270,000 in Q4 2022.

Sequentially, MESC’s profit fell 22.8% from SAR 13.56 million in Q3 2023.

Shareholders’ equity, no minority interest, rose to SAR 377.6 million as of Dec. 31, 2023, compared to SAR 328.3 million a year earlier.

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