MESC turns to SAR 24.9 mln profit in H1 2023, Q2 at SAR 12.4 mln

02/08/2023 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC) turned to a net profit of SAR 24.9 million in the first half of 2023, against a net loss of SAR 11.8 million in the year-earlier period, driven by higher sales and profit margins.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	385.73	434.48	12.6 %
Gross Income	21.39	69.46	224.8 %
Operating Income	(4.29)	34.96	915.1 %
Net Income	(11.77)	24.87	311.2 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.29)	0.62	311.2 %

In Q2 2023, the company swung to a net profit of SAR 12.40 million versus a loss of SAR 11.84 million a year earlier on higher sales and profit margins.

Compared with the previous quarter, Q2 2023 earnings fell 0.3% from SAR 12.43 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	198.17	215.93	9.0 %
Gross Income	7.17	34.19	376.8 %
Operating Income	(8.18)	17.95	319.6 %
Net Income	(11.84)	12.43	205.0 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.30)	0.31	205.0 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	218.55	215.93	(1.2 %)
Gross Income	35.27	34.19	(3.1 %)
Operating Income	17.00	17.95	5.6 %
Net Income	12.43	12.43	0.0 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.31	0.31	0.0 %

Total shareholders’ equity, no minority interest, amounted to SAR 353.2 million as of June 30, 2023, up from SAR 326.6 million a year earlier.

Accumulated losses reached SAR 78.2 million, or 19.55% of the company’s capital, by the end of the six-month period.

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