MESC turns to profit of SAR 38.4 mln in 9M 2023; Q3 at SAR 13.6 mln

30/10/2023 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC) reported a net profit of SAR 38.4 million for the first nine months of 2023, against a net loss of SAR 11.5 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	586.30	664.37	13.3 %
Gross Income	36.34	108.69	199.1 %
Operating Income	(0.25)	56.29	22438.1 %
Net Income	(11.52)	38.43	433.6 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.29)	0.96	433.6 %

The profit was driven by higher sales volume and gross margins during the current period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	200.57	229.89	14.6 %
Gross Income	14.96	39.23	162.3 %
Operating Income	4.04	21.33	428.4 %
Net Income	0.25	13.56	5258.2 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.01	0.34	5258.2 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	215.93	229.89	6.5 %
Gross Income	34.19	39.23	14.8 %
Operating Income	17.95	21.33	18.8 %
Net Income	12.43	13.56	9.1 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.31	0.34	9.1 %

The company reported a net profit of SAR 13.6 million in Q3 2023, from SAR 250,000 in Q3 2022.

Sequentially, MESC’s profit grew 9.4% from SAR 12.43 million in Q2 2023.

Shareholders’ equity, no minority interest, stood at SAR 366.7 million as of Sept. 30, 2023, compared to SAR 326.9 million a year earlier.

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