Financial Results : MESC profit rises to SAR 26M in Q1 2024

MESC profit rises to SAR 26M in Q1 2024

16/05/2024 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC) reported a net profit of SAR 26 million in Q1 2024, compared to SAR 12.4 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 218.55 291.29 33.3 %
Gross Income 35.27 53.82 52.6 %
Operating Income 17.00 31.39 84.6 %
Net Income 12.43 25.96 108.8 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.31 0.65 108.8 %

The profit growth was driven by the year-on-year (YoY) hike in sales volumes for Q1 2024 amid increased demand in all segments during the quarter, especially in the oil and gas projects sector.

 

The company also cited higher profit margins in Q1 2024.

 

On a sequential basis, the company's Q1 2024 profit more than doubled from SAR 10.51 million.

 

Total shareholders’ equity, no minority interest, soared to SAR 403.6 million by the end of Q1 2024, compared with SAR 340.7 million a year earlier.

 

Accumulated losses accounted for 7.1%, or SAR 28.2 million, of capital as of March 31, 2024.

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