Middle East Specialized Cables Co. (MESC) posted a 92% profit leap in H1 2024 to SAR 47.7 million, compared with SAR 24.9 million in the year-earlier period.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 434.48 | 541.20 | 24.6 % |
| Gross Income | 69.46 | 99.50 | 43.2 % |
| Operating Income | 34.96 | 57.30 | 63.9 % |
| Net Income | 24.90 | 47.70 | 91.6 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.62 | 1.19 | 91.6 % |
Sales in the six-month period increased by 24.56% year-on-year (YoY) on the growth in sales orders volumes of all business segments, especially the oil and gas.
The company also posted an improvement in profit margins and operating efficiency in H1 2024.
In Q2 2024, the company's earnings leapt by 76% to SAR 21.8 million, compared with SAR 12.4 million in Q2 2023, boosted by higher sales and profit margins.
Sequentially, the three-month earnings fell 16% from SAR 25.96 million in Q1 2024. This came sales dropped by 14.21% on a quarterly basis as several public holidays took place during the second quarter of the year, which in turn delayed some client deliveries.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 215.93 | 249.90 | 15.7 % |
| Gross Income | 34.19 | 45.60 | 33.4 % |
| Operating Income | 17.95 | 25.90 | 44.3 % |
| Net Income | 12.40 | 21.80 | 75.8 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.31 | 0.55 | 75.8 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 291.29 | 249.90 | (14.2 %) |
| Gross Income | 53.82 | 45.60 | (15.3 %) |
| Operating Income | 31.39 | 25.90 | (17.5 %) |
| Net Income | 25.96 | 21.80 | (16.0 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.65 | 0.55 | (16.0 %) |
Total shareholders’ equity, no minority interest, amounted to SAR 425.4 million as of June 30, 2024, up from SAR 353.2 million a year earlier.
Accumulated losses reached SAR 6.4 million, or 1.6% of the company’s capital, by the end of the six-month period.
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