Financial Results : MESC H1 2024 profit leaps 92% to SAR 47.7M, Q2 at SAR 21.8M

MESC H1 2024 profit leaps 92% to SAR 47.7M, Q2 at SAR 21.8M

31/07/2024 Argaam Exclusive

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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.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 434.48 541.18 24.6 %
Gross Income 69.46 99.46 43.2 %
Operating Income 34.96 57.32 64.0 %
Net Income 24.87 47.74 92.0 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.62 1.19 92.0 %

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 as 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. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 215.93 249.89 15.7 %
Gross Income 34.19 45.64 33.5 %
Operating Income 17.95 25.93 44.4 %
Net Income 12.43 21.78 75.2 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.31 0.54 75.2 %

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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