MESC 9M 2024 net profit rises 79% to SAR 68.7M; Q3 at SAR 20.9M

11/11/2024 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC) reported a net profit of SAR 68.7 million for the first nine months of 2024, a surge of 79% from SAR 38.4 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	664.37	830.40	25.0 %
Gross Income	108.69	146.70	35.0 %
Operating Income	56.29	83.90	49.0 %
Net Income	38.43	68.70	78.8 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.96	1.72	78.8 %

The nine-month sales increased by 24.99% year-on-year (YoY) as a result of a rise in sales orders across all segments, especially in the oil and gas industry. The company also cited higher sales volume, increased profit margins as well as operating efficiency during the current period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	229.89	289.20	25.8 %
Gross Income	39.23	47.30	20.6 %
Operating Income	21.33	26.60	24.7 %
Net Income	13.56	20.90	54.1 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.34	0.52	54.1 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	249.89	289.20	15.7 %
Gross Income	45.64	47.30	3.6 %
Operating Income	25.93	26.60	2.6 %
Net Income	21.78	20.90	(4.0 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.54	0.52	(4.0 %)

Q3 2024 net profit stood at SAR 20.9 million, an increase of 54% YoY from SAR 13.6 million, on higher sales, operating efficiency, in addition to lower financing charges and Zakat.

On a sequential basis, net earnings dropped 4% from SAR 21.8 million in Q2 2024.

Total shareholders’ equity (no minority interest) stood at SAR 446.3 million by Sept. 30, 2024, compared to SAR 366.7 million a year earlier.

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