MESC posts lower net profit at SAR 2.4m in I2 of 2014

30/06/2014 Argaam Exclusive

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Middle East Specialized Cables Co., manufacturing specialized low voltage cables and various types of wires, reported SAR 2.4m net profit at the end of the first half of 2014, compared to SAR 13.4m in the same period last year, as shown in the following table:

Financials (M)

Item	6m 2013	6m 2014	Change‬
Revenues	455.46	479.33	5.2 %
Gross Income	78.68	63.03	(19.9 %)
Operating Income	29.11	15.97	(45.1 %)
Net Income	13.39	2.36	(82.4 %)
Average Shares	30.99	40.00	29.1 %
EPS (Riyals)	0.43	0.06	(86.4 %)

Current Quarter Comparison (M)

Compared With The

Item	Q2 2013	Q2 2014	Change‬
Revenues	228.05	269.78	18.3 %
Gross Income	31.96	40.73	27.5 %
Operating Income	7.69	17.85	132.1 %
Net Income	0.01	10.19	72678.6 %
Average Shares	30.99	40.00	29.1 %
EPS (Riyals)	0.00	0.25	56287.0 %

Item	Q1 2014	Q2 2014	Change‬
Revenues	209.55	269.78	28.7 %
Gross Income	22.30	40.73	82.7 %
Operating Income	(1.87)	17.85	1053.8 %
Net Income	(7.83)	10.19	230.1 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.20)	0.25	230.1 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	276.54	44.3 %	64.76	56.2 %	39.75	104.9 %
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	648.07	134.3 %	177.26	173.7 %	133.45	235.7 %
Q1 2007	268.17	-	61.98	-	49.69	-
Q2 2007	273.80	-	72.11	-	54.40	-
Q3 2007	293.12	-	76.40	-	61.68	-
Q4 2007	268.20	-	60.87	-	45.18	-
2007	1,103.28	70.2 %	271.36	53.1 %	210.95	58.1 %
Q1 2008	357.08	33.2 %	81.84	32.0 %	63.65	28.1 %
Q2 2008	360.99	31.8 %	90.84	26.0 %	68.96	26.7 %
Q3 2008	371.57	26.8 %	76.22	(0.2 %)	35.40	(42.6 %)
Q4 2008	218.80	(18.4 %)	41.85	(31.2 %)	43.81	(3.0 %)
2008	1,308.44	18.6 %	290.75	7.1 %	211.82	0.4 %
Q1 2009	237.97	(33.4 %)	49.26	(39.8 %)	34.35	(46.0 %)
Q2 2009	245.59	(32.0 %)	66.17	(27.2 %)	55.63	(19.3 %)
Q3 2009	231.19	(37.8 %)	39.08	(48.7 %)	24.11	(31.9 %)
Q4 2009	319.17	45.9 %	23.31	(44.3 %)	2.18	(95.0 %)
2009	1,033.92	(21.0 %)	177.83	(38.8 %)	116.27	(45.1 %)
Q1 2010	288.81	21.4 %	34.67	(29.6 %)	9.52	(72.3 %)
Q2 2010	272.04	10.8 %	39.88	(39.7 %)	13.58	(75.6 %)
Q3 2010	232.69	0.6 %	20.90	(46.5 %)	(1.40)	(105.8 %)
Q4 2010	235.71	(26.1 %)	19.41	(16.7 %)	(16.00)	(835.1 %)
2010	1,029.25	(0.5 %)	114.86	(35.4 %)	5.71	(95.1 %)
Q1 2011	227.36	(21.3 %)	11.24	(67.6 %)	(14.58)	(253.2 %)
Q2 2011	331.40	21.8 %	24.93	(37.5 %)	(1.23)	(109.1 %)
Q3 2011	288.33	23.9 %	33.87	62.0 %	8.41	699.1 %
Q4 2011	292.30	24.0 %	25.59	31.9 %	(13.02)	18.6 %
2011	1,139.39	10.7 %	95.62	(16.7 %)	(20.43)	(458.1 %)
Q1 2012	296.38	30.4 %	51.82	361.1 %	23.57	261.7 %
Q2 2012	270.85	(18.3 %)	37.48	50.4 %	15.38	1346.0 %
Q3 2012	193.87	(32.8 %)	40.37	19.2 %	14.92	77.5 %
Q4 2012	229.48	(21.5 %)	31.49	23.0 %	(0.33)	97.5 %
2012	990.58	(13.1 %)	161.16	68.5 %	53.54	362.1 %
Q1 2013	227.41	(23.3 %)	46.73	(9.8 %)	21.42	(9.1 %)
Q2 2013	228.05	(15.8 %)	31.96	(14.7 %)	7.69	(50.0 %)
Q3 2013	238.76	23.2 %	33.42	(17.2 %)	11.33	(24.0 %)
Q4 2013	236.51	3.1 %	33.80	7.3 %	9.12	2897.9 %
2013	930.73	(6.0 %)	145.90	(9.5 %)	49.56	(7.4 %)
Q1 2014	209.55	(7.9 %)	22.30	(52.3 %)	(1.87)	(108.7 %)
Q2 2014	269.78	18.3 %	40.73	27.5 %	17.85	132.1 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2004	191.70	11.7 %	41.45	7.3 %	19.40	17.3 %
2005	276.54	44.3 %	64.76	56.2 %	39.75	104.9 %
2006	648.07	134.3 %	177.26	173.7 %	133.45	235.7 %
2007	1,103.28	70.2 %	271.36	53.1 %	210.95	58.1 %
2008	1,308.44	18.6 %	290.75	7.1 %	211.82	0.4 %
2009	1,033.92	(21.0 %)	177.83	(38.8 %)	116.27	(45.1 %)
2010	1,029.25	(0.5 %)	114.86	(35.4 %)	5.71	(95.1 %)
2011	1,139.39	10.7 %	95.62	(16.7 %)	(20.43)	(458.1 %)
2012	990.58	(13.1 %)	161.16	68.5 %	53.54	362.1 %
2013	930.73	(6.0 %)	145.90	(9.5 %)	49.56	(7.4 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	38.03	90.1 %	1.23	-	38.03	1.23
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	84.03	121.0 %	2.71	-	84.03	2.71
Q1 2007	34.53	-	1.11	-	34.53	1.11
Q2 2007	34.87	-	1.13	-	34.87	1.13
Q3 2007	44.18	-	1.43	-	44.18	1.43
Q4 2007	36.55	-	1.18	-	36.55	1.18
2007	150.13	78.7 %	4.84	-	150.13	4.84
Q1 2008	49.25	42.6 %	1.59	-	49.25	1.59
Q2 2008	51.05	46.4 %	1.65	-	51.05	1.65
Q3 2008	21.39	(51.6 %)	0.69	-	21.39	0.69
Q4 2008	(33.27)	(191.0 %)	(1.07)	-	(33.27)	(1.07)
2008	88.42	(41.1 %)	2.85	-	88.42	2.85
Q1 2009	25.99	(47.2 %)	0.84	-	25.99	0.84
Q2 2009	30.13	(41.0 %)	0.97	-	30.13	0.97
Q3 2009	13.23	(38.1 %)	0.43	-	13.23	0.43
Q4 2009	(18.03)	45.8 %	(0.58)	-	(18.03)	(0.58)
2009	51.31	(42.0 %)	1.66	-	51.31	1.66
Q1 2010	3.12	(88.0 %)	0.10	-	3.12	0.10
Q2 2010	4.70	(84.4 %)	0.15	-	4.70	0.15
Q3 2010	(3.51)	(126.5 %)	(0.11)	-	(3.51)	(0.11)
Q4 2010	(99.26)	(450.4 %)	(3.20)	(77.00)	(22.26)	(0.72)
2010	(94.95)	(285.0 %)	(3.06)	(77.00)	(17.95)	(0.58)
Q1 2011	(20.97)	(771.4 %)	(0.68)	-	(20.97)	(0.68)
Q2 2011	1.35	(71.3 %)	0.04	-	1.35	0.04
Q3 2011	(6.52)	(85.8 %)	(0.21)	-	(6.52)	(0.21)
Q4 2011	(93.99)	5.3 %	(3.03)	(70.57)	(23.42)	(0.76)
2011	(120.14)	(26.5 %)	(3.88)	(70.57)	(49.57)	(1.60)
Q1 2012	10.72	151.1 %	0.35	-	10.72	0.35
Q2 2012	14.33	962.1 %	0.46	-	14.33	0.46
Q3 2012	9.22	241.3 %	0.30	-	9.22	0.30
Q4 2012	(3.17)	96.6 %	(0.10)	-	(3.17)	(0.10)
2012	31.10	125.9 %	1.00	-	31.10	1.00
Q1 2013	13.38	24.8 %	0.43	-	13.38	0.43
Q2 2013	0.01	(99.9 %)	0.00	-	0.01	0.00
Q3 2013	15.32	66.2 %	0.49	-	15.32	0.49
Q4 2013	1.69	153.4 %	0.04	12.73	(11.03)	(0.28)
2013	30.40	(2.2 %)	0.76	12.73	17.68	0.44
Q1 2014	(7.83)	(158.6 %)	(0.20)	-	(7.83)	(0.20)
Q2 2014	10.19	72678.6 %	0.25	-	10.19	0.25

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2004	20.00	44.6 %	0.65	-	20.00	0.65
2005	38.03	90.1 %	1.23	-	38.03	1.23
2006	84.03	121.0 %	2.71	-	84.03	2.71
2007	150.13	78.7 %	4.84	-	150.13	4.84
2008	88.42	(41.1 %)	2.85	-	88.42	2.85
2009	51.31	(42.0 %)	1.66	-	51.31	1.66
2010	(94.95)	(285.0 %)	(3.06)	(77.00)	(17.95)	(0.58)
2011	(120.14)	(26.5 %)	(3.88)	(70.57)	(49.57)	(1.60)
2012	31.10	125.9 %	1.00	-	31.10	1.00
2013	30.40	(2.2 %)	0.76	12.73	17.68	0.44

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	23.42 %	17.95 %	13.75 %
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	27.35 %	22.86 %	12.97 %
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	24.60 %	21.06 %	13.61 %
2007	24.60 %	21.06 %	13.61 %
Q1 2008	24.43 %	20.72 %	13.83 %
Q2 2008	24.23 %	20.75 %	14.15 %
Q3 2008	22.81 %	17.72 %	11.65 %
Q4 2008	22.22 %	18.31 %	6.76 %
2008	22.22 %	18.31 %	6.76 %
Q1 2009	21.71 %	17.89 %	5.48 %
Q2 2009	21.74 %	18.58 %	4.12 %
Q3 2009	21.03 %	20.45 %	3.86 %
Q4 2009	17.20 %	14.70 %	4.96 %
2009	17.20 %	14.70 %	4.96 %
Q1 2010	15.05 %	11.90 %	2.62 %
Q2 2010	12.32 %	7.95 %	0.27 %
Q3 2010	10.67 %	5.86 %	(1.23 %)
Q4 2010	11.16 %	4.89 %	(1.74 %)
2010	11.16 %	4.89 %	(1.74 %)
Q1 2011	9.45 %	2.90 %	(4.34 %)
Q2 2011	7.45 %	1.59 %	(4.42 %)
Q3 2011	8.26 %	2.60 %	(4.47 %)
Q4 2011	8.39 %	2.69 %	(4.35 %)
2011	8.39 %	2.69 %	(4.35 %)
Q1 2012	11.27 %	5.74 %	(1.48 %)
Q2 2012	12.96 %	7.29 %	(0.43 %)
Q3 2012	14.74 %	8.34 %	1.03 %
Q4 2012	16.27 %	10.03 %	3.14 %
2012	16.27 %	10.03 %	3.14 %
Q1 2013	16.93 %	10.35 %	3.66 %
Q2 2013	17.13 %	10.00 %	2.21 %
Q3 2013	15.54 %	9.11 %	2.77 %
Q4 2013	15.68 %	10.17 %	1.90 %
2013	15.68 %	10.17 %	1.90 %
Q1 2014	13.31 %	7.84 %	(0.39 %)
Q2 2014	13.64 %	8.53 %	0.70 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	21.62 %	15.90 %	10.43 %
2005	23.42 %	17.95 %	13.75 %
2006	27.35 %	22.86 %	12.97 %
2007	24.60 %	21.06 %	13.61 %
2008	22.22 %	18.31 %	6.76 %
2009	17.20 %	14.70 %	4.96 %
2010	11.16 %	4.89 %	(1.74 %)
2011	8.39 %	2.69 %	(4.35 %)
2012	16.27 %	10.03 %	3.14 %
2013	15.68 %	10.17 %	1.90 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	23.11 %	20.42 %	12.87 %
Q2 2007	26.34 %	21.75 %	12.74 %
Q3 2007	26.06 %	22.73 %	15.07 %
Q4 2007	22.69 %	19.17 %	13.63 %
Q1 2008	22.92 %	19.45 %	13.79 %
Q2 2008	25.16 %	21.58 %	14.14 %
Q3 2008	20.51 %	11.24 %	5.76 %
Q4 2008	19.13 %	23.03 %	(15.20 %)
Q1 2009	20.70 %	17.94 %	10.92 %
Q2 2009	26.95 %	26.36 %	12.27 %
Q3 2009	16.90 %	14.32 %	5.72 %
Q4 2009	7.30 %	3.58 %	(5.65 %)
Q1 2010	12.00 %	6.86 %	1.08 %
Q2 2010	14.66 %	8.80 %	1.73 %
Q3 2010	8.98 %	4.32 %	(1.51 %)
Q4 2010	8.23 %	(1.50 %)	(9.45 %)
Q1 2011	4.94 %	(1.04 %)	(9.23 %)
Q2 2011	7.52 %	3.69 %	0.41 %
Q3 2011	11.75 %	7.56 %	(2.26 %)
Q4 2011	8.76 %	(0.33 %)	(8.01 %)
Q1 2012	17.48 %	12.27 %	3.62 %
Q2 2012	13.84 %	9.78 %	5.29 %
Q3 2012	20.82 %	13.39 %	4.75 %
Q4 2012	13.72 %	4.61 %	(1.38 %)
Q1 2013	20.55 %	14.22 %	5.88 %
Q2 2013	14.01 %	8.34 %	0.01 %
Q3 2013	14.00 %	9.29 %	6.42 %
Q4 2013	14.29 %	8.91 %	(4.66 %)
Q1 2014	10.64 %	4.44 %	(3.74 %)
Q2 2014	15.10 %	10.69 %	3.78 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	-	-	-	-
Q2 2005	-	-	-	-
Q3 2005	-	-	-	-
Q4 2005	-	-	-	-
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	30.99	-	-	11.60
Q2 2007	30.99	-	-	12.72
Q3 2007	30.99	-	-	12.83
Q4 2007	30.99	4.84	4.84	14.02
Q1 2008	30.99	5.32	5.32	15.62
Q2 2008	30.99	5.84	5.84	17.27
Q3 2008	30.99	5.11	5.11	17.44
Q4 2008	30.99	2.85	2.85	16.35
Q1 2009	30.99	2.10	2.10	15.58
Q2 2009	30.99	1.43	1.43	16.54
Q3 2009	30.99	1.16	1.16	16.95
Q4 2009	30.99	1.66	1.66	16.27
Q1 2010	30.99	0.92	0.92	15.08
Q2 2010	30.99	0.10	0.10	15.41
Q3 2010	30.99	(0.44)	(0.44)	15.03
Q4 2010	30.99	(3.06)	(0.58)	11.85
Q1 2011	30.99	(3.84)	(1.36)	11.26
Q2 2011	30.99	(3.95)	(1.46)	11.44
Q3 2011	30.99	(4.05)	(1.56)	10.41
Q4 2011	30.99	(3.88)	(1.60)	7.83
Q1 2012	30.99	(2.85)	(0.58)	8.43
Q2 2012	30.99	(2.43)	(0.16)	8.89
Q3 2012	30.99	(1.93)	0.35	9.19
Q4 2012	30.99	1.00	1.00	9.08
Q1 2013	30.99	1.09	1.09	9.52
Q2 2013	30.99	0.63	0.63	9.52
Q3 2013	30.99	0.82	0.82	10.02
Q4 2013	40.00	0.76	0.44	12.60
Q1 2014	40.00	0.23	(0.09)	12.42
Q2 2014	40.00	0.48	0.17	12.67

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	30.99	0.65	0.65	2.43
2005	30.99	1.23	1.23	3.66
2006	30.99	2.71	2.71	10.46
2007	30.99	4.84	4.84	14.02
2008	30.99	2.85	2.85	16.35
2009	30.99	1.66	1.66	16.27
2010	30.99	(3.06)	(0.58)	11.85
2011	30.99	(3.88)	(1.60)	7.83
2012	30.99	1.00	1.00	9.08
2013	40.00	0.76	0.44	12.60

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	23.04	23.04	7.96
Q1 2008	22.11	22.11	7.53
Q2 2008	30.80	30.80	10.42
Q3 2008	27.40	27.40	8.03
Q4 2008	21.66	21.66	3.78
Q1 2009	22.10	22.10	2.98
Q2 2009	49.25	49.25	4.25
Q3 2009	61.67	61.67	4.23
Q4 2009	35.41	35.41	3.60
Q1 2010	58.07	58.07	3.53
Q2 2010	More than 100	More than 100	2.20
Q3 2010	NEG	NEG	2.06
Q4 2010	NEG	NEG	2.58
Q1 2011	NEG	NEG	2.41
Q2 2011	NEG	NEG	2.49
Q3 2011	NEG	NEG	2.43
Q4 2011	NEG	NEG	3.45
Q1 2012	NEG	NEG	4.36
Q2 2012	NEG	NEG	3.37
Q3 2012	NEG	More than 100	4.06
Q4 2012	29.79	29.79	3.29
Q1 2013	28.30	28.30	3.24
Q2 2013	50.98	50.98	3.36
Q3 2013	31.71	31.71	2.61
Q4 2013	27.14	46.68	1.64
Q1 2014	96.95	NEG	1.79
Q2 2014	47.09	More than 100	1.80

Period	P/E	Adjusted P/E	Price/book
2004	-	-	-
2005	-	-	-
2006	-	-	-
2007	23.04	23.04	7.96
2008	21.66	21.66	3.78
2009	35.41	35.41	3.60
2010	NEG	NEG	2.58
2011	NEG	NEG	3.45
2012	29.79	29.79	3.29
2013	27.14	46.68	1.64

Financial Ratios

	Current
Market Cap (M Riyal)	1,514.00
Enterprise Value (EV) (M)	1,526.94
Shares Outstanding ((M))	40.00
EPS ( Riyal) (TTM)	1.98
Book Value (BV) ( Riyal)	11.16
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	19.50
P/E (TTM)	19.13
Price/book	3.39
Return on Average Assets (%) (TTM)	9.9
Return on Average Equity (%) (TTM)	19.5

Middle East Specialized Cables Co. (MESC)

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MESC posts lower net profit at SAR 2.4m in I2 of 2014

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

Share Price

Middle East Specialized Cables Co. (MESC)

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MESC posts lower net profit at SAR 2.4m in I2 of 2014

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

Share Price

Middle East Specialized Cables Co. (MESC)

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