MESC widens losses in FY15 by 220% on provisions, impairment

27/01/2016 Argaam Exclusive

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Share Price

Middle East Specialized Cables Co. (MESC)

Middle East Specialized Cable Co. (MESC) reported a net loss of SAR 73.89 million for fiscal year 2015, compared to a net loss of SAR 23.07 million for the same period in 2014. The company had recorded additional provisions for inventory and doubtful debts, and impairment losses from its Jordanian subsidiary.

Financials (M)

Item	2014	2015	Change‬
Revenues	858.48	887.69	3.4 %
Gross Income	106.45	80.74	(24.2 %)
Operating Income	2.36	(58.12)	(2559.8 %)
Net Income	(23.07)	(103.70)	(349.5 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.58)	(2.59)	(349.5 %)

The company also widened its losses in Q4-2015 by 905 percent year-on-year (YoY). Profit for the quarter plunged 1,690 percent when compared to the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2014	Q4 2015	Change‬
Revenues	196.55	181.34	(7.7 %)
Gross Income	25.73	9.24	(64.1 %)
Operating Income	1.28	(23.51)	(1939.4 %)
Net Income	(5.60)	(57.31)	(924.2 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.14)	(1.43)	(924.2 %)

Item	Q3 2015	Q4 2015	Change‬
Revenues	231.71	181.34	(21.7 %)
Gross Income	31.77	9.24	(70.9 %)
Operating Income	1.34	(23.51)	(1855.6 %)
Net Income	(3.17)	(57.31)	(1,705.7 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.08)	(1.43)	(1,705.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	-	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-	-
2006	648.07	134.3 %	177.26	173.7 %	84.03	121.0 %	2.71
Q1 2007	268.17	-	61.98	-	34.53	-	1.11
Q2 2007	273.80	-	72.11	-	34.87	-	1.13
Q3 2007	293.12	-	76.40	-	44.18	-	1.43
Q4 2007	268.20	-	60.87	-	36.55	-	1.18
2007	1,103.28	70.2 %	271.36	53.1 %	150.13	78.7 %	4.84
Q1 2008	357.08	33.2 %	81.84	32.0 %	49.25	42.6 %	1.59
Q2 2008	360.99	31.8 %	90.84	26.0 %	51.05	46.4 %	1.65
Q3 2008	371.57	26.8 %	76.22	(0.2 %)	21.39	(51.6 %)	0.69
Q4 2008	218.80	(18.4 %)	41.85	(31.2 %)	(33.27)	(191.0 %)	(1.07)
2008	1,308.44	18.6 %	290.75	7.1 %	88.42	(41.1 %)	2.85
Q1 2009	237.97	(33.4 %)	49.26	(39.8 %)	25.99	(47.2 %)	0.84
Q2 2009	245.59	(32.0 %)	66.17	(27.2 %)	30.13	(41.0 %)	0.97
Q3 2009	231.19	(37.8 %)	39.08	(48.7 %)	13.23	(38.1 %)	0.43
Q4 2009	319.17	45.9 %	23.31	(44.3 %)	(18.03)	45.8 %	(0.58)
2009	1,033.92	(21.0 %)	177.83	(38.8 %)	51.31	(42.0 %)	1.66
Q1 2010	288.81	21.4 %	34.67	(29.6 %)	3.12	(88.0 %)	0.10
Q2 2010	272.04	10.8 %	39.88	(39.7 %)	4.70	(84.4 %)	0.15
Q3 2010	232.69	0.6 %	20.90	(46.5 %)	(3.51)	(126.5 %)	(0.11)
Q4 2010	235.71	(26.1 %)	19.41	(16.7 %)	(99.26)	(450.4 %)	(3.20)
2010	1,029.25	(0.5 %)	114.86	(35.4 %)	(94.95)	(285.0 %)	(3.06)
Q1 2011	227.36	(21.3 %)	11.24	(67.6 %)	(20.97)	(771.4 %)	(0.68)
Q2 2011	331.40	21.8 %	24.93	(37.5 %)	1.35	(71.3 %)	0.04
Q3 2011	288.33	23.9 %	33.87	62.0 %	(6.52)	(85.8 %)	(0.21)
Q4 2011	292.30	24.0 %	25.59	31.9 %	(93.99)	5.3 %	(3.03)
2011	1,139.39	10.7 %	95.62	(16.7 %)	(120.14)	(26.5 %)	(3.88)
Q1 2012	296.38	30.4 %	51.82	361.1 %	10.72	151.1 %	0.35
Q2 2012	270.85	(18.3 %)	37.48	50.4 %	14.33	962.1 %	0.46
Q3 2012	193.87	(32.8 %)	40.37	19.2 %	9.22	241.3 %	0.30
Q4 2012	229.48	(21.5 %)	31.49	23.0 %	(3.17)	96.6 %	(0.10)
2012	990.58	(13.1 %)	161.16	68.5 %	31.10	125.9 %	1.00
Q1 2013	227.41	(23.3 %)	46.73	(9.8 %)	13.38	24.8 %	0.43
Q2 2013	228.05	(15.8 %)	31.96	(14.7 %)	0.01	(99.9 %)	0.00
Q3 2013	238.76	23.2 %	33.42	(17.2 %)	15.32	66.2 %	0.49
Q4 2013	236.51	3.1 %	33.80	7.3 %	1.69	153.4 %	0.04
2013	930.73	(6.0 %)	145.90	(9.5 %)	30.40	(2.2 %)	0.76
Q1 2014	209.55	(7.9 %)	22.30	(52.3 %)	(7.83)	(158.6 %)	(0.20)
Q2 2014	269.78	18.3 %	40.73	27.5 %	10.19	72678.6 %	0.25
Q3 2014	182.59	(23.5 %)	17.70	(47.1 %)	(19.83)	(229.5 %)	(0.50)
Q4 2014	196.55	(16.9 %)	25.73	(23.9 %)	(5.60)	(430.7 %)	(0.14)
2014	858.48	(7.8 %)	106.45	(27.0 %)	(23.07)	(175.9 %)	(0.58)
Q1 2015	258.29	23.3 %	30.32	36.0 %	(2.99)	61.8 %	(0.07)
Q2 2015	216.34	(19.8 %)	19.30	(52.6 %)	(10.42)	(202.2 %)	(0.26)
Q3 2015	231.71	26.9 %	31.77	79.5 %	(3.17)	84.0 %	(0.08)
Q4 2015	181.34	(7.7 %)	9.24	(64.1 %)	(57.31)	(924.2 %)	(1.43)
2015	887.69	3.4 %	80.74	(24.2 %)	(103.70)	(349.5 %)	(2.59)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	648.07	134.3 %	177.26	173.7 %	84.03	121.0 %	2.71
2007	1,103.28	70.2 %	271.36	53.1 %	150.13	78.7 %	4.84
2008	1,308.44	18.6 %	290.75	7.1 %	88.42	(41.1 %)	2.85
2009	1,033.92	(21.0 %)	177.83	(38.8 %)	51.31	(42.0 %)	1.66
2010	1,029.25	(0.5 %)	114.86	(35.4 %)	(94.95)	(285.0 %)	(3.06)
2011	1,139.39	10.7 %	95.62	(16.7 %)	(120.14)	(26.5 %)	(3.88)
2012	990.58	(13.1 %)	161.16	68.5 %	31.10	125.9 %	1.00
2013	930.73	(6.0 %)	145.90	(9.5 %)	30.40	(2.2 %)	0.76
2014	858.48	(7.8 %)	106.45	(27.0 %)	(23.07)	(175.9 %)	(0.58)
2015	887.69	3.4 %	80.74	(24.2 %)	(103.70)	(349.5 %)	(2.59)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2014	12.75 %	6.14 %	(3.17 %)
Q4 2014	12.40 %	5.17 %	(2.69 %)
2014	12.40 %	5.17 %	(2.69 %)
Q1 2015	12.62 %	5.34 %	(2.01 %)
Q2 2015	10.90 %	2.81 %	(4.55 %)
Q3 2015	11.86 %	4.29 %	(2.46 %)
Q4 2015	10.21 %	1.70 %	(1.40 %)
2015	9.10 %	(1.82 %)	(4.76 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2014	12.40 %	5.17 %	(2.69 %)
2015	9.10 %	(1.82 %)	(4.76 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2014	9.69 %	(2.20 %)	(10.86 %)
Q4 2014	13.09 %	5.23 %	(2.85 %)
Q1 2015	11.74 %	5.17 %	(1.16 %)
Q2 2015	8.92 %	2.01 %	(4.81 %)
Q3 2015	13.71 %	4.63 %	(1.37 %)
Q4 2015	5.10 %	(7.36 %)	2.30 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2014	40.00	(0.39)	(0.71)	12.17
Q4 2014	40.00	(0.58)	(0.58)	12.02
Q1 2015	40.00	(0.46)	(0.46)	11.95
Q2 2015	40.00	(0.97)	(0.97)	11.68
Q3 2015	40.00	(0.55)	(0.55)	11.60
Q4 2015	40.00	(1.85)	(0.31)	9.35

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2014	40.00	(0.58)	(0.58)	12.02
2015	40.00	(2.59)	(1.06)	9.35

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2014	NEG	NEG	2.35
Q4 2014	NEG	NEG	2.73
Q1 2015	NEG	NEG	1.95
Q2 2015	NEG	NEG	1.73
Q3 2015	NEG	NEG	1.25
Q4 2015	NEG	NEG	1.48

Period	P/E	Adjusted P/E	Price/book
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
2014	NEG	NEG	2.73
2015	NEG	NEG	1.48

Financial Ratios

	Current
Market Cap (M Riyal)	1,294.00
Enterprise Value (EV) (M)	1,275.50
Shares Outstanding ((M))	40.00
EPS ( Riyal) (TTM)	1.56
Book Value (BV) ( Riyal)	10.09
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	20.70
P/E (TTM)	20.70
Price/book	3.21
Return on Average Assets (%) (TTM)	8.2
Return on Average Equity (%) (TTM)	16.8

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MESC widens losses in FY15 by 220% on provisions, impairment

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Share Price

Middle East Specialized Cables Co. (MESC)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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MESC widens losses in FY15 by 220% on provisions, impairment

View other reports

Share Price

Middle East Specialized Cables Co. (MESC)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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