Middle East Specialized Cables Co. (MESC) reported a net profit of SAR 26 million in Q1 2024, compared to SAR 12.4 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 218.55 | 291.29 | 33.3 % |
| Gross Income | 35.27 | 53.82 | 52.6 % |
| Operating Income | 17.00 | 31.39 | 84.6 % |
| Net Income | 12.43 | 25.96 | 108.8 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.31 | 0.65 | 108.8 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 262.51 | 291.29 | 11.0 % |
| Gross Income | 43.35 | 53.82 | 24.2 % |
| Operating Income | 20.84 | 31.39 | 50.6 % |
| Net Income | 10.51 | 25.96 | 147.1 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.26 | 0.65 | 147.1 % |
The profit growth was driven by the year-on-year (YoY) hike in sales volumes for Q1 2024 amid increased demand in all segments during the quarter, especially in the oil and gas projects sector.
The company also cited higher profit margins in Q1 2024.
On a sequential basis, the company's Q1 2024 profit more than doubled from SAR 10.51 million.
Total shareholders’ equity, no minority interest, soared to SAR 403.6 million by the end of Q1 2024, compared with SAR 340.7 million a year earlier.
Accumulated losses accounted for 7.1%, or SAR 28.2 million, of capital as of March 31, 2024.
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