MESC profit up 32% to SAR 64.8M in H1 2026; Q2 at SAR 32.3M

Middle East Specialized Cables Co. (MESC) reported a 32% increase in net profit to SAR 64.8 million in the first half of 2026, compared to SAR 49.1 million in H1 2025.

The profit increase was driven by a 34.47% increase in sales, driven by higher sales volumes across all cable types.

Retail and project sales grew during the first half. This came despite a 66.1% increase in selling and marketing expenses on higher sales volumes and increased sales incentive provisions.

General and administrative expenses increased by 31.43%, mainly due to higher consulting expenses, as well as increased salaries and wages.

Finance costs (FCs) increased by 69.88%, driven by higher purchases of copper and other raw materials, as well as an increase in customers’ credit balances resulting from higher sales.

Zakat and income tax expense increased by 31.32% as H1 2025 was affected by Zakat settlements following the receipt of final assessments for previous years.

The Q2 2026 net earnings climbed by 8% to SAR 32.3 million from SAR 29.9 million a year ago, driven by a 32.74% increase in sales. However, the company incurred higher selling and marketing expenses, Zakat and income tax and financing costs.

On a sequential basis, net profit inched down 0.8% from SAR 32.6 million in Q1 2026.

Shareholders’ equity, no minority interest, reached SAR 565.9 million as of June 2026, up from SAR 498.8 million a year ago.

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