MESC posts higher net profit at SAR 13.4m in I1 of 2013

31/03/2013 Argaam Exclusive

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Middle East Specialized Cables Co., manufacturing specialized low voltage cables and various types of wires, reported SAR 13.4m net profit at the end of the first quarter of 2013, compared to SAR 10.7m net profit in the same period last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2012 Q1 2013 Change‬
Revenues 296.38 227.41 (23.3 %)
Gross Income 51.82 46.73 (9.8 %)
Operating Income 23.57 21.42 (9.1 %)
Net Income 10.72 13.38 24.8 %
Average Shares 30.99 30.99 -
EPS (Riyals) 0.35 0.43 24.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 - - - - - - -
Q2 2004 - - - - - - -
Q3 2004 - - - - - - -
Q4 2004 - - - - - - -
Q1 2005 - - - - - - -
Q2 2005 - - - - - - -
Q3 2005 - - - - - - -
Q4 2005 - - - - - - -
Q1 2006 - - - - - - -
Q2 2006 - - - - - - -
Q3 2006 - - - - - - -
Q4 2006 - - - - - - -
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
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)
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)
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)
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)
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)
Q1 2013 227.41 (23.3 %) 46.73 (9.8 %) 13.38 24.8 % 0.43

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 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 %
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 %
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 %)
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 %)
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 %
Q1 2013 16.93 % 10.35 % 3.66 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 - - - -
Q2 2004 - - - -
Q3 2004 - - - -
Q4 2004 - - - -
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
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

Current
Market Cap (M Riyal) 1,212.00
Enterprise Value (EV) (M) 1,205.98
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) 19.40
P/E (TTM) 19.40
Price/book 3.00
Return on Average Assets (%) (TTM) 7.9
Return on Average Equity (%) (TTM) 16.8

Share Price

Middle East Specialized Cables Co. (MESC)


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