Middle East Specialized Cables Co. (MESC) reported a net loss after Zakat and tax of SAR 22.7 million in 2021, against a net profit of SAR 2.1 million a year earlier.
The losses were driven by lower sales volume, subdued profit margins and higher general and administrative expenses.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 525.59 | 516.50 | (1.7 %) |
| Gross Income | 80.62 | 52.34 | (35.1 %) |
| Operating Income | 30.74 | (6.00) | (119.5 %) |
| Net Income | 2.07 | (22.72) | (1199.0 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.05 | (0.57) | (1199.0 %) |
Q4 2021 net loss widened to SAR 17.2 million from SAR 1.03 million in Q4 2020.
On a quarterly basis, Q4 net loss widened from SAR 9.06 million in Q3 2021.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 134.17 | 144.80 | 7.9 % |
| Gross Income | 25.13 | 14.78 | (41.2 %) |
| Operating Income | 17.11 | (12.33) | (172.1 %) |
| Net Income | (1.03) | (17.18) | (1,563.1 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.03) | (0.43) | (1,563.1 %) |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 135.87 | 144.80 | 6.6 % |
| Gross Income | 7.66 | 14.78 | 93.0 % |
| Operating Income | (5.31) | (12.33) | (132.4 %) |
| Net Income | (9.06) | (17.18) | (89.7 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.23) | (0.43) | (89.7 %) |
Total shareholders’ equity, excluding minority interest, dropped 6.3% to SAR 338.4 million, from SAR 361.1 million in 2020.
Accumulated losses stood at SAR 90.6 million as of Dec. 31, 2021, accounting for 22.7% of capital.
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