Middle East Specialized Cables (MESC) reported a net profit after Zakat and tax of SAR 900,000 for Q1 2021, a rise of threefold from SAR 300,000 in the year-ago period.
The profit growth was driven by a decline in expenses in the current quarter, epecially selling and marketing expenses.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 140.24 | 111.76 | (20.3 %) |
| Gross Income | 20.40 | 14.73 | (27.8 %) |
| Operating Income | 4.14 | 5.32 | 28.5 % |
| Net Income | 0.28 | 0.85 | 201.4 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.01 | 0.02 | 201.4 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 134.17 | 111.76 | (16.7 %) |
| Gross Income | 25.13 | 14.73 | (41.4 %) |
| Operating Income | 17.11 | 5.32 | (68.9 %) |
| Net Income | (1.03) | 0.85 | 182.3 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.03) | 0.02 | 182.3 % |
Shareholders’ equity, excluding minority interest, grew by 0.6% to SAR 361.9 million by the end of Q1 2021, compared to SAR 359.8 million in the year-ago period.
Accumulated losses reached SAR 67 million, or 16.8% of capital by the end of Q1 2021.
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