Middle East Specialized Cables (MESC) swung to a net profit after Zakat and tax of SAR 3.5 million on H1 2021, against a net loss of SAR 1.2 million in the same period last year, driven by lower selling and marketing expenses.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 255.33 | 235.83 | (7.6 %) |
| Gross Income | 35.43 | 29.91 | (15.6 %) |
| Operating Income | 5.96 | 11.65 | 95.3 % |
| Net Income | (1.18) | 3.52 | 399.3 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.03) | 0.09 | 399.3 % |
The firm also turned to profit after Zakat and tax of SAR 2.7 million in Q2 2021, compared to a loss of SAR 1.46 million in the year-earlier period.
On a sequential basis, MESC’s net profit jumped 217.6% in Q2 2021 from SAR 850,000.
Accumulated losses reached SAR 64.4 million, or 16.1% of capital, by the end of H1 2021.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 115.09 | 124.07 | 7.8 % |
| Gross Income | 15.03 | 15.18 | 1.0 % |
| Operating Income | 1.83 | 6.33 | 246.5 % |
| Net Income | (1.46) | 2.67 | 283.1 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.04) | 0.07 | 283.1 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 111.76 | 124.07 | 11.0 % |
| Gross Income | 14.73 | 15.18 | 3.1 % |
| Operating Income | 5.32 | 6.33 | 19.0 % |
| Net Income | 0.85 | 2.67 | 214.1 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.02 | 0.07 | 214.1 % |
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