Financial Results : MESC earnings tumble 26% to SAR 19.2M in Q1 2025

MESC earnings tumble 26% to SAR 19.2M in Q1 2025

08/05/2025 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC) reported a net profit of SAR 19.2 million in Q1 2025, compared to SAR 26 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 291.29 339.00 16.4 %
Gross Income 53.82 50.72 (5.8 %)
Operating Income 31.39 27.67 (11.8 %)
Net Income 25.96 19.20 (26.0 %)
Average Shares 40.00 40.00 -
Earnings Per Share before unusual items (Riyal) 0.65 0.48 (26.0 %)
EPS (Riyal) 0.65 0.48 (26.0 %)

Sales and marketing expenses rose by 31.06% year-on-year (YoY), driven by an increase in sales volumes and truck transportation costs.

 

Financing costs soared by 108% YoY on elevated purchases of the copper rod, with Zakat provisions also up 24.86% YoY for the same quarter.

 

However, sales advanced by 16.38% YoY in Q1 2025 on strong demand for the company's products and robust distribution channel presence. This is in addition to the company's commitment to strengthening its market share and meeting customer needs.

 

On a sequential basis, MESC’s three-month profit fell 14% from SAR 22.33 million in Q4 2024, mainly due to higher general and administrative expenses.

 

Total shareholders’ equity, no minority interest, soared to SAR 490.6 million by the end of Q1 2025, compared with SAR 403.6 million a year earlier.

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