Middle East Specialized Cables Co. (MESC) turned to a net profit of SAR 24.9 million in the first half of 2023, against a net loss of SAR 11.8 million in the year-earlier period, driven by higher sales and profit margins.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 385.73 | 434.48 | 12.6 % |
| Gross Income | 21.39 | 69.46 | 224.8 % |
| Operating Income | (4.29) | 34.96 | 915.1 % |
| Net Income | (11.77) | 24.87 | 311.2 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.29) | 0.62 | 311.2 % |
In Q2 2023, the company swung to a net profit of SAR 12.40 million versus a loss of SAR 11.84 million a year earlier on higher sales and profit margins.
Compared with the previous quarter, Q2 2023 earnings fell 0.3% from SAR 12.43 million.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 198.17 | 215.93 | 9.0 % |
| Gross Income | 7.17 | 34.19 | 376.8 % |
| Operating Income | (8.18) | 17.95 | 319.6 % |
| Net Income | (11.84) | 12.43 | 205.0 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.30) | 0.31 | 205.0 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 218.55 | 215.93 | (1.2 %) |
| Gross Income | 35.27 | 34.19 | (3.1 %) |
| Operating Income | 17.00 | 17.95 | 5.6 % |
| Net Income | 12.43 | 12.43 | 0.0 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.31 | 0.31 | 0.0 % |
Total shareholders’ equity, no minority interest, amounted to SAR 353.2 million as of June 30, 2023, up from SAR 326.6 million a year earlier.
Accumulated losses reached SAR 78.2 million, or 19.55% of the company’s capital, by the end of the six-month period.
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