Middle East Specialized Cables Co. (MESC) reported a net profit of SAR 38.4 million for the first nine months of 2023, against a net loss of SAR 11.5 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 586.30 | 664.37 | 13.3 % |
| Gross Income | 36.34 | 108.69 | 199.1 % |
| Operating Income | (0.25) | 56.29 | 22438.1 % |
| Net Income | (11.52) | 38.43 | 433.6 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.29) | 0.96 | 433.6 % |
The profit was driven by higher sales volume and gross margins during the current period.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 200.57 | 229.89 | 14.6 % |
| Gross Income | 14.96 | 39.23 | 162.3 % |
| Operating Income | 4.04 | 21.33 | 428.4 % |
| Net Income | 0.25 | 13.56 | 5258.2 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.01 | 0.34 | 5258.2 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 215.93 | 229.89 | 6.5 % |
| Gross Income | 34.19 | 39.23 | 14.8 % |
| Operating Income | 17.95 | 21.33 | 18.8 % |
| Net Income | 12.43 | 13.56 | 9.1 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.31 | 0.34 | 9.1 % |
The company reported a net profit of SAR 13.6 million in Q3 2023, from SAR 250,000 in Q3 2022.
Sequentially, MESC’s profit grew 9.4% from SAR 12.43 million in Q2 2023.
Shareholders’ equity, no minority interest, stood at SAR 366.7 million as of Sept. 30, 2023, compared to SAR 326.9 million a year earlier.
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