Middle East Specialized Cables Co. (MESC) reported a net profit of SAR 12.4 million in Q1 2023, compared to SAR 100,000 in the year-earlier period, driven by higher sales volume and gross margin.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 187.56 | 218.55 | 16.5 % |
| Gross Income | 14.22 | 35.27 | 148.1 % |
| Operating Income | 3.89 | 17.00 | 337.3 % |
| Net Income | 0.07 | 12.43 | 17511.8 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.00 | 0.31 | 17511.8 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 228.09 | 218.55 | (4.2 %) |
| Gross Income | 38.60 | 35.27 | (8.6 %) |
| Operating Income | 25.95 | 17.00 | (34.5 %) |
| Net Income | (0.27) | 12.43 | 4703.4 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.01) | 0.31 | 4703.4 % |
Compared with the previous quarter, MESC turned to profit from a loss of SAR 270,000, due to the booking of additional provision for Zakat during Q4 2022 against the expected Zakat differences for previous years.
Total shareholders’ equity, no minority interest, reached SAR 340.7 million by the end of Q1 2023, compared with SAR 338.4 million a year earlier.
Accumulated losses accounted for 22.7% of capital, or SAR 90.6 million as of March 31, 2023.
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