MESC posts lower net profit at SAR 13.4m in I2 of 2013

MESC posts lower net profit at SAR 13.4m in I2 of 2013

30/06/2013 Argaam Exclusive

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Middle East Specialized Cables Co., manufacturing specialized low voltage cables and various types of wires, reported SAR 13.4m net profit at the end of the first half of 2013, compared to SAR 25.1m net profit in the same period last year, as shown in the following table:



Financials (M)

Item 6m 2012 6m 2013 Change‬
Revenues 567.23 455.46 (19.7 %)
Gross Income 89.30 78.68 (11.9 %)
Operating Income 38.95 29.11 (25.3 %)
Net Income 25.05 13.39 (46.5 %)
Average Shares 30.99 30.99 -
EPS (Riyals) 0.81 0.43 (46.5 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2012 Q2 2013 Change‬
Revenues 270.85 228.05 (15.8 %)
Gross Income 37.48 31.96 (14.7 %)
Operating Income 15.38 7.69 (50.0 %)
Net Income 14.33 0.01 (99.9 %)
Average Shares 30.99 30.99 -
EPS (Riyals) 0.46 0.00 (99.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 - - - - - -
Q2 2004 - - - - - -
Q3 2004 - - - - - -
Q4 2004 - - - - - -
Q1 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 268.17 - 61.98 - 49.69 -
Q2 2007 273.80 - 72.11 - 54.40 -
Q3 2007 293.12 - 76.40 - 61.68 -
Q4 2007 268.20 - 60.87 - 45.18 -
Q1 2008 357.08 33.2 % 81.84 32.0 % 63.65 28.1 %
Q2 2008 360.99 31.8 % 90.84 26.0 % 68.96 26.7 %
Q3 2008 371.57 26.8 % 76.22 (0.2 %) 35.40 (42.6 %)
Q4 2008 218.80 (18.4 %) 41.85 (31.2 %) 43.81 (3.0 %)
Q1 2009 237.97 (33.4 %) 49.26 (39.8 %) 34.35 (46.0 %)
Q2 2009 245.59 (32.0 %) 66.17 (27.2 %) 55.63 (19.3 %)
Q3 2009 231.19 (37.8 %) 39.08 (48.7 %) 24.11 (31.9 %)
Q4 2009 319.17 45.9 % 23.31 (44.3 %) 2.18 (95.0 %)
Q1 2010 288.81 21.4 % 34.67 (29.6 %) 9.52 (72.3 %)
Q2 2010 272.04 10.8 % 39.88 (39.7 %) 13.58 (75.6 %)
Q3 2010 232.69 0.6 % 20.90 (46.5 %) (1.40) (105.8 %)
Q4 2010 235.71 (26.1 %) 19.41 (16.7 %) (16.00) (835.1 %)
Q1 2011 227.36 (21.3 %) 11.24 (67.6 %) (14.58) (253.2 %)
Q2 2011 331.40 21.8 % 24.93 (37.5 %) (1.23) (109.1 %)
Q3 2011 288.33 23.9 % 33.87 62.0 % 8.41 699.1 %
Q4 2011 292.30 24.0 % 25.59 31.9 % (13.02) 18.6 %
Q1 2012 296.38 30.4 % 51.82 361.1 % 23.57 261.7 %
Q2 2012 270.85 (18.3 %) 37.48 50.4 % 15.38 1346.0 %
Q3 2012 193.87 (32.8 %) 40.37 19.2 % 14.92 77.5 %
Q4 2012 229.48 (21.5 %) 31.49 23.0 % (0.33) 97.5 %
Q1 2013 227.41 (23.3 %) 46.73 (9.8 %) 21.42 (9.1 %)
Q2 2013 228.05 (15.8 %) 31.96 (14.7 %) 7.69 (50.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 - - - - - -
Q2 2004 - - - - - -
Q3 2004 - - - - - -
Q4 2004 - - - - - -
Q1 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 34.53 - 1.11 - 34.53 1.11
Q2 2007 34.87 - 1.13 - 34.87 1.13
Q3 2007 44.18 - 1.43 - 44.18 1.43
Q4 2007 36.55 - 1.18 - 36.55 1.18
Q1 2008 49.25 42.6 % 1.59 - 49.25 1.59
Q2 2008 51.05 46.4 % 1.65 - 51.05 1.65
Q3 2008 21.39 (51.6 %) 0.69 - 21.39 0.69
Q4 2008 (33.27) (191.0 %) (1.07) - (33.27) (1.07)
Q1 2009 25.99 (47.2 %) 0.84 - 25.99 0.84
Q2 2009 30.13 (41.0 %) 0.97 - 30.13 0.97
Q3 2009 13.23 (38.1 %) 0.43 - 13.23 0.43
Q4 2009 (18.03) 45.8 % (0.58) - (18.03) (0.58)
Q1 2010 3.12 (88.0 %) 0.10 - 3.12 0.10
Q2 2010 4.70 (84.4 %) 0.15 - 4.70 0.15
Q3 2010 (3.51) (126.5 %) (0.11) - (3.51) (0.11)
Q4 2010 (99.26) (450.4 %) (3.20) (77.00) (22.26) (0.72)
Q1 2011 (20.97) (771.4 %) (0.68) - (20.97) (0.68)
Q2 2011 1.35 (71.3 %) 0.04 - 1.35 0.04
Q3 2011 (6.52) (85.8 %) (0.21) - (6.52) (0.21)
Q4 2011 (93.99) 5.3 % (3.03) (70.57) (23.42) (0.76)
Q1 2012 10.72 151.1 % 0.35 - 10.72 0.35
Q2 2012 14.33 962.1 % 0.46 - 14.33 0.46
Q3 2012 9.22 241.3 % 0.30 - 9.22 0.30
Q4 2012 (3.17) 96.6 % (0.10) - (3.17) (0.10)
Q1 2013 13.38 24.8 % 0.43 - 13.38 0.43
Q2 2013 0.01 (99.9 %) 0.00 - 0.01 0.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 24.60 % 21.06 % 13.61 %
Q1 2008 24.43 % 20.72 % 13.83 %
Q2 2008 24.23 % 20.75 % 14.15 %
Q3 2008 22.81 % 17.72 % 11.65 %
Q4 2008 22.22 % 18.31 % 6.76 %
Q1 2009 21.71 % 17.89 % 5.48 %
Q2 2009 21.74 % 18.58 % 4.12 %
Q3 2009 21.03 % 20.45 % 3.86 %
Q4 2009 17.20 % 14.70 % 4.96 %
Q1 2010 15.05 % 11.90 % 2.62 %
Q2 2010 12.32 % 7.95 % 0.27 %
Q3 2010 10.67 % 5.86 % (1.23 %)
Q4 2010 11.16 % 4.89 % (1.74 %)
Q1 2011 9.45 % 2.90 % (4.34 %)
Q2 2011 7.45 % 1.59 % (4.42 %)
Q3 2011 8.26 % 2.60 % (4.47 %)
Q4 2011 8.39 % 2.69 % (4.35 %)
Q1 2012 11.27 % 5.74 % (1.48 %)
Q2 2012 12.96 % 7.29 % (0.43 %)
Q3 2012 14.74 % 8.34 % 1.03 %
Q4 2012 16.27 % 10.03 % 3.14 %
Q1 2013 16.93 % 10.35 % 3.66 %
Q2 2013 17.13 % 10.00 % 2.21 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 - - - -
Q2 2004 - - - -
Q3 2004 - - - -
Q4 2004 - - - -
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 30.99 - - 11.60
Q2 2007 30.99 - - 12.72
Q3 2007 30.99 - - 12.83
Q4 2007 30.99 4.84 4.84 14.02
Q1 2008 30.99 5.32 5.32 15.62
Q2 2008 30.99 5.84 5.84 17.27
Q3 2008 30.99 5.11 5.11 17.44
Q4 2008 30.99 2.85 2.85 16.35
Q1 2009 30.99 2.10 2.10 15.58
Q2 2009 30.99 1.43 1.43 16.54
Q3 2009 30.99 1.16 1.16 16.95
Q4 2009 30.99 1.66 1.66 16.27
Q1 2010 30.99 0.92 0.92 15.08
Q2 2010 30.99 0.10 0.10 15.41
Q3 2010 30.99 (0.44) (0.44) 15.03
Q4 2010 30.99 (3.06) (0.58) 11.85
Q1 2011 30.99 (3.84) (1.36) 11.26
Q2 2011 30.99 (3.95) (1.46) 11.44
Q3 2011 30.99 (4.05) (1.56) 10.41
Q4 2011 30.99 (3.88) (1.60) 7.83
Q1 2012 30.99 (2.85) (0.58) 8.43
Q2 2012 30.99 (2.43) (0.16) 8.89
Q3 2012 30.99 (1.93) 0.35 9.19
Q4 2012 30.99 1.00 1.00 9.08
Q1 2013 30.99 1.09 1.09 9.52
Q2 2013 30.99 0.63 0.63 9.52

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 23.04 23.04 7.96
Q1 2008 22.11 22.11 7.53
Q2 2008 30.80 30.80 10.42
Q3 2008 27.40 27.40 8.03
Q4 2008 21.66 21.66 3.78
Q1 2009 22.10 22.10 2.98
Q2 2009 49.25 49.25 4.25
Q3 2009 61.67 61.67 4.23
Q4 2009 35.41 35.41 3.60
Q1 2010 58.07 58.07 3.53
Q2 2010 More than 100 More than 100 2.20
Q3 2010 NEG NEG 2.06
Q4 2010 NEG NEG 2.58
Q1 2011 NEG NEG 2.41
Q2 2011 NEG NEG 2.49
Q3 2011 NEG NEG 2.43
Q4 2011 NEG NEG 3.45
Q1 2012 NEG NEG 4.36
Q2 2012 NEG NEG 3.37
Q3 2012 NEG More than 100 4.06
Q4 2012 29.79 29.79 3.29
Q1 2013 28.30 28.30 3.24
Q2 2013 50.98 50.98 3.36


Financial Ratios
Current
Market Cap (M Riyal) 1,502.00
Enterprise Value (EV) (M) 1,514.94
Shares Outstanding ((M)) 40.00
EPS ( Riyal) (TTM) 1.98
Book Value (BV) ( Riyal) 11.16
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.34
P/E (TTM) 18.98
Price/book 3.37
Return on Average Assets (%) (TTM) 9.9
Return on Average Equity (%) (TTM) 19.5
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Share Price

Middle East Specialized Cables Co.
37.55
(0.10) (0.27 %)

Middle East Specialized Cables Co. (MESC)

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