MESC widens losses in FY15 by 220% on provisions, impairment

MESC widens losses in FY15 by 220% on provisions, impairment

27/01/2016 Argaam Exclusive

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Middle East Specialized Cable Co. (MESC) reported a net loss of SAR 73.89 million for fiscal year 2015, compared to a net loss of SAR 23.07 million for the same period in 2014. The company had recorded additional provisions for inventory and doubtful debts, and impairment losses from its Jordanian subsidiary.

 

 



Financials (M)

Item 2014 2015 Change‬
Revenues 858.48 887.69 3.4 %
Gross Income 106.45 80.74 (24.2 %)
Operating Income 2.36 (58.12) (2559.8 %)
Net Income (23.07) (103.70) (349.5 %)
Average Shares 40.00 40.00 -
EPS (Riyals) (0.58) (2.59) (349.5 %)

 

The company also widened its losses in Q4-2015 by 905 percent year-on-year (YoY). Profit for the quarter plunged 1,690 percent when compared to the previous quarter.

 

 



Current Quarter Comparison (M)

Compared With The
Item Q4 2014 Q4 2015 Change‬
Revenues 196.55 181.34 (7.7 %)
Gross Income 25.73 9.24 (64.1 %)
Operating Income 1.28 (23.51) (1939.4 %)
Net Income (5.60) (57.31) (924.2 %)
Average Shares 40.00 40.00 -
EPS (Riyals) (0.14) (1.43) (924.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2013 238.76 23.2 % 33.42 (17.2 %) 11.33 (24.0 %)
Q4 2013 236.51 3.1 % 33.80 7.3 % 9.12 2897.9 %
Q1 2014 209.55 (7.9 %) 22.30 (52.3 %) (1.87) (108.7 %)
Q2 2014 269.78 18.3 % 40.73 27.5 % 17.85 132.1 %
Q3 2014 182.59 (23.5 %) 17.70 (47.1 %) (14.89) (231.4 %)
Q4 2014 196.55 (16.9 %) 25.73 (23.9 %) 1.28 (86.0 %)
Q1 2015 258.29 23.3 % 30.32 36.0 % 3.02 261.6 %
Q2 2015 216.34 (19.8 %) 19.30 (52.6 %) (7.72) (143.3 %)
Q3 2015 231.71 26.9 % 31.77 79.5 % 1.34 109.0 %
Q4 2015 181.34 (7.7 %) 9.24 (64.1 %) (23.51) (1939.4 %)
2015 887.69 3.4 % 80.74 (24.2 %) (58.12) (2559.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2013 15.32 66.2 % 0.49 - 15.32 0.49
Q4 2013 1.69 153.4 % 0.04 12.73 (11.03) (0.28)
Q1 2014 (7.83) (158.6 %) (0.20) - (7.83) (0.20)
Q2 2014 10.19 72678.6 % 0.25 - 10.19 0.25
Q3 2014 (19.83) (229.5 %) (0.50) - (19.83) (0.50)
Q4 2014 (5.60) (430.7 %) (0.14) - (5.60) (0.14)
Q1 2015 (2.99) 61.8 % (0.07) - (2.99) (0.07)
Q2 2015 (10.42) (202.2 %) (0.26) - (10.42) (0.26)
Q3 2015 (3.17) 84.0 % (0.08) - (3.17) (0.08)
Q4 2015 (57.31) (924.2 %) (1.43) (61.49) 4.17 0.10
2015 (103.70) (349.5 %) (2.59) (61.49) (42.22) (1.06)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2013 15.54 % 9.11 % 2.77 %
Q4 2013 15.68 % 10.17 % 1.90 %
Q1 2014 13.31 % 7.84 % (0.39 %)
Q2 2014 13.64 % 8.53 % 0.70 %
Q3 2014 12.75 % 6.14 % (3.17 %)
Q4 2014 12.40 % 5.17 % (2.69 %)
Q1 2015 12.62 % 5.34 % (2.01 %)
Q2 2015 10.90 % 2.81 % (4.55 %)
Q3 2015 11.86 % 4.29 % (2.46 %)
Q4 2015 10.21 % 1.70 % (1.40 %)
2015 9.10 % (1.82 %) (4.76 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2013 30.99 0.82 0.82 10.02
Q4 2013 40.00 0.76 0.44 12.60
Q1 2014 40.00 0.23 (0.09) 12.42
Q2 2014 40.00 0.48 0.17 12.67
Q3 2014 40.00 (0.39) (0.71) 12.17
Q4 2014 40.00 (0.58) (0.58) 12.02
Q1 2015 40.00 (0.46) (0.46) 11.95
Q2 2015 40.00 (0.97) (0.97) 11.68
Q3 2015 40.00 (0.55) (0.55) 11.60
Q4 2015 40.00 (1.85) (0.31) 9.35

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2013 31.71 31.71 2.61
Q4 2013 27.14 46.68 1.64
Q1 2014 96.95 NEG 1.79
Q2 2014 47.09 More than 100 1.80
Q3 2014 NEG NEG 2.35
Q4 2014 NEG NEG 2.73
Q1 2015 NEG NEG 1.95
Q2 2015 NEG NEG 1.73
Q3 2015 NEG NEG 1.25
Q4 2015 NEG NEG 1.48


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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