MESC swings to SAR 5.5 mln net loss in 9M 2021

MESC swings to SAR 5.5 mln net loss in 9M 2021

02/11/2021 Argaam Exclusive

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Middle East Specialized Cables (MESC) swung to a net loss after Zakat and tax of SAR 5.5 million in the first nine months of 2021, against a net profit of SAR 3.1 million a year earlier, hit by lower sales volume and profit margins. Meanwhile, this decrease was partially offset by lower selling and marketing expenses during the current period.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 391.42 371.70 (5.0 %)
Gross Income 55.49 37.57 (32.3 %)
Operating Income 13.63 6.34 (53.5 %)
Net Income 3.10 (5.54) (278.6 %)
Average Shares 40.00 40.00 -
EPS (Riyals) 0.08 (0.14) (278.6 %)

The cable manufacturer also turned to a net loss after Zakat and tax of SAR 9.1 million in Q3 2021, compared to a net profit of SAR 4.3 million in the year-earlier period on lower profit margins.

 

In the previous quarter, MESC reported a net profit of SAR 2.7 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 136.09 135.87 (0.2 %)
Gross Income 20.06 7.66 (61.8 %)
Operating Income 7.67 (5.31) (169.2 %)
Net Income 4.28 (9.06) (311.8 %)
Average Shares 40.00 40.00 -
EPS (Riyals) 0.11 (0.23) (311.8 %)

Total shareholders' equity, excluding minority rights, amounted to SAR 355.5 million in 9M 2021, compared to SAR 362.6 million in the year-ago period.

 
Accumulated losses during the current period amounted to SAR 73.4 million, or 18.4% of the company's capital.

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2016 224.89 (12.9 %) 26.81 (11.6 %) 1.65 (45.6 %)
Q2 2016 233.39 7.9 % 31.37 62.6 % 0.31 104.0 %
Q3 2016 174.04 (24.9 %) 28.53 (10.2 %) 8.05 501.0 %
Q4 2016 127.07 (29.9 %) 35.47 283.8 % 9.13 138.9 %
Q1 2017 188.02 (16.4 %) 31.03 15.7 % 11.01 568.8 %
Q2 2017 170.92 (26.8 %) 21.89 (30.2 %) 7.45 2304.2 %
Q3 2017 160.10 (8.0 %) 22.39 (21.5 %) 6.42 (20.2 %)
Q4 2017 156.09 22.8 % 14.44 (59.3 %) (7.35) (180.5 %)
Q1 2018 163.85 (12.9 %) 14.98 (51.7 %) (5.07) (146.0 %)
Q2 2018 149.55 (12.5 %) 3.58 (83.7 %) (20.69) (377.6 %)
Q3 2018 143.97 (10.1 %) 15.26 (31.8 %) (4.55) (170.9 %)
Q4 2018 134.48 (13.8 %) 14.32 (0.8 %) (32.66) (344.2 %)
Q1 2019 114.71 (30.0 %) 10.48 (30.1 %) (6.48) (27.9 %)
Q2 2019 119.17 (20.3 %) 12.81 258.1 % (2.26) 89.1 %
Q3 2019 118.61 (17.6 %) 16.50 8.1 % 3.66 180.4 %
Q4 2019 115.70 (14.0 %) 13.60 (5.0 %) (3.64) 88.9 %
Q1 2020 140.24 22.3 % 20.40 94.7 % 4.14 163.8 %
Q2 2020 115.09 (3.4 %) 15.03 17.3 % 1.83 180.9 %
Q3 2020 136.09 14.7 % 20.06 21.6 % 7.67 109.6 %
Q4 2020 134.17 16.0 % 25.13 84.8 % 17.11 570.3 %
Q1 2021 111.76 (20.3 %) 14.73 (27.8 %) 5.32 28.5 %
Q2 2021 124.07 7.8 % 15.18 1.0 % 6.33 246.5 %
Q3 2021 135.87 (0.2 %) 7.66 (61.8 %) (5.31) (169.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2016 (5.08) (70.0 %) (0.13) - (5.08) (0.13)
Q2 2016 76.82 837.6 % 1.92 80.67 (3.85) (0.10)
Q3 2016 3.93 223.8 % 0.10 - 3.93 0.10
Q4 2016 10.66 118.6 % 0.27 - 10.66 0.27
Q1 2017 3.86 176.0 % 0.10 - 3.86 0.10
Q2 2017 0.44 (99.4 %) 0.01 - 0.44 0.01
Q3 2017 0.17 (95.6 %) 0.00 - 0.17 0.00
Q4 2017 11.32 6.1 % 0.28 9.98 1.33 0.03
Q1 2018 (9.35) (342.0 %) (0.23) - (9.35) (0.23)
Q2 2018 (25.35) (5847.8 %) (0.63) - (25.35) (0.63)
Q3 2018 (8.35) (4955.8 %) (0.21) - (8.35) (0.21)
Q4 2018 (37.07) (427.5 %) (0.93) - (37.07) (0.93)
Q1 2019 (10.58) (13.2 %) (0.26) - (10.58) (0.26)
Q2 2019 (6.00) 76.3 % (0.15) - (6.00) (0.15)
Q3 2019 (0.18) 97.8 % 0.00 - (0.18) 0.00
Q4 2019 (7.82) 78.9 % (0.20) - (7.82) (0.20)
Q1 2020 0.28 102.7 % 0.01 - 0.28 0.01
Q2 2020 (1.46) 75.7 % (0.04) - (1.46) (0.04)
Q3 2020 4.28 2423.9 % 0.11 - 4.28 0.11
Q4 2020 (1.03) 86.8 % (0.03) - (1.03) (0.03)
Q1 2021 0.85 201.4 % 0.02 - 0.85 0.02
Q2 2021 2.67 283.1 % 0.07 - 2.67 0.07
Q3 2021 (9.06) (311.8 %) (0.23) - (9.06) (0.23)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q1 2016 10.20 % 1.60 % (1.70 %)
Q2 2016 11.38 % 2.10 % (0.91 %)
Q3 2016 11.79 % 3.01 % (0.10 %)
Q4 2016 16.09 % 7.35 % 0.75 %
Q1 2017 17.49 % 8.78 % 2.02 %
Q2 2017 17.71 % 10.66 % 2.86 %
Q3 2017 17.15 % 10.61 % 2.34 %
Q4 2017 13.29 % 7.23 % 0.86 %
Q1 2018 11.32 % 4.75 % (1.14 %)
Q2 2018 8.80 % (0.06 %) (5.27 %)
Q3 2018 7.87 % (2.38 %) (6.80 %)
Q4 2018 8.13 % (6.82 %) (13.54 %)
Q1 2019 8.04 % (7.94 %) (14.99 %)
Q2 2019 10.32 % (4.81 %) (12.10 %)
Q3 2019 11.11 % (3.37 %) (11.05 %)
Q4 2019 11.40 % 2.70 % (5.25 %)
Q1 2020 12.82 % 4.65 % (2.78 %)
Q2 2020 13.38 % 5.46 % (1.87 %)
Q3 2020 13.62 % 6.00 % (0.93 %)
Q4 2020 15.34 % 9.67 % 0.39 %
Q1 2021 15.08 % 10.39 % 0.53 %
Q2 2021 14.84 % 11.01 % 1.34 %
Q3 2021 12.39 % 8.40 % (1.30 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2016 40.00 (1.90) (0.36) 9.22
Q2 2016 40.00 0.28 (0.20) 11.28
Q3 2016 40.00 0.46 (0.02) 11.36
Q4 2016 40.00 2.16 0.14 11.45
Q1 2017 40.00 2.38 0.37 11.52
Q2 2017 40.00 0.47 0.47 11.52
Q3 2017 40.00 0.38 0.38 11.54
Q4 2017 40.00 0.39 0.15 11.63
Q1 2018 40.00 0.06 (0.19) 11.35
Q2 2018 40.00 (0.58) (0.83) 10.72
Q3 2018 40.00 (0.79) (1.04) 10.51
Q4 2018 40.00 (2.00) (2.00) 9.62
Q1 2019 40.00 (2.03) (2.03) 9.36
Q2 2019 40.00 (1.55) (1.55) 9.21
Q3 2019 40.00 (1.35) (1.35) 9.20
Q4 2019 40.00 (0.61) (0.61) 8.99
Q1 2020 40.00 (0.34) (0.34) 9.00
Q2 2020 40.00 (0.23) (0.23) 8.96
Q3 2020 40.00 (0.12) (0.12) 9.07
Q4 2020 40.00 0.05 0.05 9.03
Q1 2021 40.00 0.07 0.07 9.05
Q2 2021 40.00 0.17 0.17 9.12
Q3 2021 40.00 (0.16) (0.16) 8.89

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2016 NEG NEG 1.15
Q2 2016 39.30 NEG 0.98
Q3 2016 19.65 NEG 0.79
Q4 2016 5.71 87.14 1.08
Q1 2017 4.92 32.13 1.02
Q2 2017 20.24 20.24 0.83
Q3 2017 35.17 35.17 1.15
Q4 2017 32.29 87.78 1.10
Q1 2018 More than 100 NEG 1.09
Q2 2018 NEG NEG 1.10
Q3 2018 NEG NEG 1.01
Q4 2018 NEG NEG 1.28
Q1 2019 NEG NEG 1.23
Q2 2019 NEG NEG 1.16
Q3 2019 NEG NEG 1.03
Q4 2019 NEG NEG 1.05
Q1 2020 NEG NEG 0.83
Q2 2020 NEG NEG 0.99
Q3 2020 NEG NEG 1.57
Q4 2020 More than 100 More than 100 1.71
Q1 2021 More than 100 More than 100 2.33
Q2 2021 More than 100 More than 100 2.87
Q3 2021 NEG NEG 2.50


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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