MESC turns to profit of SAR 38.4 mln in 9M 2023; Q3 at SAR 13.6 mln

MESC turns to profit of SAR 38.4 mln in 9M 2023; Q3 at SAR 13.6 mln

30/10/2023 Argaam Exclusive

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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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %

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.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 209.55 (7.9 %) 22.30 (52.3 %) (7.83) (158.6 %) (0.20)
Q2 2014 269.78 18.3 % 40.73 27.5 % 10.19 72678.6 % 0.25
Q3 2014 182.59 (23.5 %) 17.70 (47.1 %) (19.83) (229.5 %) (0.50)
Q4 2014 196.55 (16.9 %) 25.73 (23.9 %) (5.60) (430.7 %) (0.14)
Q1 2015 258.29 23.3 % 30.32 36.0 % (2.99) 61.8 % (0.07)
Q2 2015 216.34 (19.8 %) 19.30 (52.6 %) (10.42) (202.2 %) (0.26)
Q3 2015 231.71 26.9 % 31.77 79.5 % (3.17) 84.0 % (0.08)
Q4 2015 181.34 (7.7 %) 9.24 (64.1 %) (57.31) (924.2 %) (1.43)
Q1 2016 224.89 (12.9 %) 26.81 (11.6 %) (5.08) (70.0 %) (0.13)
Q2 2016 233.39 7.9 % 31.37 62.6 % 76.82 837.6 % 1.92
Q3 2016 174.04 (24.9 %) 28.53 (10.2 %) 3.93 223.8 % 0.10
Q4 2016 127.07 (29.9 %) 35.47 283.8 % 10.66 118.6 % 0.27
Q1 2017 188.02 (16.4 %) 31.03 15.7 % 3.86 176.0 % 0.10
Q2 2017 170.92 (26.8 %) 21.89 (30.2 %) 0.44 (99.4 %) 0.01
Q3 2017 160.10 (8.0 %) 22.39 (21.5 %) 0.17 (95.6 %) 0.00
Q4 2017 156.09 22.8 % 14.44 (59.3 %) 11.32 6.1 % 0.28
Q1 2018 163.85 (12.9 %) 14.98 (51.7 %) (9.35) (342.0 %) (0.23)
Q2 2018 149.55 (12.5 %) 3.58 (83.7 %) (25.35) (5847.8 %) (0.63)
Q3 2018 143.97 (10.1 %) 15.26 (31.8 %) (8.35) (4955.8 %) (0.21)
Q4 2018 134.48 (13.8 %) 14.32 (0.8 %) (37.07) (427.5 %) (0.93)
Q1 2019 114.71 (30.0 %) 10.48 (30.1 %) (10.58) (13.2 %) (0.26)
Q2 2019 119.17 (20.3 %) 12.81 258.1 % (6.00) 76.3 % (0.15)
Q3 2019 118.61 (17.6 %) 16.50 8.1 % (0.18) 97.8 % 0.00
Q4 2019 115.70 (14.0 %) 13.60 (5.0 %) (7.82) 78.9 % (0.20)
Q1 2020 140.24 22.3 % 20.40 94.7 % 0.28 102.7 % 0.01
Q2 2020 115.09 (3.4 %) 15.03 17.3 % (1.46) 75.7 % (0.04)
Q3 2020 136.09 14.7 % 20.06 21.6 % 4.28 2423.9 % 0.11
Q4 2020 134.17 16.0 % 25.13 84.8 % (1.03) 86.8 % (0.03)
Q1 2021 111.76 (20.3 %) 14.73 (27.8 %) 0.85 201.4 % 0.02
Q2 2021 124.07 7.8 % 15.18 1.0 % 2.67 283.1 % 0.07
Q3 2021 135.87 (0.2 %) 7.66 (61.8 %) (9.06) (311.8 %) (0.23)
Q4 2021 144.80 7.9 % 14.78 (41.2 %) (17.18) (1,563.1 %) (0.43)
Q1 2022 187.56 67.8 % 14.22 (3.5 %) 0.07 (91.7 %) 0.00
Q2 2022 198.17 59.7 % 7.17 (52.8 %) (11.84) (543.5 %) (0.30)
Q3 2022 200.57 47.6 % 14.96 95.3 % 0.25 102.8 % 0.01
Q4 2022 228.09 57.5 % 38.60 161.2 % (0.27) 98.4 % (0.01)
Q1 2023 218.55 16.5 % 35.27 148.1 % 12.43 17511.8 % 0.31
Q2 2023 215.93 9.0 % 34.19 376.8 % 12.43 205.0 % 0.31
Q3 2023 229.89 14.6 % 39.23 162.3 % 13.56 5258.2 % 0.34

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2021 10.13 % 2.48 % (4.40 %)
Q1 2022 8.75 % 1.90 % (3.97 %)
Q2 2022 6.58 % (0.49 %) (5.70 %)
Q3 2022 6.99 % 0.83 % (3.93 %)
Q4 2022 9.20 % 5.42 % 1.14 %
Q1 2023 11.36 % 6.77 % 2.56 %
Q2 2023 14.25 % 9.65 % 5.32 %
Q3 2023 16.50 % 11.28 % 6.63 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2021 40.00 (0.57) (0.57) 8.46
Q1 2022 40.00 (0.59) (0.59) 8.46
Q2 2022 40.00 (0.95) (0.95) 8.16
Q3 2022 40.00 (0.72) (0.72) 8.17
Q4 2022 40.00 (0.29) 0.23 8.21
Q1 2023 40.00 0.01 0.54 8.52
Q2 2023 40.00 0.62 1.15 8.83
Q3 2023 40.00 0.95 1.48 9.17

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2021 NEG NEG 2.39
Q1 2022 NEG NEG 2.13
Q2 2022 NEG NEG 1.63
Q3 2022 NEG NEG 1.52
Q4 2022 NEG 42.80 1.21
Q1 2023 More than 100 19.76 1.25
Q2 2023 26.43 14.31 1.86
Q3 2023 18.97 12.23 1.97


Financial Ratios
Current
Market Cap (M Riyal) 1,356.00
Enterprise Value (EV) (M) 1,349.98
Shares Outstanding ((M)) 40.00
EPS ( Riyal) (TTM) 1.56
Book Value (BV) ( Riyal) 10.09
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.71
P/E (TTM) 21.71
Price/book 3.36
Return on Average Assets (%) (TTM) 7.9
Return on Average Equity (%) (TTM) 16.8
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Share Price

Middle East Specialized Cables Co.
34.30
0.40 1.18 %

Middle East Specialized Cables Co. (MESC)

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