Financial Results : MESC 2024 profit rises 86% to SAR 91M; Q4 at SAR 22.3M

MESC 2024 profit rises 86% to SAR 91M; Q4 at SAR 22.3M

19/03/2025 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC) reported a net profit of SAR 91 million in 2024, an increase of 86% compared to SAR 48.94 million in the year-earlier period.



Financials (M)

Item 2023 2024 Change‬
Revenues 926.88 1,143.90 23.4 %
Gross Income 152.04 195.20 28.4 %
Operating Income 77.13 111.70 44.8 %
Net Income 48.94 91.00 86.0 %
Average Shares 40.00 40.00 -
Earnings Per Share before unusual items 1.22 2.28 86.0 %
EPS (Riyals) 1.22 2.28 86.0 %

Sales grew by 23.42% year-over-year (YoY) to SAR 1.14 billion, fueled by higher order volumes across all segments, especially oil and gas projects. The company secured more contracts and supply orders than the previous year.

 

Profit margins improved due to a better sales mix, lower financing costs, and higher other income, boosting operational efficiency.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 262.51 313.50 19.4 %
Gross Income 43.35 48.50 11.9 %
Operating Income 20.84 27.80 33.4 %
Net Income 10.51 22.30 112.2 %
Average Shares 40.00 40.00 -
Earnings Per Share before unusual items 0.26 0.56 112.2 %
EPS (Riyals) 0.26 0.56 112.2 %

Q4 2024 net earnings jumped by 112% to SAR 22.30 million, from SAR 10.51 million a year ago.

 

On a sequential basis, net profit rose 6.5% from SAR 20.93 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 464.3 million by Dec. 31, 2024, compared to SAR 377.6 million a year earlier.

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