MESC profit rises to SAR 26M in Q1 2024

MESC profit rises to SAR 26M in Q1 2024

16/05/2024 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC) reported a net profit of SAR 26 million in Q1 2024, compared to SAR 12.4 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 218.55 291.29 33.3 %
Gross Income 35.27 53.82 52.6 %
Operating Income 17.00 31.39 84.6 %
Net Income 12.43 25.96 108.8 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.31 0.65 108.8 %

The profit growth was driven by the year-on-year (YoY) hike in sales volumes for Q1 2024 amid increased demand in all segments during the quarter, especially in the oil and gas projects sector.

 

The company also cited higher profit margins in Q1 2024.

 

On a sequential basis, the company's Q1 2024 profit more than doubled from SAR 10.51 million.

 

Total shareholders’ equity, no minority interest, soared to SAR 403.6 million by the end of Q1 2024, compared with SAR 340.7 million a year earlier.

 

Accumulated losses accounted for 7.1%, or SAR 28.2 million, of capital as of March 31, 2024.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2021 144.80 7.9 % 14.78 (41.2 %) (12.33) (172.1 %)
Q1 2022 187.56 67.8 % 14.22 (3.5 %) 3.89 (26.9 %)
Q2 2022 198.17 59.7 % 7.17 (52.8 %) (8.18) (229.2 %)
Q3 2022 200.57 47.6 % 14.96 95.3 % 4.04 176.1 %
Q4 2022 228.09 57.5 % 38.60 161.2 % 25.95 310.4 %
Q1 2023 218.55 16.5 % 35.27 148.1 % 17.00 337.4 %
Q2 2023 215.93 9.0 % 34.19 376.8 % 17.95 319.6 %
Q3 2023 229.89 14.6 % 39.23 162.3 % 21.33 428.4 %
Q4 2023 262.51 15.1 % 43.35 12.3 % 20.84 (19.7 %)
Q1 2024 291.29 33.3 % 53.82 52.6 % 31.39 84.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q4 2021 (17.18) (1,563.1 %) (0.43) - (17.18) (0.43)
Q1 2022 0.07 (91.7 %) 0.00 - 0.07 0.00
Q2 2022 (11.84) (543.5 %) (0.30) - (11.84) (0.30)
Q3 2022 0.25 102.8 % 0.01 - 0.25 0.01
Q4 2022 (0.27) 98.4 % (0.01) (21.04) 20.77 0.52
Q1 2023 12.43 17511.8 % 0.31 - 12.43 0.31
Q2 2023 12.43 205.0 % 0.31 - 12.43 0.31
Q3 2023 13.56 5258.2 % 0.34 - 13.56 0.34
Q4 2023 10.51 3990.6 % 0.26 - 10.51 0.26
Q1 2024 25.96 108.8 % 0.65 - 25.96 0.65

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 % 9.66 % 5.32 %
Q3 2023 16.50 % 11.28 % 6.63 %
Q4 2023 16.40 % 10.33 % 5.28 %
Q1 2024 17.07 % 11.04 % 6.25 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 40.00 1.22 1.22 9.44
Q1 2024 40.00 1.56 1.56 10.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 18.26 18.26 2.37
Q1 2024 17.10 17.10 2.65


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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