MESC 9M 2024 net profit rises 79% to SAR 68.7M; Q3 at SAR 20.9M

MESC 9M 2024 net profit rises 79% to SAR 68.7M; Q3 at SAR 20.9M

11/11/2024 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC) reported a net profit of SAR 68.7 million for the first nine months of 2024, a surge of 79% from SAR 38.4 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 664.37 830.40 25.0 %
Gross Income 108.69 146.70 35.0 %
Operating Income 56.29 83.90 49.0 %
Net Income 38.43 68.70 78.8 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.96 1.72 78.8 %

The nine-month sales increased by 24.99% year-on-year (YoY) as a result of a rise in sales orders across all segments, especially in the oil and gas industry. The company also cited higher sales volume, increased profit margins as well as operating efficiency during the current period.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 229.89 289.20 25.8 %
Gross Income 39.23 47.30 20.6 %
Operating Income 21.33 26.60 24.7 %
Net Income 13.56 20.90 54.1 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.34 0.52 54.1 %

Q3 2024 net profit stood at SAR 20.9 million, an increase of 54% YoY from SAR 13.6 million, on higher sales, operating efficiency, in addition to lower financing charges and Zakat.

 

On a sequential basis, net earnings dropped 4% from SAR 21.8 million in Q2 2024.

 

Total shareholders’ equity (no minority interest) stood at SAR 446.3 million by Sept. 30, 2024, compared to SAR 366.7 million a year earlier.

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 %
Q2 2024 249.89 15.7 % 45.64 33.5 % 25.93 44.4 %
Q3 2024 289.20 25.8 % 47.30 20.6 % 26.60 24.7 %


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
Q2 2024 21.78 75.2 % 0.54 1.50 20.28 0.51
Q3 2024 20.90 54.1 % 0.52 - 20.90 0.52

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 %
Q2 2024 17.61 % 11.47 % 6.80 %
Q3 2024 17.40 % - 7.11 %


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
Q2 2024 40.00 1.80 1.76 10.82
Q3 2024 40.00 1.98 1.94 11.16

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
Q2 2024 17.35 17.72 2.88
Q3 2024 19.46 19.83 3.45


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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