Middle East Specialized Cables Co. (MESC) narrowed net loss after Zakat and tax by 92.8% year-on-year (YoY) to SAR 1.2 million for the first half of 2020, driven by higher sales volumes, improved profit margins and lower expenses.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 233.88 | 255.33 | 9.2 % |
| Gross Income | 23.29 | 35.43 | 52.1 % |
| Operating Income | (8.74) | 5.96 | 168.2 % |
| Net Income | (16.58) | (1.18) | 92.9 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.41) | (0.03) | 92.9 % |
The company trimmed net loss after Zakat and tax by 75% YoY to SAR 1.5 million for the second quarter, due to higher profit margins, and lower expenses.
On a quarter-on-quarter basis, the company turned to loss in Q2 2020, versus net profit of SAR 0.3 million in year-earlier period, on lower sales volumes.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 119.17 | 115.09 | (3.4 %) |
| Gross Income | 12.81 | 15.03 | 17.3 % |
| Operating Income | (2.26) | 1.83 | 180.9 % |
| Net Income | (6.00) | (1.46) | 75.7 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.15) | (0.04) | 75.7 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 140.24 | 115.09 | (17.9 %) |
| Gross Income | 20.40 | 15.03 | (26.3 %) |
| Operating Income | 4.14 | 1.83 | (55.9 %) |
| Net Income | 0.28 | (1.46) | (617.0 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.01 | (0.04) | (617.0 %) |
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