Middle East Specialized Cables Co. (MESC) trimmed 2022 net loss to SAR 11.8 million, from SAR 22.7 million a year earlier, on higher sales volumes and increased gross profit in addition to booking additional provisions for due amounts from a subsidiary last year.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 516.50 | 814.40 | 57.7 % |
| Gross Income | 52.34 | 74.94 | 43.2 % |
| Operating Income | (6.00) | 25.70 | 528.7 % |
| Net Income | (22.72) | (11.79) | 48.1 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.57) | (0.29) | 48.1 % |
The company also cited additional provisions for Zakat.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 144.80 | 228.09 | 57.5 % |
| Gross Income | 14.78 | 38.60 | 161.2 % |
| Operating Income | (12.33) | 25.95 | 310.4 % |
| Net Income | (17.18) | (0.27) | 98.4 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.43) | (0.01) | 98.4 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 200.57 | 228.09 | 13.7 % |
| Gross Income | 14.96 | 38.60 | 158.1 % |
| Operating Income | 4.04 | 25.95 | 542.8 % |
| Net Income | 0.25 | (0.27) | (206.7 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.01 | (0.01) | (206.7 %) |
Q4 2022 net loss reached SAR 270,000, compared to SAR 17.18 million in the year-earlier period.
On a sequential basis, MESC turned to losses from a profit of SAR 250,000 in Q3 2022.
Total shareholders’ equity, excluding minority interest, stood at SAR 328.3 million by Dec. 31, 2022, compared to SAR 338.4 million a year earlier.
Accumulated loss amounted to SAR 103.1 million by Dec. 31, 2022, or 25.8% of capital.
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