MESC posts lower net profit at SAR 2.4m in I2 of 2014

30/06/2014 Argaam Exclusive

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Middle East Specialized Cables Co. (MESC)

Middle East Specialized Cables Co., manufacturing specialized low voltage cables and various types of wires, reported SAR 2.4m net profit at the end of the first half of 2014, compared to SAR 13.4m in the same period last year, as shown in the following table:



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 455.46 479.33 5.2 %
Gross Income 78.68 63.03 (19.9 %)
Operating Income 29.11 15.97 (45.1 %)
Net Income 13.39 2.36 (82.4 %)
Average Shares 30.99 40.00 29.1 %
EPS (Riyals) 0.43 0.06 (86.4 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 228.05 269.78 18.3 %
Gross Income 31.96 40.73 27.5 %
Operating Income 7.69 17.85 132.1 %
Net Income 0.01 10.19 72678.6 %
Average Shares 30.99 40.00 29.1 %
EPS (Riyals) 0.00 0.25 56287.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 - - - - - - -
Q2 2005 - - - - - - -
Q3 2005 - - - - - - -
Q4 2005 - - - - - - -
Q1 2006 - - - - - - -
Q2 2006 - - - - - - -
Q3 2006 - - - - - - -
Q4 2006 - - - - - - -
Q1 2007 268.17 - 61.98 - 34.53 - 1.11
Q2 2007 273.80 - 72.11 - 34.87 - 1.13
Q3 2007 293.12 - 76.40 - 44.18 - 1.43
Q4 2007 268.20 - 60.87 - 36.55 - 1.18
Q1 2008 357.08 33.2 % 81.84 32.0 % 49.25 42.6 % 1.59
Q2 2008 360.99 31.8 % 90.84 26.0 % 51.05 46.4 % 1.65
Q3 2008 371.57 26.8 % 76.22 (0.2 %) 21.39 (51.6 %) 0.69
Q4 2008 218.80 (18.4 %) 41.85 (31.2 %) (33.27) (191.0 %) (1.07)
Q1 2009 237.97 (33.4 %) 49.26 (39.8 %) 25.99 (47.2 %) 0.84
Q2 2009 245.59 (32.0 %) 66.17 (27.2 %) 30.13 (41.0 %) 0.97
Q3 2009 231.19 (37.8 %) 39.08 (48.7 %) 13.23 (38.1 %) 0.43
Q4 2009 319.17 45.9 % 23.31 (44.3 %) (18.03) 45.8 % (0.58)
Q1 2010 288.81 21.4 % 34.67 (29.6 %) 3.12 (88.0 %) 0.10
Q2 2010 272.04 10.8 % 39.88 (39.7 %) 4.70 (84.4 %) 0.15
Q3 2010 232.69 0.6 % 20.90 (46.5 %) (3.51) (126.5 %) (0.11)
Q4 2010 235.71 (26.1 %) 19.41 (16.7 %) (99.26) (450.4 %) (3.20)
Q1 2011 227.36 (21.3 %) 11.24 (67.6 %) (20.97) (771.4 %) (0.68)
Q2 2011 331.40 21.8 % 24.93 (37.5 %) 1.35 (71.3 %) 0.04
Q3 2011 288.33 23.9 % 33.87 62.0 % (6.52) (85.8 %) (0.21)
Q4 2011 292.30 24.0 % 25.59 31.9 % (93.99) 5.3 % (3.03)
Q1 2012 296.38 30.4 % 51.82 361.1 % 10.72 151.1 % 0.35
Q2 2012 270.85 (18.3 %) 37.48 50.4 % 14.33 962.1 % 0.46
Q3 2012 193.87 (32.8 %) 40.37 19.2 % 9.22 241.3 % 0.30
Q4 2012 229.48 (21.5 %) 31.49 23.0 % (3.17) 96.6 % (0.10)
Q1 2013 227.41 (23.3 %) 46.73 (9.8 %) 13.38 24.8 % 0.43
Q2 2013 228.05 (15.8 %) 31.96 (14.7 %) 0.01 (99.9 %) 0.00
Q3 2013 238.76 23.2 % 33.42 (17.2 %) 15.32 66.2 % 0.49
Q4 2013 236.51 3.1 % 33.80 7.3 % 1.69 153.4 % 0.04
Q1 2014 209.55 (7.9 %) 22.30 (52.3 %) (7.83) (158.6 %) (0.20)
Q2 2014 269.78 18.3 % 40.73 27.5 % 10.19 72678.6 % 0.25

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 24.60 % 21.06 % 13.61 %
Q1 2008 24.43 % 20.72 % 13.83 %
Q2 2008 24.23 % 20.75 % 14.15 %
Q3 2008 22.81 % 17.72 % 11.65 %
Q4 2008 22.22 % 18.31 % 6.76 %
Q1 2009 21.71 % 17.89 % 5.48 %
Q2 2009 21.74 % 18.58 % 4.12 %
Q3 2009 21.03 % 20.45 % 3.86 %
Q4 2009 17.20 % 14.70 % 4.96 %
Q1 2010 15.05 % 11.90 % 2.62 %
Q2 2010 12.32 % 7.95 % 0.27 %
Q3 2010 10.67 % 5.86 % (1.23 %)
Q4 2010 11.16 % 4.89 % (1.74 %)
Q1 2011 9.45 % 2.90 % (4.34 %)
Q2 2011 7.45 % 1.59 % (4.42 %)
Q3 2011 8.26 % 2.60 % (4.47 %)
Q4 2011 8.39 % 2.69 % (4.35 %)
Q1 2012 11.27 % 5.74 % (1.48 %)
Q2 2012 12.96 % 7.29 % (0.43 %)
Q3 2012 14.74 % 8.34 % 1.03 %
Q4 2012 16.27 % 10.03 % 3.14 %
Q1 2013 16.93 % 10.35 % 3.66 %
Q2 2013 17.13 % 10.00 % 2.21 %
Q3 2013 15.54 % 9.11 % 2.77 %
Q4 2013 15.68 % 10.17 % 1.90 %
Q1 2014 13.31 % 7.84 % (0.39 %)
Q2 2014 13.64 % 8.53 % 0.70 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 30.99 - - 11.60
Q2 2007 30.99 - - 12.72
Q3 2007 30.99 - - 12.83
Q4 2007 30.99 4.84 4.84 14.02
Q1 2008 30.99 5.32 5.32 15.62
Q2 2008 30.99 5.84 5.84 17.27
Q3 2008 30.99 5.11 5.11 17.44
Q4 2008 30.99 2.85 2.85 16.35
Q1 2009 30.99 2.10 2.10 15.58
Q2 2009 30.99 1.43 1.43 16.54
Q3 2009 30.99 1.16 1.16 16.95
Q4 2009 30.99 1.66 1.66 16.27
Q1 2010 30.99 0.92 0.92 15.08
Q2 2010 30.99 0.10 0.10 15.41
Q3 2010 30.99 (0.44) (0.44) 15.03
Q4 2010 30.99 (3.06) (0.58) 11.85
Q1 2011 30.99 (3.84) (1.36) 11.26
Q2 2011 30.99 (3.95) (1.46) 11.44
Q3 2011 30.99 (4.05) (1.56) 10.41
Q4 2011 30.99 (3.88) (1.60) 7.83
Q1 2012 30.99 (2.85) (0.58) 8.43
Q2 2012 30.99 (2.43) (0.16) 8.89
Q3 2012 30.99 (1.93) 0.35 9.19
Q4 2012 30.99 1.00 1.00 9.08
Q1 2013 30.99 1.09 1.09 9.52
Q2 2013 30.99 0.63 0.63 9.52
Q3 2013 30.99 0.82 0.82 10.02
Q4 2013 40.00 0.76 0.44 12.60
Q1 2014 40.00 0.23 (0.09) 12.42
Q2 2014 40.00 0.48 0.17 12.67

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 23.04 23.04 7.96
Q1 2008 22.11 22.11 7.53
Q2 2008 30.80 30.80 10.42
Q3 2008 27.40 27.40 8.03
Q4 2008 21.66 21.66 3.78
Q1 2009 22.10 22.10 2.98
Q2 2009 49.25 49.25 4.25
Q3 2009 More than 50 More than 50 4.23
Q4 2009 35.41 35.41 3.60
Q1 2010 More than 50 More than 50 3.53
Q2 2010 More than 50 More than 50 2.20
Q3 2010 NEG NEG 2.06
Q4 2010 NEG NEG 2.58
Q1 2011 NEG NEG 2.41
Q2 2011 NEG NEG 2.49
Q3 2011 NEG NEG 2.43
Q4 2011 NEG NEG 3.45
Q1 2012 NEG NEG 4.36
Q2 2012 NEG NEG 3.37
Q3 2012 NEG More than 50 4.06
Q4 2012 29.79 29.79 3.29
Q1 2013 28.30 28.30 3.24
Q2 2013 More than 50 More than 50 3.36
Q3 2013 31.71 31.71 2.61
Q4 2013 27.14 46.68 1.64
Q1 2014 More than 50 NEG 1.79
Q2 2014 47.09 More than 50 1.80

Current
Market Cap (M Riyal) 1,290.00
Enterprise Value (EV) (M) 1,271.50
Shares Outstanding ((M)) 40.00
EPS ( Riyal) (TTM) 1.56
Book Value (BV) ( Riyal) 10.09
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 20.64
P/E (TTM) 20.64
Price/book 3.20
Return on Average Assets (%) (TTM) 8.2
Return on Average Equity (%) (TTM) 16.8

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