Middle East Specialized Cables Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 0.17 | 3.93 | -95.62 | 0.44 | -61.02 |
| Gross profit (loss) | 22.35 | 28.53 | -21.67 | 22.26 | 0.4 |
| Operational profit (loss) | 6.09 | 8.04 | -24.18 | 6.52 | -6.63 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 4.48 | 75.67 | -94.09 |
| Gross profit (loss) | 76.1 | 86.71 | -12.23 |
| Operational profit (loss) | 22.32 | 90.48 | -75.33 |
| Earning or loss per share, Riyals | 0.07 | 1.26 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The reason for the decrease in net profit during the current quarter comparing to the same quarter of last year is mainly due to the decrease in sales volume during the current quarter. The effect of the above was reduced by the reduction in overall expenses during the current quarter |
| Reasons of increase (decrease) for period compared with same period last year | The reason for the decrease in net profit during the first nine months comparing to the same period of last year is mainly due to : 1. Decrease in sales volume during the current period. 2. Releasing the provision for losses over the investment value for MESC Jordan, resulting from 29.1% share sale during the same period of last year The effect of the above was reduced by the reduction in overall expenses during the current period |
| Reasons of increase (decrease) for quarter compared with previous quarter | The reason for the decrease in net profit during the current quarter comparing to the previous quarter is due to the increase in sales expenses during the current quarter |
| Reclassifications in quarterly financial results | Prior period numbers have been restated as a result of the conversion to IFRS from 01-01-2017. |
| Other notes | A- Sales during the current quarter amounts to SR 160.1 million versus SR 174.0 million for the same quarter of last year. a decrease of 8%. B- Total comprehensive income attributable to the owners of the company during the current quarter amounts to SR 0.58 million versus SR 3.71 million for the same quarter of last year; a decrease of 84.4%. And versus an income of SR 0.03 million for the previous quarter; an increase of 1833%. C- Sales during the first nine months amounts to SR 528 million versus SR 632.3 million for the same period of last year. a decrease of 16.5%. D- Total comprehensive income attributable to the owners of the company during the first nine months amounts to SR 3.7 million versus SR 81.2 million for the same period of last year. a decrease of 95%. E-Equity attributable to shareholders (after the elimination of Minority Interest) as of 30/09/2017 amounts to SR 461.5 million versus SR 453.8 million as of 30/09/2016. An increase of 1.7% F- Accumulated Losses as of 30/09/2017 amounts to SR 171.2 million which is 28.5% of share capital |
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