Middle East Specialized Cables Co. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )

23 May 2022 03:34 PM

MESC 2370 -1.10% 30.50 -0.34

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	187.6	111.8	67.799	144.8	29.558
Gross Profit (Loss)	14.2	14.7	-3.401	14.8	-4.054
Operational Profit (Loss)	3.9	5.3	-26.415	-12.1	-
Net Profit (Loss) after Zakat and Tax	0.1	0.9	-88.888	-17.2	-
Total Comprehensive Income	0.1	0.9	-88.888	-17.2	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after Deducting Minority Equity)	338.4	361.9	-6.493
Profit (Loss) per Share	0.002	0.02
All figures are in (Millions) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	90.5	400	22.6
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The reason for the decrease in net profit during current quarter compared to similar quarter of last year is due to the decrease in profit margins and increase in expenses as a result of increase in sales volume during current quarter.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The reason for achieving net profit during current quarter compared to net loss during last quarter is due to the increase in expenses in last quarter as a result of booking additional provision for amounts due from former subsidiary.
Statement of the type of external auditor's report	Qualified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	During our review of the minutes of the Board of Directors and the assurances of the Company’s legal advisor, we found that there are litigations arising from the syndicated loan where the loan value is 75 million US Dollar granted by Jordanian banks to the Middle East Specialized Cable Company (MESC Jordan) and MESC Medium and High Voltage Cables Company. The possible financial impact of the litigations is currently assessed between the Company's management and the legal advisors as described in Note (16). We were unable, through the evidences we obtained, to determine the possible financial impact of these litigations on the interim condensed consolidated financial statements of the Company (MESC KSA) for the three-month period ended 31 March 2022 and related disclosures, and as a result of these matters, we were unable to determine whether adjustments might have been necessary in respect to the elements making up the condensed consolidated interim financial statements.
Reclassification of Comparison Items	Certain comparative figures of similar period of last year have been re-classified to conform to the presentation of the current period.

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