Middle East Specialized Cables Co. announces its Interim Financial results for the Period Ending on 2024-06-30 ( Six Months )

31 July 2024 02:36 PM

MESC 2370 3.89% 29.92 1.12

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	249.9	215.9	15.748	291.3	-14.212
Gross Profit (Loss)	45.6	34.2	33.333	53.8	-15.241
Operational Profit (Loss)	25.9	18	43.888	31.4	-17.515
Net profit (Loss)	21.8	12.4	75.806	26	-16.153
Total Comprehensive Income	21.8	12.4	75.806	26	-16.153
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	541.2	434.5	24.556
Gross Profit (Loss)	99.5	69.5	43.165
Operational Profit (Loss)	57.3	35	63.714
Net profit (Loss)	47.7	24.9	91.566
Total Comprehensive Income	47.7	24.9	91.566
Total Shareholders Equity (after Deducting Minority Equity)	425.4	353.2	20.441
Profit (Loss) per Share	1.2	0.6
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
Accumulated Losses	6.4	1.6
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is	The company maintained its pace of revenue growth during the current quarter, with sales growth reaching 15.73% compared to the same quarter of the previous year as a result of continued demand for the company’s products, especially in the oil and gas sector, which reflect the company’s keenness and willingness to enhance its market share and better meet customers’ needs.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	Net profit increased during the current quarter compared to the same quarter of the previous year by 75.2% as a result of the increase in sales volume, improvement in profit margins and the decrease in financing charges.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is	Current quarter sales decreased compared to the previous quarter by 14.21% as a result of the official holidays that occurred during the current quarter, which led to some customers being late in receiving shipments during this period, which directly affected the sales performance during the current quarter.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is	The decrease in net profit during the current quarter compared to the previous quarter by 16.11% is due to the decrease in sales during the current quarter
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is	Current period sales increased by 24.56% compared to the same period of the previous year as a result of the increase in sales orders volume in all sectors, especially in the oil and gas sector.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	Net profit increased during the current period compared to the same period of the previous year by 92% as a result of the increase in sales volume, profit margins improvement and operating efficiency during the current period .
Statement of the type of external auditor's report	Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)	N/A
Reclassification of Comparison Items	Certain comparative figures have been re-classified to conform to the presentation of the current period.
Additional Information	-

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