Riyadh – Mubasher: Middle East Specialized Cables Company (MESC) swung to net profits after Zakat and tax of SAR 38.40 million in the first nine months (9M) of 2023, compared with a net loss of SAR 11.50 million in 9M-22.
Earnings per share (EPS) stood at SAR 0.96 in 9M-23, versus a loss per share of SAR 0.29 in 9M-22, according to the initial financials.
Revenues amounted to SAR 664.40 million during the January-September 2023 period, a year-on-year (YoY) increase of 13.32% from SAR 586.30 million.
Accumulated Losses
As of 30 September 2023, the accumulated losses of MESC reached SAR 64.60 million, which accounted for 16.15% of the SAR 400 million capital.
Income Statements for Q3-23
In the third quarter (Q3) of 2023, Saudi MESC witnessed a leap of 4,433.33% in net profit after Zakat and tax to SAR 13.60 million from around SAR 300,000 in Q3-22.
The listed firm recorded a 14.61% YoY rise in revenue to SAR 229.90 million during the three-month period that ended on 30 September 2023, compared to SAR 200.60 million.
On a quarterly basis, the Q3-23 net profits rose by 9.68% from the SAR 12.40 million generated in Q2-23, while the revenues increased by 6.48% from SAR 215.90 million.
It is worth noting that in July 2022, MESC appointed Yahiya Ibrahim Al Qunaibit as its chairman for a three-year term.
