Middle East Cables Reports SAR 32.58M Net Profit in Three Months 2026
MESC 2370.SA | 0.00 |
On 2026-05-11 07:57:34 (Saudi Time), Middle East Specialized Cables Co. announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 462.47 | 339 | 36.421 | 381.57 | 21.201 |
| Gross Profit (Loss) | 76.65 | 50.29 | 52.415 | 71.05 | 7.881 |
| Operational Profit (Loss) | 44.17 | 27.67 | 59.631 | 42.57 | 3.758 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 32.58 | 19.2 | 69.687 | 32.25 | 1.023 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 19.25 | 26.39 | -27.055 | 40.17 | -52.078 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 558 | 490.6 | 13.738 |
| Profit (Loss) per Share | 0.81 | 0.48 | |
| 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 | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
Sales increased 36.421% YoY to SAR 462.47 million driven by increased demand for the company's products and stronger presence in sales distribution channels. Net profit surged 69.687% YoY to SAR 32.58 million, primarily due to the substantial sales growth resulting in 52.415% higher gross profit. However, this was partially offset by increased operating expenses, including 66.47% higher selling and marketing expenses, 29.64% higher general and administrative expenses, and 73.14% higher financing costs due to increased raw copper purchases and rising copper prices.
Quarter-on-Quarter Performance Drivers
QoQ revenue increased 21.20% driven by higher demand for the company's products and stronger presence in distribution channels. Net profit rose modestly by 1.02% to SAR 32.58 million despite the revenue growth, as the benefits were largely offset by increased selling and marketing expenses (up 24.69%) and higher financing costs (up 18.44%) due to greater raw copper purchases and rising copper prices.
Other Items
The external auditor issued an unmodified conclusion with no additional comments, disclaimers, or adverse opinions noted. Total shareholders equity increased 13.738% to SAR 558 million compared to the previous year, while earnings per share improved to SAR 0.81 from SAR 0.48. Certain comparative figures were reclassified to conform to current period presentation.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95194&anCat=1&cs=2370&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.