MESC turns to losses of SR12 mln in Q2‎

The Middle East Specialized Cable Company “MESC” recorded a net loss after zakat and tax of SR 12 million during the second quarter, compared to a profit of 2.7 million riyals in the same quarter of last year, this came after today’s announcement of the preliminary financial results for the period ending in 2022. 06-30 (six months).

The operational loss amounted to 8 million riyals in the second quarter, compared to a profit of 6.3 million riyals in the same quarter of the previous year.

The net loss after zakat and tax in the 6-month period amounted to 12 million riyals, compared to a profit of 3.5 million riyals in the same period last year.

The loss per share amounted to 0.29 riyals during the current period, compared to a profit of 0.09 riyals during the same period of the previous year.

The reason for achieving net loss during current quarter compared to net profit during similar quarter of last year is due to the decrease in profit margins as a result of the high fluctuations in raw material prices. In addition to that, provision for impairment in value of trade receivables was reversed during similar quarter of last year.

The reason for achieving net loss during current quarter compared to net profit during last quarter is due to the decrease in profit margins as a result of the high fluctuations in raw material prices during current quarter. In addition to that, provision for impairment in value of trade receivables was reversed during last quarter.

The reason for achieving net loss during current period compared to net profit during similar period of last year is due to the decrease in profit margins as a result of the high fluctuations in raw material prices. In addition to that, provision for impairment in value of trade receivables with higher value was reversed during similar period of last year.