Middle East Specialized Cables Co. (MESC) announces interim financial results for the period ending 30/06/2012 as follows:
1. Net Profit during the second quarter amounts to SR 14.3 million versus net profit of SR 1.3 million for the same quarter of the previous year, an increase of 1000% and versus a net profit of SR 10.7 million for the previous quarter, an increase of 34%.
2. The gross profit during the second quarter amounts to SR 37.5 million versus gross profit of SR 24.9 million for the same quarter of last year, an increase of 51%.
3. The operating profit during the second quarter amounts to SR 15.4 million versus an operating loss of SR 1.2 million for the same quarter of last year.
4. The net profit during the six months amounts to SR 25.0 million versus net loss of SR 19.6 million for the same period of last year.
5. The earnings per share during the first six month amounts to SR 0.63 versus loss of SR 0.49 for the same period of last year.
6. The gross profit during the six months of 2012 amounts to SR 89.3 million versus gross profit of SR 36.2 million for the same period of last year, an increase of 147%.
7. The operating profit during the six months amounts to SR 38.9 million versus an operating loss of SR 15.8 million for the same period of last year.
8. The reason for recording net profits during the first six months comparing to net losses for the same period of last year and the increase in net profits during the second quarter comparing to the same quarter of last year is due to the increase in control cables sales volume which has better profit margins in addition to the significant decrease in the losses of our Jordan subsidiaries and starting to record net profits in MESC-RAK (wholly owned subsidiary). In-addition to that, the company has reviewed during the second quarter its Zakat liability using the same basis as the one adopted in finalizing the Zakat assessments with the DZIT for the previous years, and as a result, the company has reversed the excess Zakat provision of SR 6 million.
Certain comparative figures have been reclassified to conform with the presentation in the current period.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.