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Middle East Specialized Cables Co. announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 4.41 -57.31 - 3.82 15.51
Gross profit (loss) 35.92 9.24 288.73 28.46 26.21
Operational profit (loss) 9.23 -84.99 - 7.95 16.19
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 79.89 -103.7 -
Gross profit (loss) 122.34 80.74 51.53
Operational profit (loss) 27.62 -119.61 -
Earning or loss per share, Riyals 1.33 -1.73 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The reason for recording net profit during the current quarter comparing to net loss during the same quarter of last year is mainly due to :
1. The increase in sales volume and improvement in Gross profit during the current quarter.
2. Recording impairment in Plant & Machineries value in the Jordanian subsidiaries during same quarter of last year.
3. The decrease in overall expenses after the deconsolidation of the Jordanian Subsidiary (MESC Jordan) which took place in the second quarter of current year.
Reasons of increase (decrease) for period compared with same period last year The reason for recording net profit during the twelve months of current year comparing to net loss during the same period of last year is mainly due to :
1. Improvement in the Gross Profit during the current year.
2. Recording impairment in Plant & Machineries value in the Jordanian subsidiaries and additional provisions for doubtful debts and inventory during the last year.
3. The decrease in overall expenses after the deconsolidation of the Jordanian Subsidiary (MESC Jordan) which took place in the second quarter of current year.
4. Releasing the provision for losses over the investment value for MESC Jordan, resulting from 29.1% share sale during the current year.
Reasons of increase (decrease) for quarter compared with previous quarter The reason for the increase in net profit during the current quarter comparing to the last quarter is due to the increase in Sales in the current quarter
Reclassifications in quarterly financial results Certain of the prior period amounts have been reclassified to conform to the presentation in the current period. Also, the annual audited numbers of last year were used for the comparison with the current year numbers
Other notes A- Sales during the current quarter amounts to SR 205.7 million versus SR 181.3 million for the same quarter of last year. an increase of 13.5%.

B- Sales during the twelve months of current year amounts to SR 838.0 million versus SR 887.7 million for the same period of last year. A decrease of 5.6%.

C-Equity attributable to shareholders (after the elimination of Minority Interest) as of 31/12/2016 amounts to SR 458.4 million versus SR 374.0 million as of 31/12/2015. An increase of 22.6%

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