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Middle East Specialized Cables Co. announces the annual financial results of the period ending on 31-12-2016

Element Current year Previous year % Change
Net profit (loss) 79.77 -103.7 -
Earning or loss per share, Riyals 1.33 -1.73 -
Gross profit (loss) 122.13 80.74 51.26
Operational profit (loss) 27.4 -119.61 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of annual financial results The reason for recording net profit during the current year comparing to net loss during the 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.
Reclassifications in annual financial results Certain of the prior year amounts have been reclassified to conform to the presentation in the current year
Other notes A- Sales during the current year amounts to SR 836.2 million versus SR 887.7 million for the last year. A decrease of 5.8%.
B-Equity attributable to shareholders (after the elimination of Minority Interest) as of 31/12/2016 amounts to SR 458.3 million versus SR 374.0 million as of 31/12/2015. An increase of 22.5%

The Capital Market Authority and the Saudi Stock 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.

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