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|
|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%