Middle East Paper Co. (MEPCO) reported net profit after Zakat and tax of SAR 60.8 million in H1 2021, a more than three-fold increase, from SAR 15.6 million in prior-year period.
The profit hike was attributed to higher selling prices of all the company’s products and lower allowance for impairment of trade receivables.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 367.49 | 450.97 | 22.7 % |
| Gross Income | 80.39 | 131.30 | 63.3 % |
| Operating Income | 28.39 | 67.37 | 137.3 % |
| Net Income | 15.56 | 60.81 | 290.7 % |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.23 | 0.91 | 290.7 % |
The company reported a net profit after Zakat and tax of SAR 43.1 million for Q2 2021, an over three-fold increase, compared to the same quarter last year on higher selling prices and other income, as well as lower financing cost.
On a sequential basis, Q2 2021 net profit surged by 143%.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 193.62 | 250.45 | 29.4 % |
| Gross Income | 44.77 | 83.29 | 86.0 % |
| Operating Income | 17.80 | 49.34 | 177.2 % |
| Net Income | 11.44 | 43.09 | 276.6 % |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.17 | 0.65 | 276.6 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 200.51 | 250.45 | 24.9 % |
| Gross Income | 48.01 | 83.29 | 73.5 % |
| Operating Income | 18.03 | 49.34 | 173.7 % |
| Net Income | 17.72 | 43.09 | 143.1 % |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.27 | 0.65 | 143.1 % |
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