Middle East Paper Co. (MEPCO) swung to a net loss of SAR 90.3 million for 2023, against a net profit of SAR 269.7 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,187.01 | 866.75 | (27.0 %) |
| Gross Income | 502.79 | 85.00 | (83.1 %) |
| Operating Income | 307.13 | (55.00) | (117.9 %) |
| Net Income | 269.70 | (80.27) | (129.8 %) |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 4.05 | (1.20) | (129.8 %) |
Revenues dropped 27% year-on-year (YoY) on lower selling prices, and gross profit margins fell from 42% in 2022 to 10% in 2023.
In addition, cost of sales increases due to higher sales volume and higher costs of energy, maintenance and employees related to Juthor.
Gross profit also fell by 83% YoY on lower selling prices and higher cost of sales. Moreover, cost of financing increased by SAR 8 million on higher SAIBOR rate for Murabaha loans.
The company also turned to losses of SAR 35.70 million in Q4 2023, against earnings of SAR 24.79 million a year earlier.
Compared with the previous quarter, the three-month losses increased from SAR 17.85 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 231.52 | 224.26 | (3.1 %) |
| Gross Income | 77.17 | 2.94 | (96.2 %) |
| Operating Income | 15.85 | (29.14) | (283.9 %) |
| Net Income | 24.79 | (35.70) | (244.0 %) |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.37 | (0.54) | (244.0 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 229.18 | 224.26 | (2.1 %) |
| Gross Income | 23.89 | 2.94 | (87.7 %) |
| Operating Income | (13.81) | (29.14) | (111.0 %) |
| Net Income | (17.85) | (35.70) | (100.0 %) |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | (0.27) | (0.54) | (100.0 %) |
Shareholders’ equity, after minority interest, reached SAR 1.07 billion as of Dec. 31, 2023, compared to SAR 1.18 billion in the prior-year period.
Attached Document:
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}