MEPCO’s 9M 2020 net profit soars to SAR 16 mln

28/10/2020 Argaam Exclusive

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Middle East Paper Co. (MEPCO) reported a net profit after Zakat and tax of SAR 16 million for the first nine months of 2020, a sharp rise from a profit of SAR 2.6 million in the same period last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	538.60	534.97	(0.7 %)
Gross Income	111.71	105.60	(5.5 %)
Operating Income	25.67	32.12	25.1 %
Net Income	2.61	15.95	510.3 %
Average Shares	66.67	66.67	-
EPS (Riyals)	0.04	0.24	510.3 %

The jump was attributed to increase in sales volume as well as a decrease in the cost of sales per ton, general and administrative expenses, and selling and distribution expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	180.67	167.48	(7.3 %)
Gross Income	39.27	25.22	(35.8 %)
Operating Income	9.33	3.73	(60.0 %)
Net Income	0.86	0.38	(55.4 %)
Average Shares	66.67	66.67	-
EPS (Riyals)	0.01	0.01	(55.4 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	193.62	167.48	(13.5 %)
Gross Income	44.77	25.22	(43.7 %)
Operating Income	17.80	3.73	(79.1 %)
Net Income	11.44	0.38	(96.7 %)
Average Shares	66.67	66.67	-
EPS (Riyals)	0.17	0.01	(96.7 %)

The Q3 2020 net profit slumped 55% year-on-year to SAR 383,000, due to lower sales volume and selling prices as well as an increase in the cost of sales per ton.

On a sequential basis, Q3 net profit plunged 96.7%.

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