MEPCO’s net profit tumbles 79% in Q1 2019

07/05/2019 Argaam Exclusive

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Share Price

Middle East Paper Co. (MEPCO)

Middle East Paper Co. (MEPCO) posted a plunge of 79.4 percent year-on-year in Q1 2019 net profit after zakat and tax to SAR 5.8 million due to a decline in selling prices and an increase in selling and distribution expenses.

The company also incurred fair value losses from derivatives.

When compared to Q4 2018, net profit after zakat and tax fell 52.9 percent on higher general, selling and administrative expenses, impairment losses on account receivables, and fair value losses from derivatives.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2018	Q1 2019	Change‬
Revenues	225.01	181.84	(19.2 %)
Gross Income	62.10	39.33	(36.7 %)
Operating Income	35.34	13.17	(62.7 %)
Net Income	28.08	5.78	(79.4 %)
Average Shares	66.67	66.67	-
EPS (Riyals)	0.42	0.09	(79.4 %)

Item	Q4 2018	Q1 2019	Change‬
Revenues	174.44	181.84	4.2 %
Gross Income	45.37	39.33	(13.3 %)
Operating Income	19.79	13.17	(33.4 %)
Net Income	12.29	5.78	(52.9 %)
Average Shares	66.67	66.67	-
EPS (Riyals)	0.18	0.09	(52.9 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	471.06	-	149.00	-	80.64	-	1.21
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	650.84	38.2 %	174.94	17.4 %	85.75	6.3 %	1.29
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	653.58	0.4 %	144.11	(17.6 %)	37.83	(55.9 %)	0.57
Q1 2013	175.85	-	41.28	-	11.26	-	0.17
Q2 2013	195.47	-	50.61	-	22.76	-	0.34
Q3 2013	200.50	-	61.21	-	31.50	-	0.47
Q4 2013	188.35	-	50.81	-	22.56	-	0.34
2013	760.17	16.3 %	203.91	41.5 %	88.08	132.8 %	1.32
Q1 2014	200.96	14.3 %	52.97	28.3 %	22.83	102.7 %	0.34
Q2 2014	203.05	3.9 %	59.04	16.7 %	29.26	28.6 %	0.44
Q3 2014	219.60	9.5 %	68.98	12.7 %	36.35	15.4 %	0.55
Q4 2014	202.50	7.5 %	53.41	5.1 %	22.91	1.5 %	0.34
2014	826.43	8.7 %	234.71	15.1 %	111.34	26.4 %	1.67
Q1 2015	184.71	(8.1 %)	47.14	(11.0 %)	23.20	1.6 %	0.35
Q2 2015	184.14	(9.3 %)	48.17	(18.4 %)	19.57	(33.1 %)	0.29
Q3 2015	172.83	(21.3 %)	41.85	(39.3 %)	9.58	(73.6 %)	0.14
Q4 2015	139.50	(31.1 %)	35.70	(33.2 %)	2.77	(87.9 %)	0.04
2015	681.17	(17.6 %)	172.86	(26.4 %)	55.12	(50.5 %)	0.83
Q1 2016	176.54	(4.4 %)	48.80	3.5 %	16.78	(27.7 %)	0.25
Q2 2016	164.82	(10.5 %)	28.37	(41.1 %)	88.31	351.3 %	1.32
Q3 2016	148.13	(14.3 %)	28.76	(31.3 %)	2.28	(76.2 %)	0.03
Q4 2016	144.91	3.9 %	25.36	(29.0 %)	(12.46)	(550.0 %)	(0.19)
2016	634.41	(6.9 %)	131.28	(24.1 %)	94.91	72.2 %	1.42
Q1 2017	166.50	(5.7 %)	31.67	(35.1 %)	3.25	(80.6 %)	0.05
Q2 2017	186.72	13.3 %	45.42	60.1 %	18.18	(79.4 %)	0.27
Q3 2017	212.74	43.6 %	55.30	92.3 %	22.22	873.6 %	0.33
Q4 2017	205.05	41.5 %	53.72	111.9 %	24.49	296.4 %	0.37
2017	771.01	21.5 %	186.11	41.8 %	68.13	(28.2 %)	1.02
Q1 2018	225.01	35.1 %	62.10	96.1 %	28.08	763.1 %	0.42
Q2 2018	218.57	17.1 %	63.12	39.0 %	28.92	59.1 %	0.43
Q3 2018	215.59	1.3 %	65.08	17.7 %	30.17	35.8 %	0.45
Q4 2018	174.44	(14.9 %)	45.37	(15.5 %)	12.29	(49.8 %)	0.18
2018	833.61	8.1 %	235.67	26.6 %	99.44	46.0 %	1.49
Q1 2019	181.84	(19.2 %)	39.33	(36.7 %)	5.78	(79.4 %)	0.09

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	-	-	-	-	-	-	-
2010	471.06	-	149.00	-	80.64	-	1.21
2011	650.84	38.2 %	174.94	17.4 %	85.75	6.3 %	1.29
2012	653.58	0.4 %	144.11	(17.6 %)	37.83	(55.9 %)	0.57
2013	760.17	16.3 %	203.91	41.5 %	88.08	132.8 %	1.32
2014	826.43	8.7 %	234.71	15.1 %	111.34	26.4 %	1.67
2015	681.17	(17.6 %)	172.86	(26.4 %)	55.12	(50.5 %)	0.83
2016	634.41	(6.9 %)	131.28	(24.1 %)	94.91	72.2 %	1.42
2017	771.01	21.5 %	186.11	41.8 %	68.13	(28.2 %)	1.02
2018	833.61	8.1 %	235.67	26.6 %	99.44	46.0 %	1.49

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	31.63 %	28.89 %	17.12 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	26.88 %	25.75 %	13.12 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	22.05 %	20.10 %	5.79 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	26.82 %	26.56 %	11.59 %
2013	26.82 %	26.56 %	11.59 %
Q1 2014	27.46 %	27.05 %	12.69 %
Q2 2014	28.26 %	28.06 %	13.39 %
Q3 2014	28.55 %	28.01 %	13.67 %
Q4 2014	28.37 %	27.86 %	13.48 %
2014	28.40 %	27.82 %	13.47 %
Q1 2015	28.22 %	28.65 %	13.79 %
Q2 2015	27.52 %	28.28 %	12.90 %
Q3 2015	25.61 %	26.90 %	10.11 %
Q4 2015	25.38 %	26.78 %	8.09 %
2015	25.38 %	26.78 %	8.09 %
Q1 2016	25.93 %	25.91 %	7.23 %
Q2 2016	23.67 %	22.33 %	3.90 %
Q3 2016	22.52 %	20.72 %	2.89 %
Q4 2016	20.69 %	17.73 %	0.46 %
2016	20.69 %	17.73 %	0.46 %
Q1 2017	18.28 %	16.26 %	(1.69 %)
Q2 2017	20.30 %	19.74 %	1.74 %
Q3 2017	22.19 %	21.31 %	4.39 %
Q4 2017	24.14 %	24.13 %	8.84 %
2017	24.14 %	24.13 %	8.84 %
Q1 2018	26.10 %	25.32 %	11.21 %
Q2 2018	27.19 %	25.45 %	12.04 %
Q3 2018	28.24 %	26.54 %	12.92 %
Q4 2018	28.27 %	25.99 %	11.93 %
2018	28.27 %	25.99 %	11.93 %
Q1 2019	26.93 %	24.90 %	9.76 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	-	-	-
2010	31.63 %	28.89 %	17.12 %
2011	26.88 %	25.75 %	13.12 %
2012	22.05 %	20.10 %	5.79 %
2013	26.82 %	26.56 %	11.59 %
2014	28.40 %	27.82 %	13.47 %
2015	25.38 %	26.78 %	8.09 %
2016	20.69 %	17.73 %	0.46 %
2017	24.14 %	24.13 %	8.84 %
2018	28.27 %	25.99 %	11.93 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	23.47 %	22.52 %	6.40 %
Q2 2013	25.89 %	24.97 %	11.64 %
Q3 2013	30.53 %	30.42 %	15.71 %
Q4 2013	26.98 %	27.88 %	11.98 %
Q1 2014	26.36 %	24.92 %	11.36 %
Q2 2014	29.08 %	28.99 %	14.41 %
Q3 2014	31.41 %	30.06 %	16.55 %
Q4 2014	26.38 %	27.25 %	11.31 %
Q1 2015	25.52 %	28.12 %	12.56 %
Q2 2015	26.16 %	27.47 %	10.63 %
Q3 2015	24.21 %	24.58 %	5.54 %
Q4 2015	25.59 %	26.81 %	1.99 %
Q1 2016	27.64 %	24.86 %	9.50 %
Q2 2016	17.21 %	13.48 %	(2.21 %)
Q3 2016	19.41 %	18.12 %	1.54 %
Q4 2016	17.50 %	13.50 %	(8.60 %)
Q1 2017	19.02 %	19.77 %	1.95 %
Q2 2017	24.32 %	25.85 %	9.73 %
Q3 2017	26.00 %	23.84 %	10.44 %
Q4 2017	26.20 %	26.41 %	11.94 %
Q1 2018	27.60 %	25.29 %	12.48 %
Q2 2018	28.88 %	26.28 %	13.23 %
Q3 2018	30.19 %	28.22 %	13.99 %
Q4 2018	26.01 %	23.77 %	7.04 %
Q1 2019	21.63 %	20.39 %	3.18 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	66.67	-	-	5.15
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	66.67	-	-	6.47
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	66.67	-	-	7.04
Q1 2013	66.67	-	-	7.21
Q2 2013	66.67	-	-	7.55
Q3 2013	66.67	-	-	8.02
Q4 2013	66.67	1.32	1.32	7.99
Q1 2014	66.67	1.49	1.49	8.33
Q2 2014	66.67	1.59	1.59	8.15
Q3 2014	66.67	1.66	1.66	8.70
Q4 2014	66.67	1.67	1.67	9.04
Q1 2015	66.67	1.68	1.68	9.39
Q2 2015	66.67	1.53	1.53	9.68
Q3 2015	66.67	1.13	1.13	9.83
Q4 2015	66.67	0.83	0.83	9.87
Q1 2016	66.67	0.73	0.73	9.62
Q2 2016	66.67	1.76	0.38	10.57
Q3 2016	66.67	1.65	0.27	10.59
Q4 2016	66.67	1.42	0.04	10.40
Q1 2017	66.67	1.22	(0.16)	10.45
Q2 2017	66.67	0.17	0.17	10.16
Q3 2017	66.67	0.47	0.47	10.49
Q4 2017	66.67	1.02	1.02	10.84
Q1 2018	66.67	1.39	1.39	11.26
Q2 2018	66.67	1.56	1.56	11.03
Q3 2018	66.67	1.67	1.67	11.48
Q4 2018	66.67	1.49	1.49	11.27
Q1 2019	66.67	1.16	1.16	10.98

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	-	-	-	-
2010	66.67	1.21	1.21	5.15
2011	66.67	1.29	1.28	6.47
2012	66.67	0.57	0.57	7.04
2013	66.67	1.32	1.32	7.99
2014	66.67	1.67	1.67	9.04
2015	66.67	0.83	0.83	9.87
2016	66.67	1.42	0.04	10.40
2017	66.67	1.02	1.02	10.84
2018	66.67	1.49	1.49	11.27

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	26.14	26.14	4.13
Q3 2015	25.29	25.29	2.90
Q4 2015	30.07	30.07	2.52
Q1 2016	24.74	24.74	1.88
Q2 2016	10.23	47.15	1.71
Q3 2016	8.19	49.60	1.28
Q4 2016	11.33	More than 100	1.55
Q1 2017	13.51	NEG	1.58
Q2 2017	82.07	82.07	1.36
Q3 2017	35.31	35.31	1.57
Q4 2017	18.43	18.43	1.74
Q1 2018	17.27	17.27	2.14
Q2 2018	15.70	15.70	2.22
Q3 2018	12.80	12.80	1.87
Q4 2018	13.06	13.06	1.73
Q1 2019	16.04	16.04	1.69

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	30.07	30.07	2.52
2016	11.33	More than 100	1.55
2017	18.43	18.43	1.74
2018	13.06	13.06	1.73

Business Segments (Million)

Compared With The

Period	The industrial sector	The commercial sector	Disposals
Q1 2013	158.35	71.46	(53.97)
Q2 2013	178.71	81.47	(64.72)
Q3 2013	185.64	77.94	(63.08)
Q4 2013	178.20	71.61	(61.46)
Q1 2014	189.39	64.27	(52.69)
Q2 2014	186.73	82.23	(65.90)
Q3 2014	204.13	83.05	(67.58)
Q4 2014	190.08	90.98	(78.55)
Q1 2015	149.78	73.94	(39.01)
Q2 2015	170.79	72.52	(59.17)
Q3 2015	171.60	59.18	(57.94)
Q4 2015	142.39	54.31	(57.21)
Q1 2016	167.90	61.40	(52.77)
Q2 2016	147.30	58.38	(40.87)
Q3 2016	137.14	62.02	(51.03)
Q4 2016	139.15	59.06	(53.30)
Q1 2017	150.79	75.52	(59.81)
Q2 2017	175.55	79.95	(68.78)
Q3 2017	204.74	81.55	(73.55)
Q4 2017	198.50	86.34	(79.79)
Q1 2018	219.22	72.35	(66.56)
Q2 2018	212.34	64.57	(58.34)
Q3 2018	210.95	82.60	(77.96)
Q4 2018	169.13	74.19	(68.87)
Q1 2019	176.27	70.97	(65.40)

Period	The industrial sector	The commercial sector	Disposals
2010	436.11	187.36	(152.41)
2011	594.94	275.56	(219.67)
2012	605.97	258.03	(210.42)
2013	700.91	302.48	(243.22)
2014	770.32	320.84	(264.73)
2015	634.56	259.95	(213.34)
2016	591.50	240.87	(197.96)
2017	729.57	323.36	(281.92)
2018	811.64	293.70	(271.72)

Analysts Estimates (Million)

Item	Q1 2019 (e)	Q1 2019 (a)	Change‬
Average	18.40	5.78	(68.6 %)

Estimates vs Actual (Million)

Item	Q1 2019 (e)	Q1 2019 (a)	Change
Sico	18.40	5.78	(68.6) %

Financial Ratios

	Current
Market Cap (M Riyal)	3,488.47
Enterprise Value (EV) (M)	3,392.33
Shares Outstanding ((M))	86.67
EPS ( Riyal) (TTM)	(1.06)
Book Value (BV) ( Riyal)	19.22
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	2.09
Return on Average Assets (%) (TTM)	(4.03 )
Return on Average Equity (%) (TTM)	(6.48 )

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MEPCO’s net profit tumbles 79% in Q1 2019

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Share Price

Middle East Paper Co. (MEPCO)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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MEPCO’s net profit tumbles 79% in Q1 2019

View other reports

Share Price

Middle East Paper Co. (MEPCO)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2019

Revenue by Business Segment (Latest) 2019 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)