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

28/10/2020 Argaam Exclusive

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 %)

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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Share Price

Middle East Paper Co.
34.90
(1.10) (3.06 %)

Middle East Paper Co. (MEPCO)

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Financial Ratios
Current
Market Cap (M Riyal) 3,024.78
Enterprise Value (EV) (M) 3,046.79
Shares Outstanding ((M)) 86.67
EPS ( Riyal) (TTM) (0.79)
Book Value (BV) ( Riyal) 19.07
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.83
Return on Average Assets (%) (TTM) (3.01 )
Return on Average Equity (%) (TTM) (4.96 )
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