Middle East Paper Co. (MEPCO) reported an over threefold increase in H1 2022 net profit after Zakat and tax to SAR 192.2 million, compared to SAR 60.8 million a year earlier.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 450.97 | 651.97 | 44.6 % |
| Gross Income | 131.30 | 303.72 | 131.3 % |
| Operating Income | 67.37 | 215.54 | 219.9 % |
| Net Income | 60.81 | 190.98 | 214.1 % |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.91 | 2.86 | 214.1 % |
The profit surge was driven by better selling prices of the company’s products on a global rise in product prices. The paper manufacturer also cited an increase in other revenue and fair-value gains from derivatives, as well as lower financing costs.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 250.45 | 346.95 | 38.5 % |
| Gross Income | 83.29 | 160.56 | 92.8 % |
| Operating Income | 49.34 | 110.89 | 124.7 % |
| Net Income | 43.09 | 98.60 | 128.8 % |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.65 | 1.48 | 128.8 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 305.02 | 346.95 | 13.7 % |
| Gross Income | 143.16 | 160.56 | 12.2 % |
| Operating Income | 104.65 | 110.89 | 6.0 % |
| Net Income | 92.39 | 98.60 | 6.7 % |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 1.39 | 1.48 | 6.7 % |
In Q2 2022, net profit after Zakat and tax more than doubled to SAR 99.2 million, from SAR 43.09 million in the prior-year period. MEPCO cited higher revenue as a result of increased selling prices for all the company’s products amid by better global product prices that drove gross profit margin higher from 33% to 46%.
Compared to the previous quarter, MEPCO’s net profit grew by 6.6% from SAR 93.02 million, thanks to better demand and a steady rise in the company’s product selling prices.
Shareholders’ equity, after minority interest, rose to SAR 1.122 billion as of June 30, 2022, from SAR 812.564 million in the year-earlier period.
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