Middle East Paper Co. (MEPCO) reported a net profit after Zakat and tax of SAR 246.8 million, for the first nine months of 2022, a surge of 96%, compared to SAR 125.9 million in the year earlier period.
This was driven by a 31% increase year-on-year (YoY) in revenue on higher demand and selling prices, in addition to a 72% YoY jump in gross profit, partially offset by an increase in the selling, general and administrative expenses by SAR 20 million.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 730.45 | 955.49 | 30.8 % |
| Gross Income | 247.24 | 425.62 | 72.1 % |
| Operating Income | 138.66 | 291.28 | 110.1 % |
| Net Income | 125.85 | 244.91 | 94.6 % |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 1.89 | 3.67 | 94.6 % |
Q3 net profit after Zakat and tax dropped 16% YoY to SAR 54.6 million, due to higher selling and distribution expenses by SAR 3 million in asset impairment and recording finance costs by SAR 1.7 million.
On a sequential basis, net profit fell 45% from SAR 99.19 million in Q2 2022.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 279.48 | 303.52 | 8.6 % |
| Gross Income | 115.94 | 121.91 | 5.1 % |
| Operating Income | 71.29 | 75.75 | 6.2 % |
| Net Income | 65.04 | 53.93 | (17.1 %) |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.98 | 0.81 | (17.1 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 346.95 | 303.52 | (12.5 %) |
| Gross Income | 160.56 | 121.91 | (24.1 %) |
| Operating Income | 110.89 | 75.75 | (31.7 %) |
| Net Income | 98.60 | 53.93 | (45.3 %) |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 1.48 | 0.81 | (45.3 %) |
Total shareholders’ equity, no minority interest, reached SAR 1.176 billion as of Sept. 30, 2022, compared to SAR 887.898 million in prior-year period.
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