Middle East Paper Co. (MEPCO) reported a net loss of SAR 26.7 million for H1 2023, against a net profit of SAR 191 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 651.97 | 413.32 | (36.6 %) |
| Gross Income | 303.72 | 58.16 | (80.8 %) |
| Operating Income | 215.54 | (14.49) | (106.7 %) |
| Net Income | 190.98 | (26.72) | (114.0 %) |
| Average Shares | 66.67 | 75.23 | 12.8 % |
| EPS (Riyals) | 2.86 | (0.36) | (112.4 %) |
This was attributed to a decline in selling prices and a relative decrease in sales volume, resulting in a decline in gross profit margin from 47% to 14%.
This was despite a decline in selling & distribution expenses, a decrease in impairment provision, and an increase in other income.
In Q2 2023, net loss reached SAR 20.1 million, against a net profit of SAR 98.60 million a year earlier, mainly due to lower selling prices of all products.
Compared to the previous quarter, MEPCO widened its Q2 2023 net losses from SAR 6.56 million.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 346.95 | 189.37 | (45.4 %) |
| Gross Income | 160.56 | 22.87 | (85.8 %) |
| Operating Income | 110.89 | (12.09) | (110.9 %) |
| Net Income | 98.60 | (20.17) | (120.5 %) |
| Average Shares | 66.67 | 75.23 | 12.8 % |
| EPS (Riyals) | 1.48 | (0.27) | (118.1 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 223.95 | 189.37 | (15.4 %) |
| Gross Income | 35.29 | 22.87 | (35.2 %) |
| Operating Income | (2.41) | (12.09) | (401.9 %) |
| Net Income | (6.56) | (20.17) | (207.5 %) |
| Average Shares | 75.23 | 75.23 | - |
| EPS (Riyals) | (0.09) | (0.27) | (207.5 %) |
Shareholders’ equity, after minority interest, fell to SAR 1.126 billion as of June 30, 2023, from SAR 1.122 billion in the year-earlier period.
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