MEPCO’s net profit falls 28% in FY17
04/03/2018
Argaam Exclusive
AI Summary
Content Summary: 
Loading data...
Please note that this news summary has been generated using artificial intelligence. It is recommended to review the original
sources for complete details and to verify the accuracy of the information.
View other reports
Middle East Paper Co. (MEPCO) reported a net profit of SAR 68.1 million for the fiscal year 2017, a drop of 28.2 percent year-on-year, due to recording SAR 91.9 million worth of one-off gains in 2016 from a claim of expropriated land and premises.
In addition, a decline in the fair value of derivatives also weighed on the annual profit, despite lower financial charges.
Financials (M)
| Item | 2016 | 2017 | Change |
|---|---|---|---|
| Revenues | 634.41 | 771.01 | 21.5 % |
| Gross Income | 131.28 | 186.11 | 41.8 % |
| Operating Income | 32.52 | 95.39 | 193.3 % |
| Net Income | 94.91 | 68.13 | (28.2 %) |
| Average Shares | 66.67 | 66.67 | - |
| Earnings Per Share before unusual items (Riyals) | 0.04 | 1.02 | 2214.2 % |
| EPS (Riyal) | 1.42 | 1.02 | (28.2 %) |
In Q4 2017, the paper manufacturer swung to a net profit of SAR 24.5 million, compared to a net loss of SAR 16.8 million a year earlier.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2016 | Q4 2017 | Change |
|---|---|---|---|
| Revenues | 144.91 | 205.05 | 41.5 % |
| Gross Income | 25.36 | 53.72 | 111.9 % |
| Operating Income | (1.29) | 30.89 | 2494.7 % |
| Net Income | (12.46) | 24.49 | 296.4 % |
| Average Shares | 66.67 | 66.67 | - |
| Earnings Per Share before unusual items (Riyal) | (0.19) | 0.37 | 296.4 % |
| EPS (Riyal) | (0.19) | 0.37 | 296.4 % |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2017 | 166.50 | (5.7 %) | 31.67 | (35.1 %) | 11.07 | (54.9 %) |
| Q2 2017 | 186.72 | 13.3 % | 45.42 | 60.1 % | 25.51 | 749.0 % |
| Q3 2017 | 212.74 | 43.6 % | 55.30 | 92.3 % | 27.92 | 344.4 % |
| Q4 2017 | 205.05 | 41.5 % | 53.72 | 111.9 % | 30.89 | 2494.7 % |
| 2017 | 771.01 | 21.5 % | 186.11 | 41.8 % | 95.39 | 193.3 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2017 | 3.25 | (80.6 %) | 0.05 | - | 3.25 | 0.05 |
| Q2 2017 | 18.18 | (79.4 %) | 0.27 | - | 18.18 | 0.27 |
| Q3 2017 | 22.22 | 873.6 % | 0.33 | - | 22.22 | 0.33 |
| Q4 2017 | 24.49 | 296.4 % | 0.37 | - | 24.49 | 0.37 |
| 2017 | 68.13 | (28.2 %) | 1.02 | - | 68.13 | 1.02 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| 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 |
Business Segments (Million)
Q4 2017
| Period | The industrial sector | The commercial sector | Disposals |
|---|---|---|---|
| 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) |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 25.50 | 24.49 |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| OSOOL AND BAKHEET | 25.50 | 24.49 |
| Current | |
| Market Cap (M Riyal) | 2,019.41 |
| Enterprise Value (EV) (M Riyal) | 2,140.05 |
| Shares Outstanding ((M)) | 86.67 |
| EPS ( Riyal) (TTM) | (0.23) |
| Book Value (BV) ( Riyal) | 18.83 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | Neg |
| P/E (TTM) | NEG |
| Price/book | 1.24 |
| Return on Average Assets (%) (TTM) | (0.76 ) |
| Return on Average Equity (%) (TTM) | (1.20 ) |
| EV/adj EBITDA | 16.29 |
| EV/Revenues | 1.94 |
Share Price
Middle East Paper Co. (MEPCO)
Follow us on
Comments {{getCommentCount()}}
Be the first to comment
{{Comments.indexOf(comment)+1}}
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.
Comments Analysis: