MEPCO H1 profit surges on higher prices

31/07/2018 Argaam Exclusive

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Middle East Paper Co. (MEPCO) reported a net profit of SAR 56.99 million for the first half of 2018, more than double year-on-year (YoY), driven by higher sales revenue and lower financing costs.

Financials (M)

Item	6m 2017	6m 2018	Change‬
Revenues	353.22	443.58	25.6 %
Gross Income	77.09	125.22	62.4 %
Operating Income	36.58	71.22	94.7 %
Net Income	21.43	56.99	166.0 %
Average Shares	66.67	66.67	-
EPS (Riyals)	0.32	0.85	166.0 %

MEPCO’s net profit for the second quarter jumped 59.09 percent YoY to SAR 28.91 million due to higher prices and lower financing costs.

On a sequential basis, the profit for the current period rose 3 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2017	Q2 2018	Change‬
Revenues	186.72	218.57	17.1 %
Gross Income	45.42	63.12	39.0 %
Operating Income	25.51	35.88	40.6 %
Net Income	18.18	28.92	59.1 %
Average Shares	66.67	66.67	-
EPS (Riyals)	0.27	0.43	59.1 %

Item	Q1 2018	Q2 2018	Change‬
Revenues	225.01	218.57	(2.9 %)
Gross Income	62.10	63.12	1.6 %
Operating Income	35.34	35.88	1.5 %
Net Income	28.08	28.92	3.0 %
Average Shares	66.67	66.67	-
EPS (Riyals)	0.42	0.43	3.0 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	471.06	-	149.00	-	80.64	-	1.21
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	650.84	38.2 %	174.94	17.4 %	85.75	6.3 %	1.29
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	653.58	0.4 %	144.11	(17.6 %)	37.83	(55.9 %)	0.57
Q1 2013	175.85	-	41.28	-	11.26	-	0.17
Q2 2013	195.47	-	50.61	-	22.76	-	0.34
Q3 2013	200.50	-	61.21	-	31.50	-	0.47
Q4 2013	188.35	-	50.81	-	22.56	-	0.34
2013	760.17	16.3 %	203.91	41.5 %	88.08	132.8 %	1.32
Q1 2014	200.96	14.3 %	52.97	28.3 %	22.83	102.7 %	0.34
Q2 2014	203.05	3.9 %	59.04	16.7 %	29.26	28.6 %	0.44
Q3 2014	219.60	9.5 %	68.98	12.7 %	36.35	15.4 %	0.55
Q4 2014	202.50	7.5 %	53.41	5.1 %	22.91	1.5 %	0.34
2014	826.43	8.7 %	234.71	15.1 %	111.34	26.4 %	1.67
Q1 2015	184.71	(8.1 %)	47.14	(11.0 %)	23.20	1.6 %	0.35
Q2 2015	184.14	(9.3 %)	48.17	(18.4 %)	19.57	(33.1 %)	0.29
Q3 2015	172.83	(21.3 %)	41.85	(39.3 %)	9.58	(73.6 %)	0.14
Q4 2015	139.50	(31.1 %)	35.70	(33.2 %)	2.77	(87.9 %)	0.04
2015	681.17	(17.6 %)	172.86	(26.4 %)	55.12	(50.5 %)	0.83
Q1 2016	176.54	(4.4 %)	48.80	3.5 %	16.78	(27.7 %)	0.25
Q2 2016	164.82	(10.5 %)	28.37	(41.1 %)	88.31	351.3 %	1.32
Q3 2016	148.13	(14.3 %)	28.76	(31.3 %)	2.28	(76.2 %)	0.03
Q4 2016	144.91	3.9 %	25.36	(29.0 %)	(12.46)	(550.0 %)	(0.19)
2016	634.41	(6.9 %)	131.28	(24.1 %)	94.91	72.2 %	1.42
Q1 2017	166.50	(5.7 %)	31.67	(35.1 %)	3.25	(80.6 %)	0.05
Q2 2017	186.72	13.3 %	45.42	60.1 %	18.18	(79.4 %)	0.27
Q3 2017	212.74	43.6 %	55.30	92.3 %	22.22	873.6 %	0.33
Q4 2017	205.05	41.5 %	53.72	111.9 %	24.49	296.4 %	0.37
2017	771.01	21.5 %	186.11	41.8 %	68.13	(28.2 %)	1.02
Q1 2018	225.01	35.1 %	62.10	96.1 %	28.08	763.1 %	0.42
Q2 2018	218.57	17.1 %	63.12	39.0 %	28.92	59.1 %	0.43

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
2010	471.06	-	149.00	-	80.64	-	1.21
2011	650.84	38.2 %	174.94	17.4 %	85.75	6.3 %	1.29
2012	653.58	0.4 %	144.11	(17.6 %)	37.83	(55.9 %)	0.57
2013	760.17	16.3 %	203.91	41.5 %	88.08	132.8 %	1.32
2014	826.43	8.7 %	234.71	15.1 %	111.34	26.4 %	1.67
2015	681.17	(17.6 %)	172.86	(26.4 %)	55.12	(50.5 %)	0.83
2016	634.41	(6.9 %)	131.28	(24.1 %)	94.91	72.2 %	1.42
2017	771.01	21.5 %	186.11	41.8 %	68.13	(28.2 %)	1.02

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	31.63 %	28.89 %	17.12 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	26.88 %	25.75 %	13.12 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	22.05 %	20.10 %	5.79 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	26.82 %	26.56 %	11.59 %
2013	26.82 %	26.56 %	11.59 %
Q1 2014	27.46 %	27.05 %	12.69 %
Q2 2014	28.26 %	28.06 %	13.39 %
Q3 2014	28.55 %	28.01 %	13.67 %
Q4 2014	28.37 %	27.86 %	13.48 %
2014	28.40 %	27.82 %	13.47 %
Q1 2015	28.22 %	28.65 %	13.79 %
Q2 2015	27.52 %	28.28 %	12.90 %
Q3 2015	25.61 %	26.90 %	10.11 %
Q4 2015	25.38 %	26.78 %	8.09 %
2015	25.38 %	26.78 %	8.09 %
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 %
Q1 2018	26.10 %	25.32 %	11.21 %
Q2 2018	27.19 %	25.45 %	12.04 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	-	-	-
2009	-	-	-
2010	31.63 %	28.89 %	17.12 %
2011	26.88 %	25.75 %	13.12 %
2012	22.05 %	20.10 %	5.79 %
2013	26.82 %	26.56 %	11.59 %
2014	28.40 %	27.82 %	13.47 %
2015	25.38 %	26.78 %	8.09 %
2016	20.69 %	17.73 %	0.46 %
2017	24.14 %	24.13 %	8.84 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	23.47 %	22.52 %	6.40 %
Q2 2013	25.89 %	24.97 %	11.64 %
Q3 2013	30.53 %	30.42 %	15.71 %
Q4 2013	26.98 %	27.88 %	11.98 %
Q1 2014	26.36 %	24.92 %	11.36 %
Q2 2014	29.08 %	28.99 %	14.41 %
Q3 2014	31.41 %	30.06 %	16.55 %
Q4 2014	26.38 %	27.25 %	11.31 %
Q1 2015	25.52 %	28.12 %	12.56 %
Q2 2015	26.16 %	27.47 %	10.63 %
Q3 2015	24.21 %	24.58 %	5.54 %
Q4 2015	25.59 %	26.81 %	1.99 %
Q1 2016	27.64 %	24.86 %	9.50 %
Q2 2016	17.21 %	13.48 %	(2.21 %)
Q3 2016	19.41 %	18.12 %	1.54 %
Q4 2016	17.50 %	13.50 %	(8.60 %)
Q1 2017	19.02 %	19.77 %	1.95 %
Q2 2017	24.32 %	25.85 %	9.73 %
Q3 2017	26.00 %	23.84 %	10.44 %
Q4 2017	26.20 %	26.41 %	11.94 %
Q1 2018	27.60 %	25.29 %	12.48 %
Q2 2018	28.88 %	26.28 %	13.23 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	66.67	-	-	5.15
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	66.67	-	-	6.47
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	66.67	-	-	7.04
Q1 2013	66.67	-	-	7.21
Q2 2013	66.67	-	-	7.55
Q3 2013	66.67	-	-	8.02
Q4 2013	66.67	1.32	1.32	7.99
Q1 2014	66.67	1.49	1.49	8.33
Q2 2014	66.67	1.59	1.59	8.15
Q3 2014	66.67	1.66	1.66	8.70
Q4 2014	66.67	1.67	1.67	9.04
Q1 2015	66.67	1.68	1.68	9.39
Q2 2015	66.67	1.53	1.53	9.68
Q3 2015	66.67	1.13	1.13	9.83
Q4 2015	66.67	0.83	0.83	9.87
Q1 2016	66.67	0.73	0.73	9.62
Q2 2016	66.67	1.76	0.38	10.57
Q3 2016	66.67	1.65	0.27	10.59
Q4 2016	66.67	1.42	0.04	10.40
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
Q1 2018	66.67	1.39	1.39	11.26
Q2 2018	66.67	1.56	1.56	11.03

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	-	-	-	-
2009	-	-	-	-
2010	66.67	1.21	1.21	5.15
2011	66.67	1.29	1.28	6.47
2012	66.67	0.57	0.57	7.04
2013	66.67	1.32	1.32	7.99
2014	66.67	1.67	1.67	9.04
2015	66.67	0.83	0.83	9.87
2016	66.67	1.42	0.04	10.40
2017	66.67	1.02	1.02	10.84

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	26.14	26.14	4.13
Q3 2015	25.29	25.29	2.90
Q4 2015	30.07	30.07	2.52
Q1 2016	24.74	24.74	1.88
Q2 2016	10.23	47.15	1.71
Q3 2016	8.19	49.60	1.28
Q4 2016	11.33	More than 100	1.55
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
Q1 2018	17.27	17.27	2.14
Q2 2018	15.70	15.70	2.22

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	30.07	30.07	2.52
2016	11.33	More than 100	1.55
2017	18.43	18.43	1.74

Business Segments (Million)

Compared With The

Period	The industrial sector	The commercial sector	Disposals
Q1 2013	158.35	71.46	(53.97)
Q2 2013	178.71	81.47	(64.72)
Q3 2013	185.64	77.94	(63.08)
Q4 2013	178.20	71.61	(61.46)
Q1 2014	189.39	64.27	(52.69)
Q2 2014	186.73	82.23	(65.90)
Q3 2014	204.13	83.05	(67.58)
Q4 2014	190.08	90.98	(78.55)
Q1 2015	149.78	73.94	(39.01)
Q2 2015	170.79	72.52	(59.17)
Q3 2015	171.60	59.18	(57.94)
Q4 2015	142.39	54.31	(57.21)
Q1 2016	167.90	61.40	(52.77)
Q2 2016	147.30	58.38	(40.87)
Q3 2016	137.14	62.02	(51.03)
Q4 2016	139.15	59.06	(53.30)
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)
Q1 2018	219.22	72.35	(66.56)
Q2 2018	212.34	64.57	(58.34)

Period	The industrial sector	The commercial sector	Disposals
2010	436.11	187.36	(152.41)
2011	594.94	275.56	(219.67)
2012	605.97	258.03	(210.42)
2013	700.91	302.48	(243.22)
2014	770.32	320.84	(264.73)
2015	634.56	259.95	(213.34)
2016	591.50	240.87	(197.96)
2017	729.57	323.36	(281.92)

Analysts Estimates (Million)

Item	Q2 2018 (e)	Q2 2018 (a)	Change‬
Average	27.33	28.92	5.79 %

Estimates vs Actual (Million)

Item	Q2 2018 (e)	Q2 2018 (a)	Change
OSOOL AND BAKHEET	28.90	28.92	0.1 %
Sico	30.00	28.92	(3.6) %
Arbah Capital	23.10	28.92	25.2 %

Financial Ratios

	Current
Market Cap (M Riyal)	3,514.47
Enterprise Value (EV) (M)	3,418.33
Shares Outstanding ((M))	86.67
EPS ( Riyal) (TTM)	(1.06)
Book Value (BV) ( Riyal)	19.22
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	2.11
Return on Average Assets (%) (TTM)	(4.03 )
Return on Average Equity (%) (TTM)	(6.48 )

Middle East Paper Co. (MEPCO)

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MEPCO H1 profit surges on higher prices

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2018 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Middle East Paper Co. (MEPCO)

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

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MEPCO H1 profit surges on higher prices

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2018

Revenue by Business Segment (Latest) 2018 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Middle East Paper Co. (MEPCO)

Comments {{getCommentCount()}}

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Business Segments (Million)