MEPCO reports 94% profit plunge in 2019

18/03/2020 Argaam Exclusive

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Middle East Paper Co. (MEPCO) reported a net profit after Zakat and tax of SAR 6.1 million for the fiscal year of 2019, a 94% year-on-year (YoY) plunge, the company said in a bourse statement.

Financials (M)

Item	2018	2019	Change‬
Revenues	833.61	691.08	(17.1 %)
Gross Income	235.67	141.71	(39.9 %)
Operating Income	129.85	29.62	(77.2 %)
Net Income	99.44	6.13	(93.8 %)
Average Shares	66.67	66.67	-
EPS (Riyals)	1.49	0.09	(93.8 %)

The profit decline was attributed to lower sales revenue, lower average selling prices and higher distribution expenses. However, this was partially offset by higher sales volume, lower costs per ton, lower general and administrative expenses, asset impairment losses, zakat expenses as well as higher other income.

Q4 2019 net earnings dropped 71% YoY to SAR 3.5 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	174.44	152.48	(12.6 %)
Gross Income	45.37	30.00	(33.9 %)
Operating Income	19.79	3.96	(80.0 %)
Net Income	12.29	3.52	(71.4 %)
Average Shares	66.67	66.67	-
EPS (Riyals)	0.18	0.05	(71.4 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	180.67	152.48	(15.6 %)
Gross Income	39.27	30.00	(23.6 %)
Operating Income	9.33	3.96	(57.6 %)
Net Income	0.86	3.52	309.7 %
Average Shares	66.67	66.67	-
EPS (Riyals)	0.01	0.05	309.7 %

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