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.
| 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.
| 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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