MEPCO reports SAR 20.2 mln net profit in 2020

17/03/2021 Argaam Exclusive

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Middle East Paper Co. (MEPCO) posted a net profit after Zakat and tax of SAR 20.2 million in 2020, compared to SAR 6.1 million in 2019.

Financials (M)

Item	2019	2020	Change‬
Revenues	691.08	724.69	4.9 %
Gross Income	141.71	143.25	1.1 %
Operating Income	29.62	43.48	46.8 %
Net Income	6.13	20.37	232.4 %
Average Shares	66.67	66.67	-
EPS (Riyals)	0.09	0.31	232.4 %

The company attributed the rise in profit to higher sales revenue due to rise in sales volume; and decrease in cost of sales per ton, general and administrative expenses, finance cost, and fair value loss on derivatives financial instruments.

The company reported a net profit after Zakat and tax of SAR 4.2 million in Q4 2020, a rise of 20% year-on-year (YoY).

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	152.48	189.72	24.4 %
Gross Income	30.00	37.65	25.5 %
Operating Income	3.96	11.36	186.8 %
Net Income	3.52	4.43	25.9 %
Average Shares	66.67	66.67	-
EPS (Riyals)	0.05	0.07	25.9 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	167.48	189.72	13.3 %
Gross Income	25.22	37.65	49.3 %
Operating Income	3.73	11.36	204.5 %
Net Income	0.38	4.43	1055.4 %
Average Shares	66.67	66.67	-
EPS (Riyals)	0.01	0.07	1055.4 %

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