Middle East Paper Co. (MEPCO) reported a net profit after Zakat and tax of SAR 16 million for the first nine months of 2020, a sharp rise from a profit of SAR 2.6 million in the same period last year.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 538.60 | 534.97 | (0.7 %) |
| Gross Income | 111.71 | 105.60 | (5.5 %) |
| Operating Income | 25.67 | 32.12 | 25.1 % |
| Net Income | 2.61 | 15.95 | 510.3 % |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.04 | 0.24 | 510.3 % |
The jump was attributed to increase in sales volume as well as a decrease in the cost of sales per ton, general and administrative expenses, and selling and distribution expenses.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 180.67 | 167.48 | (7.3 %) |
| Gross Income | 39.27 | 25.22 | (35.8 %) |
| Operating Income | 9.33 | 3.73 | (60.0 %) |
| Net Income | 0.86 | 0.38 | (55.4 %) |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.01 | 0.01 | (55.4 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 193.62 | 167.48 | (13.5 %) |
| Gross Income | 44.77 | 25.22 | (43.7 %) |
| Operating Income | 17.80 | 3.73 | (79.1 %) |
| Net Income | 11.44 | 0.38 | (96.7 %) |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.17 | 0.01 | (96.7 %) |
The Q3 2020 net profit slumped 55% year-on-year to SAR 383,000, due to lower sales volume and selling prices as well as an increase in the cost of sales per ton.
On a sequential basis, Q3 net profit plunged 96.7%.
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