MEPCO 2021 net profit soars to SAR 220.9 mln; Q4 at SAR 95 mln

17/03/2022 Argaam Exclusive

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Middle East Paper Co. (MEPCO) reported a net profit after Zakat and tax of SAR 220.9 million in 2021, a rise of over 10 times, compared to SAR 20.2 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	724.69	1,057.40	45.9 %
Gross Income	143.25	394.10	175.1 %
Operating Income	43.48	228.76	426.2 %
Net Income	20.37	220.71	983.4 %
Average Shares	66.67	66.67	-
EPS (Riyals)	0.31	3.31	983.4 %

The company attributed the higher profit to a 46% year-on-year (YoY) rise in sales revenue, driven by better product selling prices.

The paper manufacturer also cited an increase of SAR 13 million YoY in other operating income.

In Q4 2021, net profit after Zakat and tax skyrocketed to SAR 95 million, up from SAR 4.23 million in the year-earlier period.

The fourth-quarter net earnings jumped 37.4% from SAR 65.04 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	189.72	326.95	72.3 %
Gross Income	37.65	146.86	290.1 %
Operating Income	11.36	90.10	693.4 %
Net Income	4.43	94.86	2043.7 %
Average Shares	66.67	66.67	-
EPS (Riyals)	0.07	1.42	2043.7 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	279.48	326.95	17.0 %
Gross Income	115.94	146.86	26.7 %
Operating Income	71.29	90.10	26.4 %
Net Income	65.04	94.86	45.8 %
Average Shares	66.67	66.67	-
EPS (Riyals)	0.98	1.42	45.8 %

Shareholders’ equity, after minority interest, stood at SAR 982.7 million in 2021, up from SAR 752 million in 2020.

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