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.
| 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.
| 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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