MEPCO posts SAR 17.7 mln net profit in Q1 2021

02/05/2021 Argaam Exclusive

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Middle East Paper Co. (MEPCO) reported net profit after Zakat and tax of SAR 17.7 million in Q1 2021, a more than four-fold increase, from SAR 4.12 million in prior-year period.

This profit hike was attributed to higher selling prices, lower cost of finance, higher other income.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2020	Q1 2021	Change‬
Revenues	173.87	200.51	15.3 %
Gross Income	35.61	48.01	34.8 %
Operating Income	10.59	18.03	70.2 %
Net Income	4.12	17.72	329.7 %
Average Shares	66.67	66.67	-
Earnings Per Share before unusual items (Riyals)	0.06	0.23	271.5 %
EPS (Riyals)	0.06	0.27	329.7 %

Item	Q4 2020	Q1 2021	Change‬
Revenues	189.72	200.51	5.7 %
Gross Income	37.65	48.01	27.5 %
Operating Income	11.36	18.03	58.7 %
Net Income	4.43	17.72	300.5 %
Average Shares	66.67	66.67	-
Earnings Per Share before unusual items (Riyals)	0.07	0.23	246.3 %
EPS (Riyals)	0.07	0.27	300.5 %

On a sequential basis, Q1 2021 net profit surged by 319%, on lower Zakat expenses.

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MEPCO posts SAR 17.7 mln net profit in Q1 2021

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