Middle East Paper Co. (MEPCO) reported a net profit after Zakat and tax of SAR 125.85 million for the first nine months of 2021, almost seven-fold increase compared to a net profit of SAR 16 million in the same period last year.
The company attributed the increase in net profit to higher revenue driven by higher selling prices for all the company’s products due to an increase in global product prices.
In addition, the company cited the increase in other income, fair value gain on derivative financial instruments, and a decrease in finance cost as reasons for the profit increase during the period.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 534.97 | 730.45 | 36.5 % |
| Gross Income | 105.60 | 247.24 | 134.1 % |
| Operating Income | 32.12 | 138.66 | 331.7 % |
| Net Income | 15.95 | 125.85 | 689.2 % |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.24 | 1.89 | 689.2 % |
The company reported a net profit of SAR 65 million for Q3 2021, from a profit of SAR 0.38 million in Q3 2020.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 167.48 | 279.48 | 66.9 % |
| Gross Income | 25.22 | 115.94 | 359.8 % |
| Operating Income | 3.73 | 71.29 | 1811.9 % |
| Net Income | 0.38 | 65.04 | 16882.8 % |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.01 | 0.98 | 16882.8 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 250.45 | 279.48 | 11.6 % |
| Gross Income | 83.29 | 115.94 | 39.2 % |
| Operating Income | 49.34 | 71.29 | 44.5 % |
| Net Income | 43.09 | 65.04 | 51.0 % |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.65 | 0.98 | 51.0 % |
On a sequential basis, net profit grew 51% from SAR 43.09 million in Q2 2021.
Shareholders’ equity, after minority interest, increased 18.8% to SAR 887.9 million as of Sept. 30, 2021, from SAR 747.325 million a year earlier.
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