MEPCO posts 22% profit growth to SAR 269.7 mln in 2022; Q4 at SAR 24.8 mln

21/03/2023 Argaam Exclusive

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Middle East Paper Co. (MEPCO) reported net earnings of SAR 269.7 million in 2022, up 22% from SAR 220.7 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	1,057.40	1,187.01	12.3 %
Gross Income	394.10	502.79	27.6 %
Operating Income	228.76	307.13	34.3 %
Net Income	220.71	269.70	22.2 %
Average Shares	66.67	66.67	-
EPS (Riyals)	3.31	4.05	22.2 %

This was driven by a 12% increase in revenue year-on-year (YoY) coupled with an improvement in gross margin from 37% to 42%, which was due to a more favorable pricing environment and cost efficiency. This was partially offset by higher cost of sales and an increase in production materials prices.

MEPCO also reported higher selling, general and administrative expenses and additional provisions for doubtful debt during the same period.

Q4 2022 net profit plunged 74% YoY to SAR 24.8 million.

On a sequential basis, net profit fell 54% from SAR 53.93 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	326.95	231.52	(29.2 %)
Gross Income	146.86	77.17	(47.5 %)
Operating Income	90.10	15.85	(82.4 %)
Net Income	94.86	24.79	(73.9 %)
Average Shares	66.67	66.67	-
EPS (Riyals)	1.42	0.37	(73.9 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	303.52	231.52	(23.7 %)
Gross Income	121.91	77.17	(36.7 %)
Operating Income	75.75	15.85	(79.1 %)
Net Income	53.93	24.79	(54.0 %)
Average Shares	66.67	66.67	-
EPS (Riyals)	0.81	0.37	(54.0 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 1.18 billion by Dec. 31, 2022, compared to SAR 982.68 million a year earlier.

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