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.
| 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.
| 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.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}