Financial Results : MEPCO’s net profit surges to SAR 92.4 mln in Q1 2022

MEPCO’s net profit surges to SAR 92.4 mln in Q1 2022

27/04/2022 Argaam Exclusive

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Middle East Paper Co. (MEPCO) reported a net profit after Zakat and tax of SAR 92.4 million in the first quarter of 2022, compared to SAR 17.7 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 200.51 305.02 52.1 %
Gross Income 48.01 143.16 198.2 %
Operating Income 18.03 104.65 480.6 %
Net Income 17.72 92.39 421.3 %
Average Shares 66.67 66.67 -
EPS (Riyals) 0.27 1.39 421.3 %

The company attributed the profit surge to a 52% year-on-year (YoY) rise in revenue, driven by better product selling prices.

 

The paper manufacturer also cited an increase in the prices of global products, which pushed the gross profit margin higher to 47% from 24%.

 

Sequentially, net profit after Zakat and tax decreased by 2.6 from SAR 94.86 million, hit by a 6.7% drop YoY in revenue amid a relative decline in the company’s sales during the three-month period.

Shareholders’ equity, after minority interest, rose to SAR 1.075 billion in Q1 2022, from SAR 769.715 million in the year-earlier period.

 

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