MEPCO’s H1 2022 net profit soars to SAR 192.2 mln; Q2 rises to SAR 99.2 mln

08/08/2022 Argaam Exclusive

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Middle East Paper Co. (MEPCO) reported an over threefold increase in H1 2022 net profit after Zakat and tax to SAR 192.2 million, compared to SAR 60.8 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	450.97	651.97	44.6 %
Gross Income	131.30	303.72	131.3 %
Operating Income	67.37	215.54	219.9 %
Net Income	60.81	190.98	214.1 %
Average Shares	66.67	66.67	-
EPS (Riyals)	0.91	2.86	214.1 %

The profit surge was driven by better selling prices of the company’s products on a global rise in product prices. The paper manufacturer also cited an increase in other revenue and fair-value gains from derivatives, as well as lower financing costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	250.45	346.95	38.5 %
Gross Income	83.29	160.56	92.8 %
Operating Income	49.34	110.89	124.7 %
Net Income	43.09	98.60	128.8 %
Average Shares	66.67	66.67	-
EPS (Riyals)	0.65	1.48	128.8 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	305.02	346.95	13.7 %
Gross Income	143.16	160.56	12.2 %
Operating Income	104.65	110.89	6.0 %
Net Income	92.39	98.60	6.7 %
Average Shares	66.67	66.67	-
EPS (Riyals)	1.39	1.48	6.7 %

In Q2 2022, net profit after Zakat and tax more than doubled to SAR 99.2 million, from SAR 43.09 million in the prior-year period. MEPCO cited higher revenue as a result of increased selling prices for all the company’s products amid by better global product prices that drove gross profit margin higher from 33% to 46%.

Compared to the previous quarter, MEPCO’s net profit grew by 6.6% from SAR 93.02 million, thanks to better demand and a steady rise in the company’s product selling prices.

Shareholders’ equity, after minority interest, rose to SAR 1.122 billion as of June 30, 2022, from SAR 812.564 million in the year-earlier period.

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