MEPCO 9M net profit up 96% to SAR 246.8 mln; Q3 at SAR 54.6 mln

01/11/2022 Argaam Exclusive

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Middle East Paper Co. (MEPCO) reported a net profit after Zakat and tax of SAR 246.8 million, for the first nine months of 2022, a surge of 96%, compared to SAR 125.9 million in the year earlier period.

This was driven by a 31% increase year-on-year (YoY) in revenue on higher demand and selling prices, in addition to a 72% YoY jump in gross profit, partially offset by an increase in the selling, general and administrative expenses by SAR 20 million.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	730.45	955.49	30.8 %
Gross Income	247.24	425.62	72.1 %
Operating Income	138.66	291.28	110.1 %
Net Income	125.85	244.91	94.6 %
Average Shares	66.67	66.67	-
EPS (Riyals)	1.89	3.67	94.6 %

Q3 net profit after Zakat and tax dropped 16% YoY to SAR 54.6 million, due to higher selling and distribution expenses by SAR 3 million in asset impairment and recording finance costs by SAR 1.7 million.

On a sequential basis, net profit fell 45% from SAR 99.19 million in Q2 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	279.48	303.52	8.6 %
Gross Income	115.94	121.91	5.1 %
Operating Income	71.29	75.75	6.2 %
Net Income	65.04	53.93	(17.1 %)
Average Shares	66.67	66.67	-
EPS (Riyals)	0.98	0.81	(17.1 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	346.95	303.52	(12.5 %)
Gross Income	160.56	121.91	(24.1 %)
Operating Income	110.89	75.75	(31.7 %)
Net Income	98.60	53.93	(45.3 %)
Average Shares	66.67	66.67	-
EPS (Riyals)	1.48	0.81	(45.3 %)

Total shareholders’ equity, no minority interest, reached SAR 1.176 billion as of Sept. 30, 2022, compared to SAR 887.898 million in prior-year period.

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