MEPCO turns to SAR 90.3M loss in 2023; Q4 at SAR 45.7M

30/03/2024 Argaam Exclusive

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Middle East Paper Co. (MEPCO) swung to a net loss of SAR 90.3 million for 2023, against a net profit of SAR 269.7 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,187.01	866.75	(27.0 %)
Gross Income	502.79	85.00	(83.1 %)
Operating Income	307.13	(55.00)	(117.9 %)
Net Income	269.70	(80.27)	(129.8 %)
Average Shares	66.67	66.67	0.0 %
EPS (Riyals)	4.05	(1.20)	(129.8 %)

Revenues dropped 27% year-on-year (YoY) on lower selling prices, and gross profit margins fell from 42% in 2022 to 10% in 2023.

In addition, cost of sales increases due to higher sales volume and higher costs of energy, maintenance and employees related to Juthor.

Gross profit also fell by 83% YoY on lower selling prices and higher cost of sales. Moreover, cost of financing increased by SAR 8 million on higher SAIBOR rate for Murabaha loans.

The company also turned to losses of SAR 35.70 million in Q4 2023, against earnings of SAR 24.79 million a year earlier.

Compared with the previous quarter, the three-month losses increased from SAR 17.85 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	231.52	224.26	(3.1 %)
Gross Income	77.17	2.94	(96.2 %)
Operating Income	15.85	(26.69)	(268.4 %)
Net Income	24.79	(35.70)	(244.0 %)
Average Shares	66.67	66.67	0.0 %
EPS (Riyals)	0.37	(0.54)	(244.0 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	229.18	224.26	(2.1 %)
Gross Income	23.89	2.94	(87.7 %)
Operating Income	(10.42)	(26.69)	(156.1 %)
Net Income	(20.29)	(35.70)	(75.9 %)
Average Shares	66.67	66.67	-
EPS (Riyals)	(0.30)	(0.54)	(75.9 %)

Shareholders’ equity, after minority interest, reached SAR 1.07 billion as of Dec. 31, 2023, compared to SAR 1.18 billion in the prior-year period.

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