Financial Results : MEPCO turns to SAR 6.6 mln loss in Q1 2023

MEPCO turns to SAR 6.6 mln loss in Q1 2023

21/05/2023 Argaam Exclusive

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Middle East Paper Co. (MEPCO) swung to a net loss of SAR 6.6 million in Q1 2023, against a net profit of SAR 92.4 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 305.02 223.95 (26.6 %)
Gross Income 143.16 35.29 (75.3 %)
Operating Income 104.65 (2.41) (102.3 %)
Net Income 92.39 (6.56) (107.1 %)
Average Shares 66.67 66.67 0.0 %
EPS (Riyals) 1.39 (0.10) (107.1 %)

The paper manufacturer was hurt by a 27% year-on-year (YoY) decrease in revenues, on lower selling prices of the company’s products amid a global decline in paper product prices. Gross profit margins contracted from 47% to 16% in Q1 2023. Further, MEPCO reported an increase in the cost of sales on higher sales volumes.

   

In Q4 2022, the company posted a net profit of SAR 24.79 million. The first-quarter losses were attributed to a 54% drop in gross profit. Gross profit margins also fell to 16% from 33%.

 

MEPCO reported costs savings with an increase in Zakat expenses by SAR 3.5 million against Zakat reversals of SAR 2 million in the previous quarter and a reduction in other income by SAR 7 million on lower forex gains.

 

Shareholders’ equity, after minority interest, rose to SAR 1.17 billion as of March 31, 2023, from SAR 1.07 billion in the year-earlier period. 

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