MEPCO swings to SAR 26.7 mln loss in H1 2023; Q2 at SAR 20.1 mln

08/08/2023 Argaam Exclusive

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Middle East Paper Co. (MEPCO) reported a net loss of SAR 26.7 million for H1 2023, against a net profit of SAR 191 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	651.97	413.32	(36.6 %)
Gross Income	303.72	58.16	(80.8 %)
Operating Income	215.54	(14.49)	(106.7 %)
Net Income	190.98	(26.72)	(114.0 %)
Average Shares	66.67	66.67	0.0 %
EPS (Riyals)	2.86	(0.40)	(114.0 %)

This was attributed to a decline in selling prices and a relative decrease in sales volume, resulting in a decline in gross profit margin from 47% to 14%.

This was despite a decline in selling & distribution expenses, a decrease in impairment provision, and an increase in other income.

In Q2 2023, net loss reached SAR 20.1 million, against a net profit of SAR 98.60 million a year earlier, mainly due to lower selling prices of all products.

Compared to the previous quarter, MEPCO widened its Q2 2023 net losses from SAR 6.56 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	346.95	189.37	(45.4 %)
Gross Income	160.56	22.87	(85.8 %)
Operating Income	110.89	(12.09)	(110.9 %)
Net Income	98.60	(20.17)	(120.5 %)
Average Shares	66.67	66.67	0.0 %
EPS (Riyals)	1.48	(0.30)	(120.5 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	223.95	189.37	(15.4 %)
Gross Income	35.29	22.87	(35.2 %)
Operating Income	(2.41)	(12.09)	(401.9 %)
Net Income	(6.56)	(20.17)	(207.5 %)
Average Shares	66.67	66.67	-
EPS (Riyals)	(0.10)	(0.30)	(207.5 %)

Shareholders’ equity, after minority interest, fell to SAR 1.126 billion as of June 30, 2023, from SAR 1.122 billion in the year-earlier period.

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