Middle East Paper Co. (MEPCO) reported a net loss of SAR 14.3 million for H1 2024, against a net loss of SAR 26.7 million a year earlier.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 413.32 | 498.53 | 20.6 % |
| Gross Income | 58.16 | 86.78 | 49.2 % |
| Operating Income | (11.67) | (3.53) | 69.8 % |
| Net Income | (26.72) | (14.32) | 46.4 % |
| Average Shares | 66.67 | 86.67 | 30.0 % |
| EPS (Riyals) | (0.40) | (0.17) | 58.8 % |
This was attributed to a year-on-year (YoY) 21% increase in revenue, on 31% higher prices of corrugated cardboard products and an increase in the production and sales of jumbo tissue paper rolls by 23,000 tons.
Moreover, production costs reduced, and profit margins improved in its subsidiary (Juthor Paper Manufacturing Co.) as a result of the switch from diesel fuel to natural gas, in addition to the return of prices to their normal levels.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 189.37 | 255.08 | 34.7 % |
| Gross Income | 22.87 | 54.28 | 137.3 % |
| Operating Income | (13.97) | 7.71 | 155.2 % |
| Net Income | (20.17) | 4.04 | 120.0 % |
| Average Shares | 66.67 | 86.67 | 30.0 % |
| EPS (Riyals) | (0.30) | 0.05 | 115.4 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 243.45 | 255.08 | 4.8 % |
| Gross Income | 32.51 | 54.28 | 67.0 % |
| Operating Income | (11.24) | 7.71 | 168.6 % |
| Net Income | (18.36) | 4.04 | 122.0 % |
| Average Shares | 86.67 | 86.67 | - |
| EPS (Riyals) | (0.21) | 0.05 | 122.0 % |
In Q2 2024, the company swung to a net profit of SAR 4 million, from a loss of SAR 20.17 million a year earlier.
Compared to the previous quarter, MEPCO turned to profit in Q2 2024 from a net loss of SAR 18.36 million, mainly due to higher revenues.
Shareholders’ equity, after minority interest, rose to SAR 1.66 billion as of June 30, 2024, from SAR 1.12 billion in the year-earlier period.
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