MEPCO’s net profit up 45% in FY16

Middle East Paper Company (MEPCO), a manufacturer of cardboard and industrial paper, reported a net profit of SAR 79.85 million for the fiscal year 2016, a 45 percent year-on-year rise on higher other income mainly due to a non-recurring gain recognized on claim of expropriated land and premises by National Water Company; and increase in fair value gain on derivative financial instruments, despite higher financial charges.

Financials (M)

Item	2015	2016	Change‬
Revenues	681.17	634.41	(6.9 %)
Gross Income	172.86	131.28	(24.1 %)
Operating Income	81.87	32.52	(60.3 %)
Net Income	55.12	94.91	72.2 %
Average Shares	66.67	66.67	-
EPS (Riyals)	0.83	1.42	72.2 %

The company reported a net loss of SAR 16.8 million for Q4-2016 versus a net profit of SAR 2.8 million in the same period last year, on the back of the drop in average selling prices of paper products, higher cost of sales, particularly due to high energy costs.

During the period, general and administrative expenses and financial charges rose, while the fair value of derivative financial instruments and other revenue fell.

The net loss for Q4 compared with a net loss of SAR 2.1 million for Q3-2016.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2015	Q4 2016	Change‬
Revenues	139.50	144.91	3.9 %
Gross Income	35.70	25.36	(29.0 %)
Operating Income	10.55	(1.29)	(112.2 %)
Net Income	2.77	(12.46)	(550.0 %)
Average Shares	66.67	66.67	-
EPS (Riyals)	0.04	(0.19)	(550.0 %)

Item	Q3 2016	Q4 2016	Change‬
Revenues	148.13	144.91	(2.2 %)
Gross Income	28.76	25.36	(11.8 %)
Operating Income	6.28	(1.29)	(120.5 %)
Net Income	2.28	(12.46)	(646.2 %)
Average Shares	66.67	66.67	-
EPS (Riyals)	0.03	(0.19)	(646.2 %)

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Share Price

Middle East Paper Co. (MEPCO)

	Current
Market Cap (M Riyal)	3,206.79
Enterprise Value (EV) (M)	3,228.80
Shares Outstanding ((M))	86.67
EPS ( Riyal) (TTM)	(0.79)
Book Value (BV) ( Riyal)	19.07
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.94
Return on Average Assets (%) (TTM)	(3.01 )
Return on Average Equity (%) (TTM)	(4.96 )

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	471.06	-	149.00	-	96.72	-
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	650.84	38.2 %	174.94	17.4 %	110.85	14.6 %
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	653.58	0.4 %	144.11	(17.6 %)	62.10	(44.0 %)
Q1 2013	175.85	-	41.28	-	20.60	-
Q2 2013	195.47	-	50.61	-	29.56	-
Q3 2013	200.50	-	61.21	-	41.72	-
Q4 2013	188.35	-	50.81	-	32.76	-
2013	760.17	16.3 %	203.91	41.5 %	124.63	100.7 %
Q1 2014	200.96	14.3 %	52.97	28.3 %	29.65	44.0 %
Q2 2014	203.05	3.9 %	59.04	16.7 %	36.78	24.4 %
Q3 2014	219.60	9.5 %	68.98	12.7 %	43.91	5.3 %
Q4 2014	202.50	7.5 %	53.41	5.1 %	31.88	(2.7 %)
2014	826.43	8.7 %	234.71	15.1 %	141.99	13.9 %
Q1 2015	184.71	(8.1 %)	47.14	(11.0 %)	28.15	(5.1 %)
Q2 2015	184.14	(9.3 %)	48.17	(18.4 %)	26.28	(28.5 %)
Q3 2015	172.83	(21.3 %)	41.85	(39.3 %)	16.89	(61.5 %)
Q4 2015	139.50	(31.1 %)	35.70	(33.2 %)	10.55	(66.9 %)
2015	681.17	(17.6 %)	172.86	(26.4 %)	81.87	(42.3 %)
Q1 2016	176.54	(4.4 %)	48.80	3.5 %	24.52	(12.9 %)
Q2 2016	164.82	(10.5 %)	28.37	(41.1 %)	3.01	(88.6 %)
Q3 2016	148.13	(14.3 %)	28.76	(31.3 %)	6.28	(62.8 %)
Q4 2016	144.91	3.9 %	25.36	(29.0 %)	(1.29)	(112.2 %)
2016	634.41	(6.9 %)	131.28	(24.1 %)	32.52	(60.3 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2007	-	-	-	-	-	-
2008	-	-	-	-	-	-
2009	-	-	-	-	-	-
2010	471.06	-	149.00	-	96.72	-
2011	650.84	38.2 %	174.94	17.4 %	110.85	14.6 %
2012	653.58	0.4 %	144.11	(17.6 %)	62.10	(44.0 %)
2013	760.17	16.3 %	203.91	41.5 %	124.63	100.7 %
2014	826.43	8.7 %	234.71	15.1 %	141.99	13.9 %
2015	681.17	(17.6 %)	172.86	(26.4 %)	81.87	(42.3 %)
2016	634.41	(6.9 %)	131.28	(24.1 %)	32.52	(60.3 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	80.64	-	1.21	-	80.64	1.21
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	85.75	6.3 %	1.29	0.37	85.38	1.28
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	37.83	(55.9 %)	0.57	-	37.83	0.57
Q1 2013	11.26	-	0.17	-	11.26	0.17
Q2 2013	22.76	-	0.34	-	22.76	0.34
Q3 2013	31.50	-	0.47	-	31.50	0.47
Q4 2013	22.56	-	0.34	-	22.56	0.34
2013	88.08	132.8 %	1.32	-	88.08	1.32
Q1 2014	22.83	102.7 %	0.34	-	22.83	0.34
Q2 2014	29.26	28.6 %	0.44	-	29.26	0.44
Q3 2014	36.35	15.4 %	0.55	-	36.35	0.55
Q4 2014	22.91	1.5 %	0.34	-	22.91	0.34
2014	111.34	26.4 %	1.67	-	111.34	1.67
Q1 2015	23.20	1.6 %	0.35	-	23.20	0.35
Q2 2015	19.57	(33.1 %)	0.29	-	19.57	0.29
Q3 2015	9.58	(73.6 %)	0.14	-	9.58	0.14
Q4 2015	2.77	(87.9 %)	0.04	-	2.77	0.04
2015	55.12	(50.5 %)	0.83	-	55.12	0.83
Q1 2016	16.78	(27.7 %)	0.25	-	16.78	0.25
Q2 2016	88.31	351.3 %	1.32	91.96	(3.65)	(0.05)
Q3 2016	2.28	(76.2 %)	0.03	-	2.28	0.03
Q4 2016	(12.46)	(550.0 %)	(0.19)	-	(12.46)	(0.19)
2016	94.91	72.2 %	1.42	91.96	2.94	0.04

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2007	-	-	-	-	-	-
2008	-	-	-	-	-	-
2009	-	-	-	-	-	-
2010	80.64	-	1.21	-	80.64	1.21
2011	85.75	6.3 %	1.29	0.37	85.38	1.28
2012	37.83	(55.9 %)	0.57	-	37.83	0.57
2013	88.08	132.8 %	1.32	-	88.08	1.32
2014	111.34	26.4 %	1.67	-	111.34	1.67
2015	55.12	(50.5 %)	0.83	-	55.12	0.83
2016	94.91	72.2 %	1.42	91.96	2.94	0.04

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	31.63 %	28.89 %	17.12 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	26.88 %	25.75 %	13.12 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	22.05 %	20.10 %	5.79 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	26.82 %	26.56 %	11.59 %
2013	26.82 %	26.56 %	11.59 %
Q1 2014	27.46 %	27.05 %	12.69 %
Q2 2014	28.26 %	28.06 %	13.39 %
Q3 2014	28.55 %	28.01 %	13.67 %
Q4 2014	28.37 %	27.86 %	13.48 %
2014	28.40 %	27.82 %	13.47 %
Q1 2015	28.22 %	28.65 %	13.79 %
Q2 2015	27.52 %	28.28 %	12.90 %
Q3 2015	25.61 %	26.90 %	10.11 %
Q4 2015	25.38 %	26.78 %	8.09 %
2015	25.38 %	26.78 %	8.09 %
Q1 2016	25.93 %	25.91 %	7.23 %
Q2 2016	23.67 %	22.33 %	3.90 %
Q3 2016	22.52 %	20.72 %	2.89 %
Q4 2016	20.69 %	17.73 %	0.46 %
2016	20.69 %	17.73 %	0.46 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	31.63 %	28.89 %	17.12 %
2011	26.88 %	25.75 %	13.12 %
2012	22.05 %	20.10 %	5.79 %
2013	26.82 %	26.56 %	11.59 %
2014	28.40 %	27.82 %	13.47 %
2015	25.38 %	26.78 %	8.09 %
2016	20.69 %	17.73 %	0.46 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	23.47 %	22.52 %	6.40 %
Q2 2013	25.89 %	24.97 %	11.64 %
Q3 2013	30.53 %	30.42 %	15.71 %
Q4 2013	26.98 %	27.88 %	11.98 %
Q1 2014	26.36 %	24.92 %	11.36 %
Q2 2014	29.08 %	28.99 %	14.41 %
Q3 2014	31.41 %	30.06 %	16.55 %
Q4 2014	26.38 %	27.25 %	11.31 %
Q1 2015	25.52 %	28.12 %	12.56 %
Q2 2015	26.16 %	27.47 %	10.63 %
Q3 2015	24.21 %	24.58 %	5.54 %
Q4 2015	25.59 %	26.81 %	1.99 %
Q1 2016	27.64 %	24.86 %	9.50 %
Q2 2016	17.21 %	13.48 %	(2.21 %)
Q3 2016	19.41 %	18.12 %	1.54 %
Q4 2016	17.50 %	13.50 %	(8.60 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	66.67	-	-	6.47
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	66.67	-	-	7.04
Q1 2013	66.67	-	-	7.21
Q2 2013	66.67	-	-	7.55
Q3 2013	66.67	-	-	8.02
Q4 2013	66.67	1.32	1.32	7.99
Q1 2014	66.67	1.49	1.49	8.33
Q2 2014	66.67	1.59	1.59	8.15
Q3 2014	66.67	1.66	1.66	8.70
Q4 2014	66.67	1.67	1.67	9.04
Q1 2015	66.67	1.68	1.68	9.39
Q2 2015	66.67	1.53	1.53	9.68
Q3 2015	66.67	1.13	1.13	9.83
Q4 2015	66.67	0.83	0.83	9.87
Q1 2016	66.67	0.73	0.73	9.62
Q2 2016	66.67	1.76	0.38	10.57
Q3 2016	66.67	1.65	0.27	10.59
Q4 2016	66.67	1.42	0.04	10.40

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	-	-	-	-
2008	-	-	-	-
2009	-	-	-	-
2010	66.67	1.21	1.21	5.15
2011	66.67	1.29	1.28	6.47
2012	66.67	0.57	0.57	7.04
2013	66.67	1.32	1.32	7.99
2014	66.67	1.67	1.67	9.04
2015	66.67	0.83	0.83	9.87
2016	66.67	1.42	0.04	10.40

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	26.14	26.14	4.13
Q3 2015	25.29	25.29	2.90
Q4 2015	30.07	30.07	2.52
Q1 2016	24.74	24.74	1.88
Q2 2016	10.23	47.15	1.71
Q3 2016	8.19	49.60	1.28
Q4 2016	11.33	More than 100	1.55

Period	P/E	Adjusted P/E	Price/book
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	30.07	30.07	2.52
2016	11.33	More than 100	1.55

Business Segments (Million)

Compared With The

Period	The industrial sector	The commercial sector	Disposals
Q1 2013	158.35	71.46	(53.97)
Q2 2013	178.71	81.47	(64.72)
Q3 2013	185.64	77.94	(63.08)
Q4 2013	178.20	71.61	(61.46)
Q1 2014	189.39	64.27	(52.69)
Q2 2014	186.73	82.23	(65.90)
Q3 2014	204.13	83.05	(67.58)
Q4 2014	190.08	90.98	(78.55)
Q1 2015	149.78	73.94	(39.01)
Q2 2015	170.79	72.52	(59.17)
Q3 2015	171.60	59.18	(57.94)
Q4 2015	142.39	54.31	(57.21)
Q1 2016	167.90	61.40	(52.77)
Q2 2016	147.30	58.38	(40.87)
Q3 2016	137.14	62.02	(51.03)
Q4 2016	139.15	59.06	(53.30)

Period	The industrial sector	The commercial sector	Disposals
2010	436.11	187.36	(152.41)
2011	594.94	275.56	(219.67)
2012	605.97	258.03	(210.42)
2013	700.91	302.48	(243.22)
2014	770.32	320.84	(264.73)
2015	634.56	259.95	(213.34)
2016	591.50	240.87	(197.96)

Analysts Estimates (Million)

Item	Q4 2016 (e)	Q4 2016 (a)	Change‬
Average	(0.60)	(12.46)	(1977.3 %)

Estimates vs Actual (Million)

Item	Q4 2016 (e)	Q4 2016 (a)	Change
OSOOL AND BAKHEET	(0.60)	(12.46)	(1977.3) %

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MEPCO’s net profit up 45% in FY16

Financials (M)

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Middle East Paper Co. (MEPCO)

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Profit Performance (Million)

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MEPCO’s net profit up 45% in FY16

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Middle East Paper Co. (MEPCO)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2016

Revenue by Business Segment (Latest) 2016 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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