Middle East Paper Co. (MEPCO) has cut leverage by SAR 113 million to SAR 637 million by September-end, chief financial officer Mohamed Darweesh told CNBC Arabia on Thursday.
“Operating cash flows, settlement of high-cost loans and more competitive interest rates have helped MEPCO reduce its debts. The company has also replaced some short-term loans with medium-term ones to improve liquidity,” Darweesh said.
MEPCO reported better financial results in Q3 2018, when compared to the same period last year.
The strong performance was bolstered by several factors, mainly revenue maximization. Sales of non-conventional products rose to 31 percent from 25 percent in the first nine months of the year.
Cost efficiency, and declines in the selling, general and administrative expenses, as well as financing charges also boosted the company’s profitability, he added.
In the third quarter, MEPCO’s net profit jumped around 35.8 percent year-on-year to SAR 30.2 million, Argaam reported.
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