Middle East Paper Co. (MEPCO) reported a net profit after Zakat and tax of SAR 92.4 million in the first quarter of 2022, compared to SAR 17.7 million a year earlier.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 200.51 | 305.02 | 52.1 % |
| Gross Income | 48.01 | 143.16 | 198.2 % |
| Operating Income | 18.03 | 104.65 | 480.6 % |
| Net Income | 17.72 | 92.39 | 421.3 % |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.27 | 1.39 | 421.3 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 326.95 | 305.02 | (6.7 %) |
| Gross Income | 146.86 | 143.16 | (2.5 %) |
| Operating Income | 90.10 | 104.65 | 16.1 % |
| Net Income | 94.86 | 92.39 | (2.6 %) |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 1.42 | 1.39 | (2.6 %) |
The company attributed the profit surge to a 52% year-on-year (YoY) rise in revenue, driven by better product selling prices.
The paper manufacturer also cited an increase in the prices of global products, which pushed the gross profit margin higher to 47% from 24%.
Sequentially, net profit after Zakat and tax decreased by 2.6 from SAR 94.86 million, hit by a 6.7% drop YoY in revenue amid a relative decline in the company’s sales during the three-month period.
Shareholders’ equity, after minority interest, rose to SAR 1.075 billion in Q1 2022, from SAR 769.715 million in the year-earlier period.
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