Financial Results : MEPCO reports 94% profit plunge in 2019

MEPCO reports 94% profit plunge in 2019

18/03/2020 Argaam Exclusive

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Middle East Paper Co. (MEPCO) reported a net profit after Zakat and tax of SAR 6.1 million for the fiscal year of 2019, a 94% year-on-year (YoY) plunge, the company said in a bourse statement.



Financials (M)

Item 2018 2019 Change‬
Revenues 833.61 691.08 (17.1 %)
Gross Income 235.67 141.71 (39.9 %)
Operating Income 129.85 29.62 (77.2 %)
Net Income 99.44 6.13 (93.8 %)
Average Shares 66.67 66.67 -
Earnings Per Share before unusual items (Riyals) 1.49 0.09 (93.8 %)
EPS (Riyal) 1.49 0.09 (93.8 %)

The profit decline was attributed to lower sales revenue, lower average selling prices and higher distribution expenses. However, this was partially offset by higher sales volume, lower costs per ton, lower general and administrative expenses, asset impairment losses, zakat expenses as well as higher other income.

 

Q4 2019 net earnings dropped 71% YoY to SAR 3.5 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 174.44 152.48 (12.6 %)
Gross Income 45.37 30.00 (33.9 %)
Operating Income 19.79 3.96 (80.0 %)
Net Income 12.29 3.52 (71.4 %)
Average Shares 66.67 66.67 -
Earnings Per Share before unusual items (Riyal) 0.18 0.05 (71.4 %)
EPS (Riyal) 0.18 0.05 (71.4 %)

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