Financial Results : MEPCO reports SAR 20.2 mln net profit in 2020

MEPCO reports SAR 20.2 mln net profit in 2020

17/03/2021 Argaam Exclusive

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Middle East Paper Co. (MEPCO) posted a net profit after Zakat and tax of SAR 20.2 million in 2020, compared to SAR 6.1 million in 2019.



Financials (M)

Item 2019 2020 Change‬
Revenues 691.08 724.69 4.9 %
Gross Income 141.71 143.25 1.1 %
Operating Income 29.62 43.48 46.8 %
Net Income 6.13 20.37 232.4 %
Average Shares 66.67 66.67 -
Earnings Per Share before unusual items (Riyals) 0.09 0.31 232.4 %
EPS (Riyal) 0.09 0.31 232.4 %

The company attributed the rise in profit to higher sales revenue due to rise in sales volume; and decrease in cost of sales per ton, general and administrative expenses, finance cost, and fair value loss on derivatives financial instruments.

 

The company reported a net profit after Zakat and tax of SAR 4.2 million in Q4 2020, a rise of 20% year-on-year (YoY).



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 152.48 189.72 24.4 %
Gross Income 30.00 37.65 25.5 %
Operating Income 3.96 11.36 186.8 %
Net Income 3.52 4.43 25.9 %
Average Shares 66.67 66.67 -
Earnings Per Share before unusual items (Riyal) 0.05 0.07 25.9 %
EPS (Riyal) 0.05 0.07 25.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
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 -
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 %)
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 %)
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 %)
Q1 2017 166.50 (5.7 %) 31.67 (35.1 %) 11.07 (54.9 %)
Q2 2017 186.72 13.3 % 45.42 60.1 % 25.51 749.0 %
Q3 2017 212.74 43.6 % 55.30 92.3 % 27.92 344.4 %
Q4 2017 205.05 41.5 % 53.72 111.9 % 30.89 2494.7 %
Q1 2018 225.01 35.1 % 62.10 96.1 % 35.34 219.3 %
Q2 2018 218.57 17.1 % 63.12 39.0 % 35.88 40.6 %
Q3 2018 215.59 1.3 % 65.08 17.7 % 38.85 39.1 %
Q4 2018 174.44 (14.9 %) 45.37 (15.5 %) 19.79 (35.9 %)
Q1 2019 181.84 (19.2 %) 39.33 (36.7 %) 13.17 (62.7 %)
Q2 2019 176.09 (19.4 %) 33.11 (47.5 %) 3.16 (91.2 %)
Q3 2019 180.67 (16.2 %) 39.27 (39.7 %) 9.33 (76.0 %)
Q4 2019 152.48 (12.6 %) 30.00 (33.9 %) 3.96 (80.0 %)
Q1 2020 173.87 (4.4 %) 35.61 (9.4 %) 10.59 (19.6 %)
Q2 2020 193.62 10.0 % 44.77 35.2 % 17.80 462.6 %
Q3 2020 167.48 (7.3 %) 25.22 (35.8 %) 3.73 (60.0 %)
Q4 2020 189.72 24.4 % 37.65 25.5 % 11.36 186.8 %
2020 724.69 4.9 % 143.25 1.1 % 43.48 46.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
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
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
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
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)
Q1 2017 3.25 (80.6 %) 0.05 - 3.25 0.05
Q2 2017 18.18 (79.4 %) 0.27 - 18.18 0.27
Q3 2017 22.22 873.6 % 0.33 - 22.22 0.33
Q4 2017 24.49 296.4 % 0.37 - 24.49 0.37
Q1 2018 28.08 763.1 % 0.42 - 28.08 0.42
Q2 2018 28.92 59.1 % 0.43 - 28.92 0.43
Q3 2018 30.17 35.8 % 0.45 - 30.17 0.45
Q4 2018 12.29 (49.8 %) 0.18 - 12.29 0.18
Q1 2019 5.78 (79.4 %) 0.09 - 5.78 0.09
Q2 2019 (4.03) (113.9 %) (0.06) - (4.03) (0.06)
Q3 2019 0.86 (97.2 %) 0.01 - 0.86 0.01
Q4 2019 3.52 (71.4 %) 0.05 - 3.52 0.05
Q1 2020 4.12 (28.7 %) 0.06 - 4.12 0.06
Q2 2020 11.44 383.9 % 0.17 - 11.44 0.17
Q3 2020 0.38 (55.4 %) 0.01 - 0.38 0.01
Q4 2020 4.43 25.9 % 0.07 - 4.43 0.07
2020 20.37 232.4 % 0.31 - 20.37 0.31

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 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 %
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 %
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 %
Q1 2017 18.28 % 16.26 % (1.69 %)
Q2 2017 20.30 % 19.74 % 1.74 %
Q3 2017 22.19 % 21.31 % 4.39 %
Q4 2017 24.14 % 24.13 % 8.84 %
Q1 2018 26.10 % 25.32 % 11.21 %
Q2 2018 27.19 % 25.45 % 12.04 %
Q3 2018 28.24 % 26.54 % 12.92 %
Q4 2018 28.27 % 25.99 % 11.93 %
Q1 2019 26.93 % 24.90 % 9.76 %
Q2 2019 24.45 % 22.24 % 5.91 %
Q3 2019 22.03 % 19.44 % 2.09 %
Q4 2019 20.51 % 18.15 % 0.89 %
2019 20.51 % 18.15 % 0.89 %
Q1 2020 20.20 % 18.30 % 0.65 %
Q2 2020 21.36 % 20.35 % 2.85 %
Q3 2020 19.73 % 20.35 % 2.83 %
Q4 2020 19.77 % 20.61 % 2.81 %
2020 19.77 % 20.61 % 2.81 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 - - - -
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
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
Q1 2017 66.67 1.22 (0.16) 10.45
Q2 2017 66.67 0.17 0.17 10.16
Q3 2017 66.67 0.47 0.47 10.49
Q4 2017 66.67 1.02 1.02 10.84
Q1 2018 66.67 1.39 1.39 11.26
Q2 2018 66.67 1.56 1.56 11.03
Q3 2018 66.67 1.67 1.67 11.48
Q4 2018 66.67 1.49 1.49 11.27
Q1 2019 66.67 1.16 1.16 10.98
Q2 2019 66.67 0.66 0.66 10.92
Q3 2019 66.67 0.22 0.22 10.93
Q4 2019 66.67 0.09 0.09 10.97
Q1 2020 66.67 0.07 0.07 11.03
Q2 2020 66.67 0.30 0.30 11.20
Q3 2020 66.67 0.29 0.29 11.21
Q4 2020 66.67 0.31 0.31 11.28

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q1 2017 13.51 NEG 1.58
Q2 2017 82.07 82.07 1.36
Q3 2017 35.31 35.31 1.57
Q4 2017 18.43 18.43 1.74
Q1 2018 17.27 17.27 2.14
Q2 2018 15.70 15.70 2.22
Q3 2018 12.80 12.80 1.87
Q4 2018 13.06 13.06 1.73
Q1 2019 16.04 16.04 1.69
Q2 2019 22.88 22.88 1.39
Q3 2019 58.38 58.38 1.19
Q4 2019 More than 100 More than 100 1.27
Q1 2020 More than 100 More than 100 1.02
Q2 2020 45.84 45.84 1.22
Q3 2020 62.66 62.66 1.63
Q4 2020 61.65 61.65 1.67

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)
Q1 2017 150.79 75.52 (59.81)
Q2 2017 175.55 79.95 (68.78)
Q3 2017 204.74 81.55 (73.55)
Q4 2017 198.50 86.34 (79.79)
Q1 2018 219.22 72.35 (66.56)
Q2 2018 212.34 64.57 (58.34)
Q3 2018 210.95 82.60 (77.96)
Q4 2018 169.13 74.19 (68.87)
Q1 2019 176.27 70.97 (65.40)
Q2 2019 169.92 62.05 (55.89)
Q3 2019 174.70 50.16 (44.20)
Q4 2019 149.00 55.05 (51.56)
Q1 2020 170.43 42.64 (39.20)
Q2 2020 190.92 43.30 (40.59)
Q3 2020 163.84 51.27 (47.63)
Q4 2020 185.14 66.18 (61.60)


Financial Ratios
Current
Market Cap (M Riyal) 2,262.09
Enterprise Value (EV) (M Riyal) 2,387.22
Shares Outstanding ((M)) 86.67
EPS ( Riyal) (TTM) (0.61)
Book Value (BV) ( Riyal) 18.66
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 1.40
Return on Average Assets (%) (TTM) (2.01 )
Return on Average Equity (%) (TTM) (3.19 )
EV/adj EBITDA 20.33
EV/Revenues 2.17
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Share Price

Middle East Paper Co.
26.10
(0.58) (2.17 %)

Middle East Paper Co. (MEPCO)

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