Financial Results : MEPCO turns to SAR 90.3M loss in 2023; Q4 at SAR 45.7M

MEPCO turns to SAR 90.3M loss in 2023; Q4 at SAR 45.7M

30/03/2024 Argaam Exclusive

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Middle East Paper Co. (MEPCO) swung to a net loss of SAR 90.3 million for 2023, against a net profit of SAR 269.7 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,187.01 866.75 (27.0 %)
Gross Income 502.79 43.68 (91.3 %)
Operating Income 307.13 (55.00) (117.9 %)
Net Income 269.70 (80.27) (129.8 %)
Average Shares 66.67 66.67 0.0 %
Earnings Per Share before unusual items (Riyals) 4.08 (1.16) (128.4 %)
EPS (Riyal) 4.05 (1.20) (129.8 %)

Revenues dropped 27% year-on-year (YoY) on lower selling prices, and gross profit margins fell from 42% in 2022 to 10% in 2023.

 

In addition, cost of sales increases due to higher sales volume and higher costs of energy, maintenance and employees related to Juthor.

 

Gross profit also fell by 83% YoY on lower selling prices and higher cost of sales. Moreover, cost of financing increased by SAR 8 million on higher SAIBOR rate for Murabaha loans.   

 

The company also turned to losses of SAR 35.70 million in Q4 2023, against earnings of SAR 24.79 million a year earlier.

 

Compared with the previous quarter, the three-month losses increased from SAR 17.85 million.





Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 231.52 224.26 (3.1 %)
Gross Income 77.17 2.94 (96.2 %)
Operating Income 15.85 (26.69) (268.4 %)
Net Income 24.79 (35.70) (244.0 %)
Average Shares 66.67 66.67 0.0 %
Earnings Per Share before unusual items (Riyal) 0.37 (0.54) (244.0 %)
EPS (Riyal) 0.37 (0.54) (244.0 %)

Shareholders’ equity, after minority interest, reached SAR 1.07 billion as of Dec. 31, 2023, compared to SAR 1.18 billion in the prior-year period.

 

Attached Document:

 

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2021 200.51 15.3 % 48.01 34.8 % 18.03 70.2 %
Q2 2021 250.45 29.4 % 83.29 86.0 % 49.34 177.2 %
Q3 2021 279.48 66.9 % 115.94 359.8 % 71.29 1811.9 %
Q4 2021 326.95 72.3 % 146.86 290.1 % 90.10 693.4 %
Q1 2022 305.02 52.1 % 143.16 198.2 % 104.65 480.6 %
Q2 2022 346.95 38.5 % 160.56 92.8 % 110.89 124.7 %
Q3 2022 303.52 8.6 % 121.91 5.1 % 75.75 6.2 %
Q4 2022 231.52 (29.2 %) 77.17 (47.5 %) 15.85 (82.4 %)
Q1 2023 223.95 (26.6 %) 35.29 (75.3 %) (2.41) (102.3 %)
Q2 2023 189.37 (45.4 %) 22.87 (85.8 %) (12.09) (110.9 %)
Q3 2023 229.18 (24.5 %) 23.89 (80.4 %) (13.81) (118.2 %)
Q4 2023 224.26 (3.1 %) 2.94 (96.2 %) (26.69) (268.4 %)
2023 866.75 (27.0 %) 43.68 (91.3 %) (55.00) (117.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
Q1 2021 17.72 329.7 % 0.27 2.40 15.32 0.23
Q2 2021 43.09 276.6 % 0.65 - 43.09 0.65
Q3 2021 65.04 16882.8 % 0.98 (0.30) 65.34 0.98
Q4 2021 94.86 2043.7 % 1.42 9.39 85.47 1.28
Q1 2022 92.39 421.3 % 1.39 (2.00) 94.39 1.42
Q2 2022 98.60 128.8 % 1.48 - 98.60 1.48
Q3 2022 53.93 (17.1 %) 0.81 - 53.93 0.81
Q4 2022 24.79 (73.9 %) 0.37 - 24.79 0.37
Q1 2023 (6.56) (107.1 %) (0.10) 1.80 (8.35) (0.13)
Q2 2023 (20.17) (120.5 %) (0.30) (5.00) (15.17) (0.23)
Q3 2023 (17.85) (133.1 %) (0.27) - (17.85) (0.27)
Q4 2023 (35.70) (244.0 %) (0.54) - (35.70) (0.54)
2023 (80.27) (129.8 %) (1.20) (3.21) (77.06) (1.16)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
Q1 2021 20.72 % 21.01 % 4.20 %
Q2 2021 24.03 % 23.09 % 7.82 %
Q3 2021 30.96 % 27.33 % 13.93 %
Q4 2021 37.27 % 31.02 % 19.79 %
Q1 2022 42.11 % 35.47 % 24.81 %
Q2 2022 45.02 % 37.66 % 27.32 %
Q3 2022 44.64 % 37.34 % 25.92 %
Q4 2022 42.36 % 34.33 % 22.89 %
2022 42.36 % 34.33 % 22.89 %
Q1 2023 35.71 % 27.14 % 15.28 %
Q2 2023 27.12 % 18.80 % 5.82 %
Q3 2023 18.22 % 10.42 % (1.90 %)
Q4 2023 9.81 % 5.55 % (8.89 %)
2023 5.04 % 5.55 % (8.89 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2021 66.67 0.51 0.47 11.55
Q2 2021 66.67 0.98 0.95 12.19
Q3 2021 66.67 1.95 1.92 13.32
Q4 2021 66.67 3.31 3.14 14.74
Q1 2022 66.67 4.43 4.32 16.13
Q2 2022 66.67 5.26 5.16 16.84
Q3 2022 66.67 5.10 4.99 17.65
Q4 2022 66.67 4.05 4.08 17.72
Q1 2023 66.67 2.56 2.53 17.62
Q2 2023 66.67 0.78 0.83 16.89
Q3 2023 66.67 (0.30) (0.25) 16.62
Q4 2023 66.67 (1.20) (1.16) 16.11

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q1 2021 45.92 49.42 2.03
Q2 2021 34.72 36.04 2.80
Q3 2021 21.13 21.48 3.10
Q4 2021 12.84 13.55 2.88
Q1 2022 12.76 13.08 3.51
Q2 2022 10.54 10.76 3.29
Q3 2022 10.35 10.58 2.99
Q4 2022 10.52 10.45 2.40
Q1 2023 15.94 16.11 2.32
Q2 2023 57.67 54.33 2.66
Q3 2023 NEG NEG 2.54
Q4 2023 NEG NEG 2.78

Business Segments (Million)

Compared With The
Period The industrial sector The commercial sector Disposals
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)
Q1 2021 193.98 90.52 (83.99)
Q2 2021 245.11 101.63 (96.29)
Q3 2021 274.41 102.62 (97.55)
Q4 2021 320.38 91.64 (85.07)
Q1 2022 297.18 89.21 (81.38)
Q2 2022 343.36 90.19 (86.60)
Q3 2022 299.04 93.22 (88.73)
Q4 2022 228.38 60.62 (57.48)
Q1 2023 219.72 73.73 (69.51)
Q2 2023 185.82 48.46 (44.91)
Q3 2023 224.39 51.68 (46.89)
Q4 2023 219.83 57.25 (52.82)


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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