Financial Results : MEPCO earns SAR 23.4M profit in 2025; Q4 loss at SAR 1.5M

MEPCO earns SAR 23.4M profit in 2025; Q4 loss at SAR 1.5M

31/03/2026 Argaam Exclusive

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Middle East Paper Co.  (MEPCO) reported a net profit of SAR 23.4 million in 2025, versus a net loss of SAR 77.3 million a year earlier.



Financials (M)

Item 2024 2025 Change‬
Revenues 1,065.26 1,060.53 (0.4 %)
Gross Income 107.63 133.62 24.1 %
Operating Income (28.76) 32.05 211.4 %
Net Income (77.33) 23.41 130.3 %
Average Shares 86.67 86.67 -
Earnings Per Share before unusual items (Riyals) (0.60) 0.16 127.0 %
EPS (Riyal) (0.89) 0.27 130.3 %

This was primarily driven by a 3% reduction in cost of revenue, a 22% decrease in selling and distribution expenses, and a 26% decline in general and administrative expenses.

 

MEPCO also noted reversal of impairment losses on financial assets, absence of prior-year write-offs, and a 179% increase in other operating income. This was further supported by a 31% reduction in Zakat expenses.



Current Quarter Comparison (M)

Compared With The
Item Q4 2024 Q4 2025 Change‬
Revenues 289.83 247.33 (14.7 %)
Gross Income 15.90 26.25 65.1 %
Operating Income (25.37) (1.72) 93.2 %
Net Income (44.50) (1.46) 96.7 %
Average Shares 86.67 86.67 -
Earnings Per Share before unusual items (Riyal) (0.40) (0.09) 78.4 %
EPS (Riyal) (0.51) (0.02) 96.7 %

MEPCO narrowed Q4 2025 net loss to SAR 1.5 million, compared to SAR 44.5 million in the prior-year period.

 

Meanwhile, the company swung to loss in Q4 2025, versus a net profit of SAR 14.3 million in Q3 2025.

 

Total shareholders’ equity (after minority interest) amounted to SAR 1.62 billion as of Dec. 31, 2025, compared to SAR 1.60 billion in the year-earlier period.

 

Attached Documents

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2024 243.45 8.7 % 23.68 (32.9 %) (11.31) (369.8 %)
Q2 2024 255.08 34.7 % 43.86 91.8 % 6.16 150.9 %
Q3 2024 276.90 20.8 % 36.77 53.9 % 1.77 112.8 %
Q4 2024 289.83 29.2 % 15.90 440.5 % (25.37) 5.0 %
Q1 2025 259.09 6.4 % 33.95 43.4 % 12.31 208.8 %
Q2 2025 275.13 7.9 % 37.06 (15.5 %) 6.53 6.1 %
Q3 2025 278.98 0.8 % 36.36 (1.1 %) 14.93 743.8 %
Q4 2025 247.33 (14.7 %) 26.25 65.1 % (1.72) 93.2 %
2025 1,060.53 (0.4 %) 133.62 24.1 % 32.05 211.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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)
Q1 2024 (18.36) (180.0 %) (0.21) - (18.36) (0.21)
Q2 2024 4.04 120.0 % 0.05 - 4.04 0.05
Q3 2024 (18.50) (3.7 %) (0.21) (15.10) (3.40) (0.04)
Q4 2024 (44.50) (24.7 %) (0.51) (9.95) (34.55) (0.40)
Q1 2025 5.33 129.0 % 0.06 - 5.33 0.06
Q2 2025 5.23 29.4 % 0.06 3.32 1.91 0.02
Q3 2025 14.31 177.3 % 0.17 - 14.31 0.17
Q4 2025 (1.46) 96.7 % (0.02) 6.00 (7.46) (0.09)
2025 23.41 130.3 % 0.27 9.32 14.09 0.16

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
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 %
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 %)
Q1 2024 8.28 % 4.69 % (9.82 %)
Q2 2024 9.91 % 6.42 % (7.13 %)
Q3 2024 10.73 % 7.92 % (5.34 %)
Q4 2024 11.28 % 7.97 % (4.91 %)
2024 10.10 % 7.97 % (4.91 %)
Q1 2025 12.07 % 10.50 % (2.64 %)
Q2 2025 11.23 % 10.66 % (2.79 %)
Q3 2025 11.18 % 11.91 % (1.18 %)
Q4 2025 12.60 % (0.34 %) 1.33 %
2025 12.60 % (0.34 %) 1.33 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2024 86.67 (1.06) (1.00) 19.22
Q2 2024 86.67 (0.78) (0.78) 19.26
Q3 2024 86.67 (0.79) (0.62) 19.07
Q4 2024 86.67 (0.89) (0.60) 18.53
Q1 2025 86.67 (0.62) (0.33) 18.60
Q2 2025 86.67 (0.61) (0.35) 18.66
Q3 2025 86.67 (0.23) (0.15) 18.83
Q4 2025 86.67 0.27 0.16 18.79

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q1 2024 NEG NEG 2.11
Q2 2024 NEG NEG 2.10
Q3 2024 NEG NEG 2.30
Q4 2024 NEG NEG 1.98
Q1 2025 NEG NEG 1.68
Q2 2025 NEG NEG 1.55
Q3 2025 NEG NEG 1.47
Q4 2025 78.71 More than 100 1.13

Business Segments (Million)

Compared With The
Period The industrial sector The commercial sector Disposals
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)
Q1 2024 234.44 59.64 (50.63)
Q2 2024 248.58 61.40 (54.90)
Q3 2024 266.38 84.43 (73.91)
Q4 2024 277.70 75.98 (63.85)
Q1 2025 252.20 70.27 (63.38)
Q2 2025 260.53 67.66 (53.06)
Q3 2025 270.41 73.60 (65.03)
Q4 2025 241.23 62.30 (56.20)


Financial Ratios
Current
Market Cap (M Riyal) 1,551.39
Enterprise Value (EV) (M Riyal) 1,763.03
Shares Outstanding ((M)) 86.67
EPS ( Riyal) (TTM) 0.27
Book Value (BV) ( Riyal) 18.79
Par Value ( Riyal) 10.00
Recurring P/E More than 100
P/E (TTM) 66.27
Price/book 0.95
Return on Average Assets (%) (TTM) 0.9
Return on Average Equity (%) (TTM) 1.4
EV/adj EBITDA (490.79)
EV/Revenues 1.66
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Share Price

Middle East Paper Co.
17.98
0.14 0.78 %

Middle East Paper Co. (MEPCO)

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