Saudi MEPCO’s interim profits up 421% in Q1-22

The net profits after Zakat and tax of Middle East Paper Company (MEPCO) reached SAR 92.38 million in the first quarter (Q1) of 2022, up 421.30% year-on-year (YoY) from SAR 17.72 million, according to the company’s interim financials.

The company’s revenues jumped by 52.11% to SAR 305.01 million in Q1-22, compared to SAR 200.51 million in Q1-21.

The earnings per share (EPS) stood at SAR 1.85 in the first three months (3M) of 2022, against SAR 0.36 in the year-ago period.

It is noteworthy to mention that in 2021, MEPCO achieved net profits after Zakat and tax worth SAR 220.86 million, up 994.70% from SAR 20.17 million in 2020.