Middle East Paper Company sees 216% higher profits in H1-22 initial financials

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Riyadh – Middle East Paper Company (MEPCO) has witnessed net profits after Zakat and tax worth SAR 192.21 million in the first half (H1) of 2022, an annual leap of 216.10% from SAR 60.80 million.

Revenues amounted to SAR 651.96 million during the January-June 2022 period, higher by 44.57% than SAR 450.96 million in the year-ago period, according to the interim financial results on Monday.

The earnings per share (EPS) went up to SAR 3.84 in H1-22, versus SAR 1.22 in H1-21.

During the second quarter (Q2) of 2022, MEPCO posted a 130.21% year-on-year (YoY) hike in net profit after Zakat and tax to SAR 99.19 million, compared to SAR 43.08 million.

Furthermore, the revenues surged by 38.53% to SAR 346.94 million in Q2-22, versus SAR 250.45 million during the same period a year earlier.

In the first three months (3M) of 2022, the Saudi listed firm reported net profits after Zakat and tax worth SAR 92.38 million, a 421.30% YoY jump from SAR 17.72 million.