Saudi MEPCO’s profit drops 97% in Q3 2019

Revenue went down to $48.17mln in Q3-19

  
A Saudi trader works at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose.

A Saudi trader works at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose.

REUTERS/Fahad Shadeed

Riyadh – Middle East Paper Company’s (MEPCO) net profit after zakat and tax declined by 97.1% to SAR 858,000 during the third quarter of 2019, compared to SAR 30.165 million in the year-ago period.

Revenue went down to SAR 180.667 million in Q3-19, against SAR 215.59 million the year before, the company’s interim financial statements showed, according to a bourse statement released Tuesday on Tadawul.

MEPCO’s operating profit dropped to SAR 7.5 million in the three-month period ended September 2019, compared to SAR 36.92 million in Q3-18.

For the first nine months of 2019, MEPCO posted a 97% year-on-year drop in profits, recording SAR 2.6 million.

Meanwhile, revenues decreased to SAR 538.6 million in the January-September period, versus SAR 659.2 million the year before.

Earnings per share declined to SAR 0.05 in the first nine months of 2019, from SAR 1.75 in the comparative period in 2018.

MEPCO incurred SAR 4.02 million in losses during Q2-19, against profits of SAR 28.9 million in Q2-18.

Source: Mubasher

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