Riyadh – Mubasher: Middle East Paper Company (MEPCO
) reported a 93.8% decline in net profit for 2019 to SAR 6.13 million, down from SAR 99.44 million in 2018.
The company explained in a disclosure to the Saudi Stock Exchange (Tadawul) on Wednesday that the “main reasons for the decrease in net profit are the decrease in sales revenue due to decrease in average selling prices, increase in selling and distribution expenses and increase in fair value loss on derivative financial instruments.”
Nonetheless, this was partially offset by an increase in sales volume, as well as lower sales costs, general and administrative expenses, and an increase in other income.
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