Riyadh – Mubasher: Middle East Paper Company (MEPCO) suffered net losses amounting to SAR 29.86 million during the first half (H1) of 2023, compared with net profits of SAR 192.21 million in H1-22.
The loss per share stood at SAR 0.40 in H1-23, against earnings per share (EPS) of SAR 2.87 in the year-ago period.
MEPCO attributed the negative performance in H1-23 to a 36.60% annual plunge in sales to SAR 413.31 million from SAR 651.96 million in H1-22, according to the income statement.
Financial Results for Q2-23
In the second quarter (Q2) of 2023, the listed firm also turned to a net loss of SAR 22.76 million against net profits worth SAR 99.19 million in Q2-22.
The sales plunged by 45.42% annually to SAR 189.36 million during April-June 2023 from SAR 346.94 million in the corresponding period last year.
On a quarterly basis, the net losses of MEPCO in Q2-23 widened by 220.58% from SAR 7.10 million in Q1-23 and the revenues decreased by 15.44% from SAR 223.94 million.
