Riyadh – Mubasher: Middle East Paper Company (MEPCO) reported net losses worth SAR 18.71 million in the first quarter (Q1) of 2024, an annual hike of 163.57% from SAR 7.10 million.
Revenues hit SAR 243.45 million in January-March 2024, lower by 58.35% year-on-year (YoY) than SAR 223.94 million, according to the interim financials.
The loss per share increased to SAR 0.21 in the first three months (3M) of 2024 from SAR 0.10 a year earlier.
Quarter-on-quarter (QoQ), the net losses in Q1-24 retreated by 50.07% from SAR 37.48 million in Q4-23, while the revenues climbed by 8.56% from SAR 224.25 million.
Sami Safran, Group President of MEPCO, commented: “MEPCO's first quarter 2024 results show a significant turnaround, with a 49% decrease in net loss compared to the previous quarter.”
“This achievement reflects our resilience in the face of challenges and our proactive response to market dynamics, driven by our team's dedication and strategic initiatives,” Safran added.
The group noted: "The main catalyst for this positive transformation has been the noticeable improvement in global demand and market prices, along with the successful launch of the Juthor factory and the expansion of recycled material sales.”
In 2023, MEPCO turned to net losses worth SAR 87.63 million, compared to a net profit of SAR 270.73 million in the 12-month period that ended on 31 December 2022.
