Riyadh – Mubasher: Middle East Paper Company (MEPCO) recorded a net loss after Zakat and tax of SAR 50.15 million in the first nine months (9M) of 2023, compared to a net profit of SAR 246.81 million in the same period of 2022.
The company’s revenues dropped by 32.76% year-on-year (YoY) to SAR 642.49 million in 9M-23 from SAR 955.48 million, according to the interim income statements.
The loss per share amounted to SAR 0.67 in January-September 2023, against earnings per share (EPS) of SAR 3.67 in 9M-22.
Financial Results for Q3-23
In the third quarter (Q3) of 2023, MEPCO also suffered a net loss after Zakat and tax of SAR 20.29 million, reversing from a net profit of SAR 54.60 million in Q3-22.
The company’s revenues reached SAR 229.18 million in Q3-23, down by 24.49% YoY from SAR 303.52 million.
On a quarterly basis, the net losses shrank by 10.85% in Q3-23 from SAR 22.76 million in Q2-23, while the revenues increased by 21.02% from SAR 189.36 million.
In the first half (H1) of 2023, MEPCO reported net losses of SAR 29.86 million and revenues of SAR 413.31 million.
