Jeddah-based Middle East Paper Company (MEPCO) announced that it has achieved a net profit of 220.87 million riyals after zakat and tax in 2021, a year-on-year (YoY) hike of 994.7%, compared to 20.18 million riyals, the year before.
In a statement, MEPCO revealed that the main reason for the increase in net profit by 200 million riyals was due to the increase in sales revenue by 46% to about 1.057 billion riyals brought about by a hike in market price of the company’s products compared to the year 2020. With this, MEPCO’s gross profit margin increased from 20% to 37% in 2021.
The company achieved a net profit of about 95.02 million riyals in the fourth quarter of 2021 (Q4 2021), compared to about 4.23 million riyals in the same quarter of 2020, a whopping increase by 2149.8%.
MEPCO described the net income in FY 2021 and Q4 2021 as the highest achieved in the company’s history since it was listed on the Saudi Stock Exchange Tadawul in May 2015.
In a separate bourse disclosure, MEPCO’s board has recommended a cash dividend of SAR 1 per share for 2021, paying out an amount totalling 50 million riyals, representing 10% of the capital, for 50 million eligible shares.
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