Riyadh – Mubasher: Middle East Paper Co. (MEPCO) stated that its profits soared 873.6% year-on-year in the third quarter of 2017.

Net profits surged to SAR 22.22 million in Q3-17, from SAR 2.28 million in Q3-16, according to a bourse filing.

Quarter-on-quarter, profits levelled up 22.2%.

Saudi Arabia-based paper manufacturer attributed the growth of its year-on-year net profits to the rise of sales’ value and volume, increase of average selling prices, and the decrease of financing costs.

At the level of the first nine months, MEPCO’s net profits slid 59.4% to SAR 43.65 million, from SAR 107.37 million in the same period in the year earlier.

By 1:21 pm KSA time, the stock inched up 0.62% to SAR 19.44.