Riyadh – Mubasher: The Saudi Arabia-based Middle East Paper Co (MEPCO) on Sunday posted a 28.2% year-on-year decline in its net profits during the full-year 2017, compared to the year before.

MEPCO’s profits decreased to SAR 68.13 million last year, down from SAR 94.91 million in 2016, according to a bourse statement.

“The main reasons for a decrease in the net profit are mainly due to net gain on the claim for expropriated land and premises amounted to SAR 91.96 million recorded in same period last year” the statement added.

The firm’s sales jumped 22% to SAR 771.01 million during 2017, compared to SAR 634.41 million in the year before.

MEPCO’s stock fell 1.1%, closing Sunday at SAR 25.