Riyadh – Mubasher: Saudi Arabia-based Middle East Paper Co (MEPCO) on Wednesday posted a 763% year-on-year surge in its net profits during the first quarter of 2018, compared to the year-ago period.

MEPCO’s net profits amounted to SAR 28.08 million in the three-month period ended March 2018, compared to SAR 3.25 million during Q1-17, according to a bourse filing.

The firm attributed the rise in first-quarter profits to a growth in sales volumes, an increase in selling prices, coupled with a decline in value of borrowings and their ratios.

Sales revenues jumped 35% to SAR 225.01 million during Q1-18, up from SAR 166.50 in the corresponding three months a year earlier.

Shareholders' equity amounted to SAR 750.46 million during Q1-18, compared to SAR 696.72 million in the comparative period of 2017, the statement added.

MEPCO’s stock dropped 1.04%, closing Tuesday at SAR 24.68.