Riyadh – Mubasher: Middle East Paper Co (MEPCO) on Tuesday posted a 59.09% year-on-year growth in net profits for the second quarter of 2018.

The Saudi Arabia-based firm logged a profit of SAR 28.9 million in Q2-18, up from SAR 18.18 million during Q2-17, according to a bourse statement.

Quarter-on-quarter, profits went up 3% during the three-month period ended last June, from SAR 28.08 million.

The firm attributed the first-half profit rise to a growth in sales value and higher selling prices, coupled with lower financing costs.

MEPCO reported a 166% profit surge to SAR 57 million during the first six months of 2018, up from SAR 21.4 million in H1-17.

By 10:07 am Saudi time, the stock rose 3.61% to SAR 25.80.