Riyadh – Mubasher: Middle East Paper Co (MEPCO) on Wednesday announced a 35.77% year-on-year profit rise during the third quarter of 2018, registering SAR 30.17 million ($8.04 million), compared to SAR 22.2 million ($5.92 million).

The third-quarter profit increase was attributed to a rise in revenues, coupled with lower general and administrative expenses, according to a statement to the Saudi Stock Exchange (Tadawul).

Revenues grew 1.3% to SAR 215.5 million during Q3-18, from SAR 212.7 million in Q3-17.

Quarter-on-quarter, the Saudi firm’s profits increased 4.3% during the three-month period ended September, from SAR 28.9 million.

During the first nine months of 2018, MEPCO’s profits soared 99.7% to SAR 87.16 million, compared to SAR 43.65 million in the same period of 2017.

The Saudi paper manufacturer ascribed the nine-month profit hike to a growth in sales revenues, along with an increase in fair value gain on derivative financial instruments, and lower financing costs.

Sales jumped 16% to SAR 659 million in the nine-month period ended September, from SAR 565.9 million a year earlier.

Earnings per Share (EPS) amounted to SAR 1.75, compared to SAR 0.87.

MEPCO’s stock increased 4.57% to close Tuesday at SAR 21.96.