Riyadh – Mubasher: Middle East Paper Co. (MEPCO) on Tuesday reported a 79.4% year-on-year profit decline during the first quarter of 2019, recording SAR 5.78 million.

Quarter-on-quarter, MEPCO’s profit dropped 52.9% in Q1-19, compared to SAR 12.29 million a quarter earlier, according to a statement.

The company ascribed such result to the decline in sales and the increase in the cost of sale and distribution.

In March, the Saudi paper manufacturer reported a 46% year-on-year profit hike in 2018 despite the fourth quarter’s profit decline.