Riyadh – Mubasher: Middle East Paper Company (MEPCO) reported an annual hike of 96.05% in net profit after Zakat and tax to SAR 246.81 million during the first nine months (9M) of 2022, versus SAR 125.89 million.

The firm generated SAR 955.48 million in revenue during the January-September 2022 period, higher by 30.81% year-on-year (YoY) than SAR 730.45 million, according to the interim income statements.

Meanwhile, the earnings per share (EPS) jumped to SAR 4.90 in 9M-22 from SAR 2.53 in 9M-21.

During the third quarter (Q3) of 2022, the company registered a net profit after Zakat and tax worth SAR 54.60 million, down 16.11% YoY from SAR 65.08 million.

The revenues soared by 8.60% to SAR 303.52 million in Q3-22 from SAR 279.48 million in Q3-21.

On a quarterly basis, the Q3-22 net profits after Zakat and tax retreated by 44.95% from SAR 99.19 million in Q2-22, whereas the revenues plunged by 12.52% from SAR 346.94 million.

In the first half (H1) of 2022, the net profits after Zakat and tax of MEPCO totalled SAR 192.21 million, a surge of 216.10% from SAR 60.80 million in H1-21.

Last October, the Saudi firm announced cash dividends worth SAR 25 million for H1-22.