Riyadh – Mubasher: Middle East Paper Company (MEPCO) turned to net losses after Zakat and tax worth SAR 7.10 million in the first quarter (Q1) of 2023, against net profits of SAR 93.02 million in Q1-22.

Revenues amounted to SAR 223.94 million during Q1-23, an annual drop of 26.58% from SAR 305.01 million, according to the interim income statements.

The loss per share reached SAR 0.10 in the first three months (3M) of 2023, versus earnings per share (EPS) worth SAR 1.39 in the year-ago period.

On a quarterly basis, the firm also shifted to net losses in Q1-23 when compared with net profits valued at SAR 23.91 million in Q4-22, while the revenues declined by 3.27% from SAR 231.51 million.

Last year, MEPCO registered SAR 270.73 million in net profit after Zakat and tax, up 22.58% from SAR 220.86 million in 2021.