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MEPCO rolls out agreement with global tech firm

MEPCO rolls out agreement with global tech firm
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Riyadh – Mubasher: Middle East Paper Company (MEPCO) inked an engineering and supply contract with J.M. Voith SE & Co. KG Company on 22 April 2024.

The deal covers the manufacturing, supplying, and supervising the installation of the main machine for the new containerboard paper plant project, according to a bourse filing.

Meanwhile, the contract value exceeds 62% of MEPCO’s total revenue according to the last audited annual financial statement.

Under the 36-month agreement, the company plans to purchase a complete line of paper production machines with an annual production capacity of 450,000 tonnes and a speed of 1600 meters/minute.

MEPCO pointed out that the financial impact will start during the fourth quarter (Q4) of 2027.

In the 12-month period that ended on 31 December 2023, the Tadawul-listed company turned to net losses valued at SAR 87.63 million, versus net profits worth SAR 270.73 million in 2022.