Saudi: MEPCO’s net losses shrink 49% in H1-24

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Riyadh – Middle East Paper Company (MEPCO) generated 48.93% year-on-year (YoY) lower net losses at SAR 15.24 million in the first half (H1) of 2024, compared to SAR 29.86 million.

The revenues amounted to SAR 498.52 million in H1-24, marking an annual growth of 20.61% from SAR 413.31 million, according to the interim financial results.

Loss per share hit SAR 0.17 in the first six months (6M) of 2024, down from SAR 0.40 in H1-23.

Financials for Q2-24

In the second quarter (Q2) of 2024, MEPCO turned profitable at SAR 3.46 million, against net profits worth SAR 22.76 million in Q2-23.

Revenues hiked by 34.69% YoY to SAR 255.07 million in the April-June 2024 period from SAR 189.36 million.

On a quarterly basis, the company shifted to net profits in Q2-24 when compared to net losses valued at SAR 18.71 million in Q1-24, while the revenues increased by 4.77% from SAR 243.45 million.