Riyadh – Mubasher: Middle East Paper Co (MEPCO) reported a 46% year-on-year profit hike in 2018 despite the fourth quarter’s profit decline.
The Saudi firm’s net profits rose to SAR 99.44 million ($26.50 million) last year, compared to SAR 68.13 million ($18.15 million) in 2017, according to initial data published on the Saudi Stock Exchange (Tadawul) on Sunday.
The 2018 profit increase was attributed to higher revenues, supported partly by the increase in average sales prices.
MEPCO’s profit fell 49.8% to SAR 12.3 million in Q4-18, from SAR 24.5 million in the year-ago period, according to statistics conducted by Mubasher.
The Saudi paper manufacturer’s profits levelled up 35.77% to SAR 30.17 million in Q3-18, logging a 99.7% profit hike to SAR 87.16 million in the first nine months of 2018.
