Riyadh – Mubasher: Middle East Paper Co (MEPCO) registered net profits worth SAR 85.62 million ($23.3 million) in the second quarter of 2016 versus SAR 19.57 million ($5.3 million) in the same period of 2015; a surge of 337.57% year-on-year.
MEPCO posted operating losses of about SAR 337,000 in Q2-16 against operating profits worth SAR 26.3 million in Q2-15, the company said in a bourse statement.
“The increase in net profit is due to non-reoccurring gain recognized on claim for expropriated land and premises by National Water Company,” the statement said.
Earnings totalled SAR 98.7 million in the first half of 2016 compared with SAR 42.77 million in the same period of 2015; a rise of 130.79%.
