Riyadh – Mubasher: Middle East Paper Company (MEPCO) turned to profitability in the second quarter (Q2) of 2020, achieving net profits of SAR 11.440 million, versus net losses of SAR 4.03 million in the same period a year earlier.
Revenues registered SAR 193.6 million in Q2-20, posting a 9.96% yearly growth, according to a bourse statement on Wednesday.
The positive quarterly results were helped by a growth in sales volume and selling prices, combined with a drop in sales cost per ton.
In addition, the firm’s general and administrative expenses, allowance for impairment of trade receivables, and financing costs plunged.
In the first half (H1) of 2020, the profits totalled SAR 15.6 million, up 786.8% when compared to SAR 1.76 million in H1-19.
