The profits of the Middle East Paper Manufacturing and Production Company MEPCO increased by 130.2% to reach, after zakat and tax, about 99.19 million riyals in the second quarter of 2022, compared to 43.09 million riyals in the same quarter of 2021.
According to Arabiya Net, the company said in a statement that the main reason for the increase in net profit is due to an increase in revenues by 39% as a result of the increase in selling prices for all of the company's products as a result of the increase in selling prices of international products, which resulted in the growth of the gross profit margin from 33% to 46%.
On a quarterly basis, MEPCO's net profit increased by 6.63% in the second quarter of 2022, compared to a net profit of about 93.02 million riyals in the first quarter of 2022.
During the first half of 2022, MEPCO's net profit increased by 216.1% to about 192.2 million riyals after zakat and tax, compared to 60.81 million riyals in the first half of 2021.
