The Middle East Paper Manufacturing and Production Company (MEPCO) doubled its net profit by 994.7% to reach 220.87 million riyals in 2021, compared to 20.18 million riyals in 2020.
According to Arabiya Net, the company said in a statement that the main reason for the increase in net profit by 200 million riyals is due to the increase in sales revenues by 46% to about 1.057 billion. SAR, mainly due to the increase in sales prices of the company's products compared to the year 2020.
She added that as a result, the gross profit margin increased from 20% to 37% in 2021.
According to Al Arabiya.net's calculations, the company achieved a net profit of about 95.02 million riyals in the fourth quarter of 2021, compared to profits of about 4.23 million riyals in the same quarter of 2020, an increase 2149.8%.
The company described the net income attributed to the parent company as the highest in its history at the level of the year 2021 and the fourth quarter of 2021.
In a separate statement, the Middle East Paper Industry and Production Company announced the Board of Directors' recommendation to distribute cash dividends to shareholders for the year 2021, with a total of about 50 million riyals, for 50 Million shares.
The share of the dividend is SAR, with a distribution ratio to the nominal value of the share of 10%.
