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Middle East Paper Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 346,948250,45238.53305,01713.75
Gross Profit (Loss) 160,55983,29092.77143,15712.15
Operational Profit (Loss) 107,06549,855114.75101,2945.7
Net Profit (Loss) after Zakat and Tax 99,19043,086130.2193,0226.63
Total Comprehensive Income 98,36242,850129.5593,0225.74
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 651,965450,96744.57
Gross Profit (Loss) 303,715131,301131.31
Operational Profit (Loss) 208,35872,872185.92
Net Profit (Loss) after Zakat and Tax 192,21260,807216.1
Total Comprehensive Income 191,38560,571215.97
Total Share Holders Equity (after Deducting Minority Equity) 1,122,843812,56438.19
Profit (Loss) per Share 3.841.22
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The main reason for the increase in net profit is increase in revenue by 39% as a result of increased in selling prices for all the company’s products driven by an increase in global product prices that resulted in GP Margin growth from 33% to 46%.

The impact of the above increase in sales and gross profit is partially offset by an increase in the selling and distribution expenses by SR 6M, general and administrative expenses by SR 6.5M, impairment of financial assets by SR 3M, other expenses by SR 4.3M, finance costs by SR 0.6M and zakat expenses by SR 0.4M.

Selling and distribution expenses are increased due to increase in the logistics cost of shipping goods to customers. General and administrative expenses are increased mainly due to normal salary increments and additional manpower hired by the Company. Other expenses mainly comprise of forex losses and increase in imapirment is as per the ECL model as per IFRS-9.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is The main reason for the increase in net profit while compared to preceding quarter is increase in revenue by 14% owing to both the increase in demand and sustained increase in selling prices of the Company's products. As a result, GP increased by 12%.

The impact of the above is partially offset by an increase in the SG&A by SR 8.5M, impairment of financial assets by SR 2.6M, other expenses by SR 0.5M and finance costs by SR1.1M.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The main reasons for the increase in net profit are an increase in revenue by 45% owing to higher demand and selling prices. As a result, GP increased by 131%.

The impact of the above is partially offset by an increase in the selling, general and administrative expenses by SR 21.4M, allowance for impairment of trade receivables by SR 2.8M, zakat expenses by SR 3.7M, other expenses by SR 7M and reduction in other income by SR 5M. Increase in SG&A is due to increase in transportation and payroll costs. Other expenses comprise of forex loss of SR 5M and SR 2M loss on disposal of fixed assets. Also, the reduction in other income mainly pertains to SR 2.8 million from scrap sales and reduction in profit on disposal SR 2.4 million.

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items Certain prior period figures have been re-classified to conform with the presentation in the current period.
Additional Information The net profit for the current six month period are the highest reported profits since the incorporation of the company. For more information please find the attached press release.

The profit per share was calculated after zakat and income tax.

Attached Documents  

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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