Middle East Paper Co.’s (MEPCO) net income surged 85 percent year-on-year to SAR 96.6 million in the first nine months of 2016 on a non-recurring gain recognized on claim for expropriated land and premises by National Water Company, as well as an increase in gain on derivative financial instruments and decrease in other expenses.
| Item | 9m 2015 | 9m 2016 | Change |
|---|---|---|---|
| Revenues | 541.67 | 489.49 | (9.6 %) |
| Gross Income | 137.16 | 105.93 | (22.8 %) |
| Operating Income | 71.32 | 33.81 | (52.6 %) |
| Net Income | 52.35 | 107.37 | 105.1 % |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.79 | 1.61 | 105.1 % |
The company recorded a net loss of SAR 2.1 million in the third quarter against SAR 9.6 million profit in the same quarter last year because of a drop in sales volume and prices and an increase in energy costs and administrative expenses.
| Item | Q3 2015 | Q3 2016 | Change |
|---|---|---|---|
| Revenues | 172.83 | 148.13 | (14.3 %) |
| Gross Income | 41.85 | 28.76 | (31.3 %) |
| Operating Income | 16.89 | 6.28 | (62.8 %) |
| Net Income | 9.58 | 2.28 | (76.2 %) |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.14 | 0.03 | (76.2 %) |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2016 | 176.54 | (4.4 %) | 48.80 | 3.5 % | 16.78 | (27.7 %) | 0.25 |
| Q2 2016 | 164.82 | (10.5 %) | 28.37 | (41.1 %) | 88.31 | 351.3 % | 1.32 |
| Q3 2016 | 148.13 | (14.3 %) | 28.76 | (31.3 %) | 2.28 | (76.2 %) | 0.03 |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2016 | 25.93 % | 25.91 % | 7.23 % |
| Q2 2016 | 23.67 % | 22.33 % | 3.90 % |
| Q3 2016 | 22.52 % | 20.72 % | 2.89 % |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2016 | 66.67 | 0.73 | 0.73 | 9.62 |
| Q2 2016 | 66.67 | 1.76 | 0.38 | 10.57 |
| Q3 2016 | 66.67 | 1.65 | 0.27 | 10.59 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2016 | 24.74 | 24.74 | 1.88 |
| Q2 2016 | 10.23 | 47.15 | 1.71 |
| Q3 2016 | 8.19 | 49.60 | 1.28 |
Q3 2016
| Period | The industrial sector | The commercial sector | Disposals |
|---|---|---|---|
| Q1 2016 | 167.90 | 61.40 | (52.77) |
| Q2 2016 | 147.30 | 58.38 | (40.87) |
| Q3 2016 | 137.14 | 62.02 | (51.03) |
| Item | Q3 2016 (e) | Q3 2016 (a) | Change |
|---|---|---|---|
| Average | 7.00 | 2.28 | (67.4 %) |
| Item | Q3 2016 (e) | Q3 2016 (a) | Change |
|---|---|---|---|
| OSOOL AND BAKHEET | 7.00 | 2.28 | (67.4) % |
| Current | |
| Market Cap (M Riyal) | 3,397.46 |
| Enterprise Value (EV) (M) | 3,909.49 |
| Shares Outstanding ((M)) | 86.67 |
| EPS ( Riyal) (TTM) | (1.06) |
| Book Value (BV) ( Riyal) | 19.22 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | Neg |
| P/E (TTM) | NEG |
| Price/book | 2.04 |
| Return on Average Assets (%) (TTM) | (4.72 ) |
| Return on Average Equity (%) (TTM) | (6.48 ) |
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