Economy

Saudi paper manufacturer MEPCO may resume dividends as profit jumps 970%

Follow-ups -eshrag News:

Thu, 2022-03-17 08:59

RIYADH: Saudi papers maker MEPCO may resume sharing profits with shareholders after years of payout freeze on the back of a leap in profit.

The Saudi-based company’s board of directors announced plans for a potential full-year dividend payout of SR1 per share.

Profits of the company, formally known as Middle East Paper Co., rose 970 percent in 2021 as sales of the paperboard manufacturer soared.

Jeddah-based MEPCO hit SR220 million ($59 million) in profit, compared to SR20 million a year earlier, a bourse filing revealed.

The profit leap was propelled by higher sales of SR1.06 billion, up 46 percent year-on-year.

“We are still pushing through the year with stable performance, which follows 2021 trends,” said the company’s president, Sami Al Safran, commenting on the results.

“The current political and economic events in Europe give a further boost to commodities at large,” he added.

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