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Middle East Paper Co. announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 173,866181,844-4.387152,48014.025
Gross Profit (Loss) 35,61339,325-9.43929,99818.717
Operational Profit (Loss) 9,71212,313-21.1248,54713.63
Net Profit (Loss) after Zakat and Tax 4,1245,784-28.6993,51517.325
Total Comprehensive Income 4,1245,784-28.6992,45268.189
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 735,502732,0970.465
Profit (Loss) per Share 0.080.12
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The main reasons for the decrease in net profit decrease in selling prices as well as an increase in fair value loss on derivative instruments and a decrease in other income. However, the impact of above is partially offset by the increase in sales volume as well as a decrease in the cost of sales per ton, general and administrative expenses, selling and distribution expenses, allowance for impairment of receivables, finance costs.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The main reasons for the increase in net profit are an increase in sales volume as well as a decrease in the cost of sales per ton and selling and distribution expenses. However the impact of above is partially offset by the decrease in selling prices, increase in general and administrative expenses, increase in fair value loss on derivative instruments, decrease in the reversal of allowance for impairment of receivables, decrease in other income and zakat expenses.
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Nill
Additional Information In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the globe including Saudi Arabia. During March 2020 the Saudi Arabian government took many initiatives to contain the spread of the virus which included restrictions on travel, gathering of people and enactment of curfew timings. This resulted in many non-essential businesses to close until further notice. The industry of packaging material is considered as an essential industry by the regulatory authorities and accordingly, they permitted the Group to operate under the normal course of business and its employees to attend the offices after taking precautionary measures. Considering these factors, the Group did not have a significant adverse impact on its operations and businesses due to COVID-19.

For more information find the attached press release.

Attached Documents  

The Capital Market Authority and the Saudi Stock 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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