MEPCO reveals financial health

The Middle East Paper Company ‘MEPCO’ has announced its financial results for the second quarter of 2017. Net profit increased from AED 3.13 million in the first quarter to AED 17.82 million in second quarter of 2017, representing an improvement of 459%.

Commenting on the announcement, Sami Safran, CEO of MEPCO, said: “We’re pleased to announce a strong performance in Q2 2017. MEPCO has shown consistent growth in both revenues and returns on a yearly and quarterly basis. Recent profit growth has been driven by focused strategic market and product distribution, which led to improved average selling prices, as well as by cost optimization and other controlled factors.

It has also been supported by a decrease in selling and distribution expenses, although the impact of these factors has been partially offset by a slight increase in general and administrative expenses.”

In 2017, the Company successfully adopted International Financial Reporting Standards (IFRS), effective from 1st January.