Financial Results : Saudi Paper profit down 36% to SAR 8.6 mln in Q1 2023

Saudi Paper profit down 36% to SAR 8.6 mln in Q1 2023

22/05/2023 Argaam Exclusive

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Saudi Paper Manufacturing Co.’s (SPM) net profit slumped 36% to SAR 8.6 million in Q1 2023, from SAR 13.3 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 194.70 217.28 11.6 %
Gross Income 48.50 52.18 7.6 %
Operating Income 18.50 18.69 1.1 %
Net Income 13.30 8.55 (35.7 %)
Average Shares 32.04 37.07 15.7 %
EPS (Riyals) 0.42 0.23 (44.5 %)

The profit decline was attributed to higher financing costs (SAIBOR) despite a significant increase in sales of jumbo rolls and converting products, which led to higher gross profit, as well as selling and distribution expenses.

 

The company made an effort to consume the relatively high-cost raw material inventory during the quarter but managed to maintain profit margins. The decrease in net profit was also due to an increase in the provision for impairment of trade receivables and provision for Zakat.

 

Sequentially, the company’s net profit rose 35.1% from SAR 6.3 million in Q4 2022 on higher sales due to growing demand.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 409.97 million as of March 31, 2023, compared to SAR 225.66 million a year earlier.

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