Financial Results : Saudi Paper posts H1 net profit of SAR 29.7 mln; Q2 at SAR 21.2 mln

Saudi Paper posts H1 net profit of SAR 29.7 mln; Q2 at SAR 21.2 mln

31/07/2023 Argaam Exclusive

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Saudi Paper Manufacturing Co. reported a net profit of SAR 29.7 million in H1 2023, from SAR 34.4 million in the year-earlier period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 340.98 419.46 23.0 %
Gross Income 89.60 116.31 29.8 %
Operating Income 25.51 50.05 96.2 %
Net Income 34.36 29.70 (13.6 %)
Average Shares 32.04 37.07 15.7 %
EPS (Riyals) 1.07 0.80 (25.3 %)

The profit decline was attributed to recognizing a capital gain of SAR 19 million from the sale of one of its owned lands in H1 2022, in addition to higher financing expenses in H1 2023 due to an increase in financing costs locally and globally.

 

However, sales volume rose by 23% year-on-year (YoY) due to higher sales of jumbo rolls and converted products. Gross profit and operating profit grew by 96% YoY, after the new production line of jumbo rolls became operational in April 2023. Production capacity increased by 31% despite a  slight increase in fixed production costs.

 

The company’s net profit rose slightly by 0.4% to SAR 21.2 million in Q2 2023 from SAR 21.06 million a year earlier.

 

On a quarterly basis, net earnings jumped 147.5% from SAR 8.5 million on improved gross profit as a new production line of jumbo rolls became operational in April 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 146.29 202.18 38.2 %
Gross Income 41.10 64.13 56.0 %
Operating Income 7.01 31.35 347.4 %
Net Income 21.06 21.15 0.4 %
Average Shares 32.04 37.07 15.7 %
EPS (Riyals) 0.66 0.57 (13.2 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 431.1 million as of June 30, 2023, compared to SAR 246.29 million in a prior-year period.   

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