Paper Home 2022 profit jumps 56% to SAR 14.5 mln

19/07/2023 Argaam Exclusive

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Paper Home Co. reported a 56% leap in its net profit for 2022 to SAR 14.5 million from SAR 9.3 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	62.54	98.15	56.9 %
Gross Income	11.97	19.96	66.7 %
Operating Income	7.56	11.37	50.4 %
Net Income	9.29	14.49	55.9 %
Average Shares	2.00	2.00	-
EPS (Riyals)	4.65	7.24	55.9 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬

Item	H1 2022	H2 2022	Change‬
Revenues	47.96	50.20	4.7 %
Gross Income	9.95	10.00	0.5 %
Operating Income	5.78	5.60	(3.1 %)
Net Income	6.29	8.20	30.3 %
Average Shares	2.00	2.00	-
EPS (Riyals)	3.15	4.10	30.3 %

The company attributed the leap to a 57% rise in revenues to SAR 98 million, in addition to lower provisions for Zakat and taxes.

The company registered SAR 3.741 million in profits from selling investments in securities.

This was despite a lower gross profit margin from 19% in 2021 to 18% in 2022 as a result of the higher cost of raw paper as well as higher general and administrative expenses by 49%.

Paper Home’s financing costs rose to SAR 421,000 from SAR 279,000 during the same period.

In addition, the company achieved profits from evaluating real estate investments for the same period, amounting to SAR 1.15 million.

Shareholders' equity, with no minority interest, rose to SAR 47.97 million in 2022 from SAR 33.45 billion in 2021.

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