Paper Home profit jumps 22% to SAR 17.7M in 2023

27/03/2024 Argaam Exclusive

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Paper Home Co. reported a 22% leap in its 2023 net profit to SAR 17.7 million, from SAR 14.5 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	98.15	97.40	(0.8 %)
Gross Income	19.96	28.25	41.5 %
Operating Income	11.37	16.90	48.6 %
Net Income	14.49	17.73	22.4 %
Average Shares	2.00	2.00	-
EPS (Riyals)	7.24	8.86	22.4 %

The annual profit growth was driven by the lower cost of raw materials despite the pullback in sales on a decline in selling prices.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	50.20	46.70	(7.0 %)
Gross Income	10.00	14.64	46.3 %
Operating Income	5.60	7.96	42.3 %
Net Income	8.20	9.23	12.5 %
Average Shares	2.00	2.00	-
EPS (Riyals)	4.10	4.61	12.5 %

Item	H1 2023	H2 2023	Change‬
Revenues	50.70	46.70	(7.9 %)
Gross Income	13.61	14.64	7.5 %
Operating Income	8.94	7.96	(11.0 %)
Net Income	8.50	9.23	8.5 %
Average Shares	2.00	2.00	-
EPS (Riyals)	4.25	4.61	8.5 %

Shareholders' equity, no minority interest, rose to SAR 65.45 million at the end of 2023, from SAR 47.97 million in 2022.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2022	47.96	6.29	4.19
H2 2022	50.19	8.20	5.47
H1 2023	50.70	8.50	5.67
H2 2023	46.70	9.23	6.15

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