Saudi Paper turns to net profit of SAR 15.1 mln in 2020

02/03/2021 Argaam Exclusive

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Saudi Paper Manufacturing Co. (SPM) turned to a net profit after Zakat and tax of SAR 15.1 million for 2020, compared to a net loss of SAR 27.9 million a year earlier.

Financials (M)

Item	2019	2020	Change‬
Revenues	527.13	532.09	0.9 %
Gross Income	99.00	146.87	48.4 %
Operating Income	(0.85)	61.27	7277.1 %
Net Income	(27.88)	15.10	154.2 %
Average Shares	29.08	29.08	-
EPS (Riyals)	(0.96)	0.52	154.2 %

The company attributed the earnings to the significant improvement in gross profit due to lower cost of sales, availability of raw materials at an affordable price, lower other production costs, and better efficiency of operations.

Lower selling, distribution and administrative expenses, and Zakat provisions also contributed to the company’s performance.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	128.39	119.25	(7.1 %)
Gross Income	26.49	26.61	0.5 %
Operating Income	3.96	12.97	227.5 %
Net Income	(11.39)	6.24	154.8 %
Average Shares	29.08	29.08	-
EPS (Riyals)	(0.39)	0.21	154.8 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	124.29	119.25	(4.1 %)
Gross Income	38.82	26.61	(31.5 %)
Operating Income	15.77	12.97	(17.7 %)
Net Income	3.98	6.24	56.7 %
Average Shares	29.08	29.08	-
EPS (Riyals)	0.14	0.21	56.7 %

For Q4 2020, the company swung to a net profit after Zakat and tax of SAR 6.2 million, compared to a net loss of SAR 11.3 million for the same quarter in 2019.

The decline in the net loss is due to higher sales and lower cost of sales, resulting in improvement of gross profit.

On a sequential basis, net profit after Zakat and tax soared by 56.7% due to lower selling, distribution and administrative expenses, finance charges, and Zakat provisions.

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