Financial Results : Saudi Paper net profit slumps 96% to SAR 1 mln in Q1 2020

Saudi Paper net profit slumps 96% to SAR 1 mln in Q1 2020

31/05/2020 Argaam Exclusive

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Saudi Paper Manufacturing Co. (SPM) posted a plunge of 96% year-on-year (YoY) in net profit after Zakat and tax to SAR 1 million for Q1 2020, compared to SAR 23.3 million a year earlier.

 

The Q1 2019 figures included profit from SAR 36 million in reversal of trade receivables impairment provisions.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 155.10 145.87 (6.0 %)
Gross Income 25.03 41.76 66.9 %
Operating Income (1.20) 14.96 1343.5 %
Net Income 23.32 1.06 (95.5 %)
Average Shares 29.08 29.08 -
EPS (Riyals) 0.80 0.04 (95.5 %)

In Q4 2019, the company turned profitable, from a net loss after Zakat and tax of SAR 11.27 million, thanks to higher sales, lower administrative expenses and better selling prices.

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