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.
| 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 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 128.39 | 145.87 | 13.6 % |
| Gross Income | 26.49 | 41.76 | 57.7 % |
| Operating Income | 3.96 | 14.96 | 277.7 % |
| Net Income | (11.39) | 1.06 | 109.3 % |
| Average Shares | 29.08 | 29.08 | - |
| EPS (Riyals) | (0.39) | 0.04 | 109.3 % |
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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