Saudi Paper net profit slides 36% to SAR 5.1 mln in H1 2020

16/08/2020 Argaam Exclusive

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Saudi Paper Manufacturing Co. (SPM) posted a drop of 36% year-on-year (YoY) in net profit after Zakat and tax to SAR 5.1 million for H1 2020, compared to SAR 8 million a year earlier.

The profit slump was attributed to reversal of trade receivables worth SAR 40.1 million in H1 2019, despite significant improvement in sales, lower production costs and a decrease in administrative and finance costs.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	276.98	288.55	4.2 %
Gross Income	41.81	81.45	94.8 %
Operating Income	(9.40)	32.53	446.2 %
Net Income	7.79	4.88	(37.3 %)
Average Shares	29.08	29.08	-
EPS (Riyals)	0.27	0.17	(37.3 %)

In Q2 2020, the company turned to a net profit after Zakat and tax of SAR 3.9 million, against a net loss of SAR 15.4 million a year earlier, thanks to higher sales and a decline in costs. Moreover, selling, general and administrative expenses as well as finance costs decreased.

When compared to the previous quarter, net profit increased by over threefold, driven by a decline in selling, general and administrative expenses and the write-back of trade receivables provisions.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	121.88	142.67	17.1 %
Gross Income	16.78	39.68	136.5 %
Operating Income	(8.19)	17.57	314.5 %
Net Income	(15.53)	3.83	124.7 %
Average Shares	29.08	29.08	-
EPS (Riyals)	(0.53)	0.13	124.7 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	145.87	142.67	(2.2 %)
Gross Income	41.76	39.68	(5.0 %)
Operating Income	14.96	17.57	17.5 %
Net Income	1.06	3.83	262.5 %
Average Shares	29.08	29.08	-
EPS (Riyals)	0.04	0.13	262.5 %

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