Saudi Paper turns to net profit of SAR 9.2 mln in 9M 2020

29/10/2020 Argaam Exclusive

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Saudi Paper Manufacturing Co. (SPM) turned to a net profit after Zakat and tax of SAR 9.2 million for the first nine months of 2020, against a net loss of SAR 16.2 million a year earlier.

The nine-month period results were driven by higher sales and a decline in productions costs. However, the company’s net profit was hit by SAR 11.3 million worth of provisions, compared to a reversal of SAR 40.3 million provision a year earlier.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	398.74	412.84	3.5 %
Gross Income	70.00	120.26	71.8 %
Operating Income	(7.33)	48.30	759.1 %
Net Income	(16.50)	8.86	153.7 %
Average Shares	29.08	29.08	-
EPS (Riyals)	(0.57)	0.30	153.7 %

In Q3 2020, the company turned to a net profit after Zakat and tax of SAR 4.1 million, against a net loss of SAR 24.2 million a year earlier, thanks to a decline in the costs of paper pulp and other production costs along with better operating efficiency. Moreover, selling, general and administrative expenses as well as finance costs decreased.

When compared to the previous quarter, net profit increased by 4.85, thanks to a decline in selling, general and administrative expenses as well as Zakat charges.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	121.76	124.29	2.1 %
Gross Income	28.19	38.82	37.7 %
Operating Income	2.07	15.77	662.5 %
Net Income	(24.29)	3.98	116.4 %
Average Shares	29.08	29.08	-
EPS (Riyals)	(0.84)	0.14	116.4 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	142.67	124.29	(12.9 %)
Gross Income	39.68	38.82	(2.2 %)
Operating Income	17.57	15.77	(10.3 %)
Net Income	3.83	3.98	4.0 %
Average Shares	29.08	29.08	-
EPS (Riyals)	0.13	0.14	4.0 %

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