Saudi Paper 2021 net profit jumps to SAR 30.3 mln; Q4 down to SAR 930,000

24/03/2022 Argaam Exclusive

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Saudi Paper Manufacturing Co.’s (SPM) net profit after Zakat and tax more than doubled to SAR 30.3 million in 2021, compared to SAR 15.1 million a year earlier.

This profit surge was driven by higher sales, lower financing expenses and decreased Zakat provisions.

The paper manufacturer also recorded other income from the judgment issued in its favor of regarding the sale of land in 2017.

Financials (M)

Item	2020	2021	Change‬
Revenues	532.09	588.80	10.7 %
Gross Income	146.87	136.05	(7.4 %)
Operating Income	61.27	37.62	(38.6 %)
Net Income	15.10	30.28	100.5 %
Average Shares	29.08	32.04	10.2 %
EPS (Riyals)	0.52	0.95	82.0 %

The fourth-quarter net profit after Zakat and tax plummeted 85% to SAR 930,000, from SAR 6.42 million.

On a sequential basis, the company’s net profit rose over fivefold from SAR 150,000.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	119.25	147.19	23.4 %
Gross Income	26.61	15.89	(40.3 %)
Operating Income	12.97	(8.91)	(168.7 %)
Net Income	6.24	0.93	(85.1 %)
Average Shares	29.08	32.04	10.2 %
EPS (Riyals)	0.21	0.03	(86.5 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	141.86	147.19	3.8 %
Gross Income	31.63	15.89	(49.8 %)
Operating Income	6.23	(8.91)	(242.9 %)
Net Income	0.15	0.93	521.5 %
Average Shares	32.04	32.04	-
EPS (Riyals)	0.00	0.03	521.5 %

Shareholders’ equity, after minority interest, increased to SAR 212.56 million in 2021, from SAR 89.16 million in 2020.

Retained earnings stood at SAR 24.77 million, or 12.9% of the company’s capital.

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