Saudi Paper 2022 net profit jumps 55% to SAR 46.9 mln; Q4 at SAR 6.3 mln

19/03/2023 Argaam Exclusive

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Saudi Paper Manufacturing Co.’s (SPM) net profit leapt 55% to SAR 46.9 million in 2022, compared to SAR 30.3 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	588.80	691.87	17.5 %
Gross Income	136.05	171.57	26.1 %
Operating Income	37.62	47.16	25.4 %
Net Income	30.28	46.89	54.9 %
Average Shares	32.04	37.07	15.7 %
EPS (Riyals)	0.95	1.27	33.9 %

The profit growth was due to a significant rise in sales on increasing the company's market share and demand for its products, which led to improving gross profit.

This was despite the rising costs of supplies and goods in the local and global markets. The company was impacted by the supply chain issue, which worsened in the middle of the year, affecting the firm's production capacity and ability to show better results.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	147.19	189.25	28.6 %
Gross Income	15.89	43.29	172.4 %
Operating Income	(8.91)	8.84	199.2 %
Net Income	0.93	6.33	581.1 %
Average Shares	32.04	37.07	15.7 %
EPS (Riyals)	0.03	0.17	488.6 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	161.64	189.25	17.1 %
Gross Income	38.68	43.29	11.9 %
Operating Income	12.82	8.84	(31.0 %)
Net Income	6.21	6.33	1.9 %
Average Shares	32.04	37.07	15.7 %
EPS (Riyals)	0.19	0.17	(11.9 %)

The fourth-quarter net profit soared to SAR 6.32 million from SAR 930,000 a year before.

On a sequential basis, the paper manufacturer's net profit rose 1.9% from SAR 6.21 million in Q3 2022.

Shareholders’ equity, after minority interest, increased to SAR 401.32 million in 2022 from SAR 212.56 million a year earlier.

Retained earnings stood at SAR 63.82 million, or 18.9% of the company’s capital.

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