Saudi Paper net profit leaps 38% to SAR 40.6 mln in 9M 2022; Q3 at SAR 6.2 mln

08/11/2022 Argaam Exclusive

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Saudi Paper Manufacturing Co.’s (SPM) net profit after Zakat and tax jumped 38% to SAR 40.6 million for the first nine months of 2022, compared to SAR 29.4 million in year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	441.61	502.62	13.8 %
Gross Income	120.16	128.28	6.8 %
Operating Income	46.53	38.32	(17.6 %)
Net Income	29.35	40.57	38.2 %
Average Shares	32.04	32.04	-
EPS (Riyals)	0.92	1.27	38.2 %

The profit growth was driven by a significant increase in sales and rise in market share as well as strong demand for products.

Q3 2022 net profit soared to SAR 6.2 million, compared with SAR 0.15 million a year before, buoyed mainly by strong sales and increase in the company's market share.

On a sequential basis, Q3 2022 net profit dropped 70.5% from SAR 21 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	141.86	161.64	13.9 %
Gross Income	31.63	38.68	22.3 %
Operating Income	6.23	12.82	105.6 %
Net Income	0.15	6.21	4052.2 %
Average Shares	32.04	32.04	-
EPS (Riyals)	0.00	0.19	4052.2 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	146.29	161.64	10.5 %
Gross Income	41.10	38.68	(5.9 %)
Operating Income	7.01	12.82	82.9 %
Net Income	21.06	6.21	(70.5 %)
Average Shares	32.04	32.04	-
EPS (Riyals)	0.66	0.19	(70.5 %)

Total shareholders’ equity, after deducting minority equity, reached SAR 253.39 million at the end of 9M 2022, compared with SAR 214.05 million a year before.

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