Financial Results : Saudi Paper profit rises 28% to SAR 52.1 mln in 9M 2023; Q3 at SAR 22.4 mln

Saudi Paper profit rises 28% to SAR 52.1 mln in 9M 2023; Q3 at SAR 22.4 mln

29/10/2023 Argaam Exclusive

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Saudi Paper Manufacturing Co. posted a 28% profit rise in the first nine months of 2023 to SAR 52.1 million, from SAR 40.6 million in the year-earlier period. 



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 502.62 614.95 22.3 %
Gross Income 128.28 183.58 43.1 %
Operating Income 38.32 81.73 113.3 %
Net Income 40.57 52.12 28.5 %
Average Shares 32.04 37.07 15.7 %
EPS (Riyals) 1.27 1.41 11.0 %

The company cited a 22.3% increase year-on-year (YoY) in sales, driven by the improved sales of paper rolls, especially after the operation of the new production line for paper rolls in April 2023. This boosted production capacity by 31% with a slight increase in fixed production costs.

 

The better profit was made despite an increase of SAR 10 million YoY in sales and marketing expenses, including shipping expenses to customers as a result of increased sales. Financing costs also rose by SAR 10.9 million YoY, due to a rise in the cost of financing locally and globally during the current period.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 161.64 195.49 20.9 %
Gross Income 38.68 67.27 73.9 %
Operating Income 12.82 31.68 147.2 %
Net Income 6.21 22.42 261.2 %
Average Shares 32.04 37.07 15.7 %
EPS (Riyals) 0.19 0.60 212.2 %

In Q3 2023, the company’s net profit more than tripled to SAR 22.4 million from SAR 6.21 million in the prior-year period.

 

The third-quarter net earnings grew 6% from SAR 21.15 million in Q2 2023.

 

Total shareholders’ equity, after minority interest, reached SAR 453.16 million as of Sept. 30, 2023, up from SAR 253.39 million a year earlier.

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