Saudi Paper 9M 2024 profit rises 59% to SAR 82.9M; Q3 at SAR 20.6M

04/11/2024 Argaam Exclusive

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Saudi Paper Manufacturing Co. (SPM) reported a net profit of SAR 82.9 million for the first nine months of 2024, an increase of 59% from SAR 52.1 million in the year-earlier period, on increased sales and reduced production costs.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	614.95	646.84	5.2 %
Gross Income	183.58	214.00	16.6 %
Operating Income	81.73	103.82	27.0 %
Net Income	52.12	82.85	59.0 %
Average Shares	37.07	37.07	-
EPS (Riyals)	1.41	2.23	59.0 %

Additionally, financing expenses decreased, and provisions for receivables dropped due to stricter control over sales operations. Conversely, selling and distribution expenses increased slightly, mainly due to the rise in diesel costs.

The 5.2% year-on-year (YoY) sales increase was spurred by higher sales of paper rolls and recycled paper. This has significantly contributed to revenue growth as a result of increased demand for the company’s products.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	195.49	215.34	10.2 %
Gross Income	67.27	64.69	(3.8 %)
Operating Income	31.68	29.15	(8.0 %)
Net Income	22.42	20.59	(8.2 %)
Average Shares	37.07	37.07	-
EPS (Riyals)	0.60	0.56	(8.2 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	202.33	215.34	6.4 %
Gross Income	67.45	64.69	(4.1 %)
Operating Income	30.42	29.15	(4.2 %)
Net Income	26.00	20.59	(20.8 %)
Average Shares	37.07	37.07	-
EPS (Riyals)	0.70	0.56	(20.8 %)

Q3 2024 net profit stood at SAR 20.6 million, an 8% decline from SAR 22.4 million, mainly due to higher selling and distribution expenses, increased shipping costs and a rise in diesel prices.

On a sequential basis, net earnings dropped by 20.8% from SAR 26 million in Q2 2024.

Total shareholders’ equity, after minority interest, stood at SAR 511.51 million by Sept. 30, 2024, compared to SAR 453.16 million a year earlier.

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