Saudi Paper Manufacturing Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 229.18 | 217.28 | 5.476 | 196.13 | 16.851 |
| Gross Profit (Loss) | 81.86 | 52.18 | 56.88 | 63.99 | 27.926 |
| Operational Profit (Loss) | 44.25 | 18.69 | 136.757 | 34.75 | 27.338 |
| Net profit (Loss) | 36.25 | 8.55 | 323.976 | 20.82 | 74.111 |
| Total Comprehensive Income | 36.04 | 8.65 | 316.647 | 23.33 | 54.479 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 508.64 | 472.61 | 7.623 |
| Profit (Loss) per Share | 1.08 | 0.25 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The reason for the increase in sales during this current quarter compared to the same quarter of the previous year by 5.5% is due to the increase in the sales of paper rolls after the commissioning of the new production line in April 2023, which contributed to increasing sales capacity by 31% to meet the needs of the local and regional market, and also in addition to increasing the sales of recycled paper in a subsidiary. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is due to the increase in sales and improved profitability, and the company also signed a raw materials purchase agreement, which contributed to building a strategic inventory at costs that maintain the planned profit margins to contribute to reducing global market price fluctuations for the coming periods, which resulted in an increase in the percentage of gross profit for the current quarter by 35.7% compared to 24.0% for the same quarter of the previous year. This is also due to a decrease in financing expenses by 1.40 million after repayment of long-term loans. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The reason for the increase in sales during this current quarter compared to the previous quarter by 16.8% is due to the increase in sales of paper rolls and the increase in selling prices, in addition to the increase in sales of recycled paper in a subsidiary. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The reason for the increase in the company's net profit during the current quarter compared to the previous quarter is due to the increase in sales and improved profitability, and the company also signed a raw materials purchase agreement, which contributed to building a strategic inventory at costs that maintain the planned profit margins to contribute to reducing global market price fluctuations for the coming periods, which achieved an increase in the percentage of gross profit for the current quarter by 35.7% compared to 32.6% for the previous quarter. This is also due to a decrease in financing expenses by 1.38 million after repayment of long-term loans.
. There is also a decrease in the zakah allowance. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Nothing |
| Reclassification of Comparison Items | Nothing |
| Additional Information | The company's revenues for the current quarter amounted to SAR 229.18 million, an increase of 5.5% compared to SAR 217.28 million for the same quarter of the previous year and 16.8% compared to the previous quarter of SAR 196.13 million.
The total comprehensive income of the company's owners for the current quarter amounted to SAR 36.04 million profit compared to SAR 8.65 million profit in the same quarter of the previous year and compared to SAR 23.33 million profit for the previous quarter.
Total shareholders' equity (excluding minority interests) during the current period ending 31 March 2024 reached SAR 508.64 million, compared to SAR 472.61 million for the period ending 31 March 2023. This is an increase of 7.6% resulting from profits achieved during the period.
Retained profit as of 31 March 2024 amounted to SAR 165.7 million, representing 49.17% of the capital.
Earnings per share attributable to shareholders in the company in the current quarter amounted to a profit of SAR 1.08 compared to the same quarter of the previous year, which amounted to a profit of SAR 0.25.
Basic earnings per share are calculated by dividing the net profit attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.
The weighted average number of outstanding shares for the current quarter is 33,700,000 shares, deducting the impact of the 105,262 treasury shares held, and the weighted average number of outstanding shares for the same quarter of the previous year is 33,700,000 shares. |
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