Saudi Paper Manufacturing Co. announces the annual financial results for the period ending on 31-12-2016

05 March 2017 08:56 AM

SPM 2300 -0.27% 36.55 -0.10

Element	Current year	Previous year	% Change
Net profit (loss)	-67.48	-127.11	46.91
Earning or loss per share, Riyals	-1.5	-2.82	-
Gross profit (loss)	99.96	111.01	-9.95
Operational profit (loss)	-25.63	-43.31	40.82
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	The decline in net loss by 47% in current year is due to increase in gross profit percentage as a result of decline in cost of raw materials. Also due to decline in selling, administrative, financing and provision expenses compared with previous year.
Reclassifications in annual financial results	Certain amounts in the comparative period have been reclassified to conform to 2016 presentation.
Other notes	During this year, sales decreased by 21% to SAR 477 million compared to SAR 601 million in previous year due to decline in exports and tissue paper rolls sales. Also, Total shareholders equity (after excluding minority interest) decreased by 14% to SR 456 million compared to SR 528 million in previous year. As a result, accumulated losses at year end represent to 11% of share capital . In addition, loss per share decreased to SAR 1.50 compared to SAR 2.82 in previous year. Certain items of income statement and balance sheet have been reclassified in the audited annual financial statements of 2016 compared to the annual results reported in the financial statements of Quarter 4, 2016.

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