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Saudi Paper Manufacturing Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

SPM 2300 109.58% 76.60 40.05
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -3.8 -7.2 47.22 -6.3 39.68
Gross profit (loss) 30.9 30.7 0.65 27.6 11.96
Operational profit (loss) 5.2 2.2 136.36 2.2 136.36
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) -10.11 -14.26 29.1
Gross profit (loss) 58.51 59.95 -2.4
Operational profit (loss) 7.44 2.44 204.92
Earning or loss per share, Riyals -0.22 -0.32 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year Net loss decrease by 48% compared to the same quarter of the last year due to higher gross margin in percentage and decrease in administrative and general expenses.
Reasons of increase (decrease) for period compared with same period last year Net loss decrease by 29% compared to the period of the last year due to higher gross margin in value and decrease in administrative and general expenses.
Reasons of increase (decrease) for quarter compared with previous quarter Net loss decrease by 40% compared to the previous quarter due to higher gross margin.
Reclassifications in quarterly financial results Items, elements and notes of the comparatives Condensed Consolidated Interim Financial Statements have been redisplayed to meet with the applied accounting policies for the current period which have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia. For more information, please see the note 13 (Effect of IFRS standards adoption) in the Interim Consolidated Financial Statements for the period ended in 30 June 2017.
Other notes Sales decreased 7% to SAR 121.3 MM in the quarter 2 compared to SAR 130.2 MM in the same quarter of the last year, and sales YTD decreased 8% to SAR 270.3 MM in the current peroid compared to SAR 249.9 MM for the same period of the last year as a result of decrease in export and local sales of jumbo tissue rolls due to the geographical issues and increased competition in the region. Total comprehensive loss in Quarter 2 is SAR 3.3mm compared to loss SAR 10.1 in same quarter of the previouse year which improved by 67.1%, and total comprehensive loss for the period is SAR 3.5mm compared to loss SAR 14.2mm for the same period for the last year with decrease by 75%. Total shareholders equity (after excluding minority interest) as at June 2017 decreased by 16% to SAR 332 million compared to SAR 396 million in previous period. The loss per share decreased to SAR 0.22 compared to SAR 0.32 in previous period. Accumulated losses as end of this period reached SAR 162.8 MM, which represents 36.2% of the capital as a result of the financial impact from the application of IFRS in addition to the operating losses for the year 2016 and the period of 2017. The company developed the necessary plans to reduce these losses gradually and return to profitability by increasing sales, reducing expenses, and increasing operational efficiency. Accordingly, the company will be subject to the procedures and instructions issued by the Capital market Authority related to the listed public companies on the market, which have accumulated losses over 35% of its capital as stipulated by the Board of the Capital Market Authority No. 1-130-2016 decision date 24/10/2016.

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