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SPMC turns profitable in Q1 on higher sales

SPMC turns profitable in Q1 on higher sales
SPMC’s net profits amounted to SAR 4.7 million in Q1-18, against incurring SAR 6.3 million losses during Q1-17, according to a bourse filing
SPM
2300
-0.27% 36.55 -0.10

Riyadh – Mubasher: Saudi Paper Manufacturing Company (SPMC) on Monday reported that it had turned a profit during the first quarter of 2018, against suffering losses in the year-ago period.

SPMC’s net profits amounted to SAR 4.7 million in Q1-18, against incurring a loss of SAR 6.3 million during Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the positive turn in financials to an increase in sales, in addition to a rise in value and ratio of profit margin.

Quarter-on-quarter, the company turned profitable after logging a net profit of SAR 4.7 million in the first three months of 2018 against incurring a loss of SAR 33.8 million in Q4-17, the Tadawul-listed firm noted. 

SPMC’s revenues jumped 32.5% to SAR 170.3 million in Q1-18, from SAR 128.5 million during the corresponding period in the prior year.

The firm’s accumulated losses reached SAR 205.6 million by 31 March 2018, representing 45.7% of its capital.

“SPMC started a restructuring plan mid-2017. The plan included restructuring all major functions and recruiting a team of professional executives and directors who are specialized in the paper industry to lead a major change and get the company out of the critical situation existed at that time,” the statement added.

The stock inched up 0.1% to close Monday at SAR 9.35.