Riyadh – Mubasher: Saudi Paper Manufacturing Company (SPMC) reported a 398.09% year-on-year surge in its profits during the first quarter of 2019.

Net profits amounted to SAR 23.46 million in Q1-19, from SAR 4.71 million in Q1-18, according to the firm’s statement to the Saudi Stock Exchange (Tadawul) late on Sunday.

The big increase in Q1-19 profits was attributed to the reversal of a provision for impairment of trade receivables.

The Saudi firm’s accumulated losses hit SAR 80.55 million, representing 32.88% of the company’s capital.

In 2018, SPMC posted a 139.5% year-on-year loss increase, recording SAR 115 million.