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SPMC reduces accumulated losses to 33% of capital

SPMC reduces accumulated losses to 33% of capital
SPMC planned to raise production capacity and improve quality
SPM
2300
1.38% 8.80 0.12

Riyadh – Mubasher: Saudi Paper Manufacturing Company (SPMC) posted SAR 80.55 million in accumulated losses during the first quarter of 2019, representing 32.88% of its capital.

Improved collections helped in reducing the company’s accumulated losses, which led to the reversal of a provision for impairment of trade receivables, according to SPMC’s statement to the Saudi Stock Exchange (Tadawul) on Monday.

However, the Saudi-based company developed a plan to slash costs and expenses, along with its efforts to raise production capacity and improve quality.

The company noted that it has launched a new product, and it is looking forward to raising its sales and cutting fixed production costs per tonne.