Riyadh – Mubasher: Saudi Paper Manufacturing (SPM) Company announced on Sunday that the Ministry of Finance has approved providing the company with SAR 52 million financial support.

The subsidy comes in line with the private sector incentive plan, as part of the finance ministry’s efforts to support strategic national companies under the umbrella of the Saudi Vision 2030, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

SPM noted that the support will help raise the company’s purchasing power of raw materials, providing a competitive advantage and helping in operating factories at full capacity, which will, in turn, reflect positively on the company’s financial results.

The Saudi firm recently revealed that its accumulated losses decreased to SAR 7.2 million, representing 7.84% of its capital.