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Saudi Paper returns to profitability in Q3

Saudi Paper returns to profitability in Q3
The company recorded net profits of SAR 4.11 million in Q3-20.
SPM
2300
-0.27% 36.55 -0.10

Riyadh – Mubasher: The Saudi Paper Manufacturing Company swung back to profits of SAR 4.11 million in the third quarter (Q3) of 2020, versus losses of SAR 24.22 million in the same period in 2019.

The move to profits was driven by the rise in gross profits and the decrease in financing costs and selling and distribution expenses, according to a bourse disclosure on Thursday.

Moreover, this quarter’s profits were cut by SAR 3.8 million worth of provisions, compared to a loss of SAR 6.9 million last year.

Revenues were up by 2.1% yearly during the three-month period ended 30 September, standing at SAR 124.29 million.

During the first nine months of the year, the firm logged profits of SAR 9.24 million, compared to losses of SAR 16.2 million in the year-ago period.