Riyadh – Mubasher: The Saudi Paper Manufacturing Company turned profitable in the fourth quarter (Q4) of 2020, gaining SAR 6.24 million in net earnings, versus SAR 11.39 million in net losses in the same period in 2019.
The turn to profits in Q4-20 was supported by a significant improvement in gross profit as a result of the lower cost of sales, according to a bourse statement on Tuesday.
Meanwhile, selling and distribution expenses, administrative expenses, and Zakat provision slumped.
The company’s revenue reached SAR 119.25 million in Q4-20, a yearly drop of 7.1%.
In 2020, the Tadawul-listed firm turned to a net profit of SAR 15.1 million, against a net loss of SAR 27.88 million a year earlier.