Saudi Paper Manufacturing Co. announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 158.49 | 145.87 | 8.651 | 119.25 | 32.905 |
| Gross Profit (Loss) | 45.12 | 41.76 | 8.045 | 28.41 | 58.817 |
| Operational Profit (Loss) | 19.48 | 14.96 | 30.213 | 13.39 | 45.481 |
| Net Profit (Loss) after Zakat and Tax | 14.06 | 1.06 | 1,226.415 | 6.24 | 125.32 |
| Total Comprehensive Income | 13.97 | 0.77 | 1,714.285 | 8.39 | 66.507 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 197.69 | 73.49 | 169.002 |
| Profit (Loss) per Share | 0.75 | 0.06 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 11.58 | 192 | 6 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in the net profit for the current quarter compared to the same quarter of the previous year is due to an increase in sales, and the improvement in production quality, as well as improvement in the efficiency of the operations processes, which results in an enhancement in the gross profit, despite the fact that the increase in the prices of paper pulp in the global market and raw materials. In addition to the decrease in finance charge expenses as a result of rescheduling of loans and the company's commitment to pay the due installments which resulted in improvement in net profit. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The increase in the net profit for current quarter compared to the previous quarter is due to the significant improvement in sales growth, and the improvement in the profit margin as a result of the increase in production quantities and the improvement of product quality, despite the fact that the increase in the prices of paper pulp in the global market and raw materials. In addition to the decrease in finance charge expenses As a result of rescheduling of loans and the company's commitment to pay the due installments which resulted in improvement in net profit. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Emphasis of Matters :
1- Note 4 of these condensed consolidated interim financial statements which states that the management engaged a third party consultant for the review of impairment assessment of its property, plant and equipment as at December 31, 2020 based on which 0.95 million impairment loss was recognized during the year ended December 31, 2020 (December 31, 2019: nil). The assessment includes assumptions related to future sales volume, prices, annual growth rates, terminal growth rates, net realizable value, discount rates and other related factors. The outcome of these assumptions is highly dependent on the success of future operations and market conditions as estimated by management and achieving its plans in future. Management is confident of its ability to meet its future business plan and believes that the carrying value of property, plant and equipment as of March 31, 2021 will not exceed their recoverable amounts. |
| Reclassification of Comparison Items | nothing |
| Additional Information | The company's sales for the first quarter of this year amounted to SAR 158.49 million, compared to SAR 145.87 million for the same quarter of the previous year with an increase of 8.6% and compared to the previous quarter of SAR 119.25 million with an increase of 32.9%.
The total comprehensive income of the owners of the company for the first quarter of this year amounted to SAR 13.97 million profit compared to SAR 0.77 million profit in the same quarter of the previous year, compared to SAR 8.39 million profit for the previous quarter.
The total shareholders' equity (after excluding non-controlling interest) for the current period ending on March 31st,2021 is SAR 197.69 million, compared to SAR 73.49 million for the period ending on March 31, 2020, with an increase of 169% resulting form increase in profits and capital increase.
Retained earnings as of March 31, 2021, amounted to SAR 11.58 million, representing 6%. The earnings per share attributable to shareholders of the company in the current period amounted to SAR 0.75 , compared to profit of SAR 0.06 for the same period of the previous year. Basic earnings per share is calculated by dividing the net profit attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. And as per the approval of the Extraordinary General Assembly dated 16/12/2020 to increase the capital from ninety two million riyal (SAR 92,000,000) to one hundred and ninety two million riyal (SAR 192,000,000 ) by offering priority rights. and the weighted average number of outstanding shares for the current period is 18,844,595 shares, and the weighted average number of outstanding shares for the same period of the previous year is 16,292,143 shares |
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