Saudi Paper Manufacturing Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 811.08 | 691.86 | 17.23 | ||
| Gross Profit (Loss) | 247.57 | 176.87 | 39.97 | ||
| Operational Profit (Loss) | 122.4 | 76.72 | 59.54 | ||
| Net profit (Loss) | 72.94 | 46.89 | 55.55 | ||
| Total Comprehensive Income | 75.17 | 46.92 | 60.21 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 472.61 | 401.32 | 17.76 | ||
| Profit (Loss) per Share | 2.17 | 1.62 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The reason for the increase in sales during this year compared to the previous year by 17.2% is due to the significant increase in the sales of paper rolls after the operation of the new production line in April 2023, which contributed to increasing sales capacity by 31% to meet the needs of the local and regional market, and in terms of manufacturing products, sales have increased significantly in implementation of the company's strategy to increase its market share, develop its products, enter new markets and spread more geographically. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the increase in the company's net profit during the current year compared to the previous year is due to the noticeable increase in sales as a result of achieving the highest capacity and efficiency of production, as well as optimal utilization of human and financial resources, which was reflected in reducing production costs, and the company was keen to build inventory at the best prices to achieve the best profit margins and to contribute to meeting production plans without the risk of interruption, and a significant improvement resulted that gross profit increased by 40% as compared to the previous year.
The provision for trade receivables decreased during the year compared to the previous year as a result of the collection of large amounts of overdue debts from customers that improved the company's liquidity.
This improvement is also offset by an increase in sales and marketing expenses by SAR 14.3 million, including shipping expenses to customers as a result of the increase in the amount of sales, and an increase in financing expenses by SAR 12.6 million due to the high cost of financing locally and globally during the current period and did not affect the company's commitment to repay loans on time and reduce the balances of long- and medium-term bank loans, and also an additional zakat provision was taken during the current year of 5.2 million riyals and for previous years after receiving an initial linkage. From the Zakat Authority. In addition, the company achieved a capital gain of 19 million riyals in the same period as the previous year as a result of the sale of one of the lands owned by the company. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Nothing |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified in order to conform to the presentation of the current period.
However, the effect of those reclassifications is not significant |
| Additional Information | Revenues for the year ending on December 31, 2023 (twelve months) amounted to SAR 811.08 million, compared to SAR 691.86 million for the previous year, an increase of 17.2%.
The total comprehensive income of the company's owners during this year, which ended on December 31, 2023 (twelve months), amounted to SAR 75.17 million profit compared to SAR 46.92 million profit for the previous year, with an increase of 60.2%. .
Total shareholders' equity (excluding minority interests) during the year ending December 31, 2023, amounted to SAR 472.61 million, an increase of 17.8% from the previous year's SAR 401.32 million.
Retained profits as at 31 December 2023 amounted to SAR 129.46 million, representing 38.4% of the capital.
Earnings per share attributable to shareholders during the current year amounted to SAR 2.17 compared to the previous year, which amounted to a profit of 1.62 riyals. . Earnings per share are calculated by dividing the net profit attributable to the company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.
The weighted average number of shares outstanding for the current period is 33,594,738, and the weighted average number of shares outstanding for the same period of the previous year is 28,925,510. |
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