United Carton Industries Co. (UCIC) reported net earnings of SAR 79.1 million for 2025, a drop of 37% from SAR 124.7 million a year earlier.
| Item | 2024 | 2025 | Change |
|---|---|---|---|
| Revenues | 1,344.48 | 1,406.38 | 4.6 % |
| Gross Income | 240.06 | 197.71 | (17.6 %) |
| Operating Income | 145.87 | 88.96 | (39.0 %) |
| Net Income | 124.70 | 79.13 | (36.5 %) |
| Average Shares | 40.00 | 40.00 | - |
| Earnings Per Share before unusual items (Riyals) | 2.43 | 1.67 | (31.3 %) |
| EPS (Riyal) | 3.12 | 1.98 | (36.5 %) |
The year-on-year (YoY) profit decline was attributed to higher prices of raw materials, mainly paper, in the local and international markets, which resulted in an elevated cost of revenue.
However, this was partly offset by increased sales volumes in the corrugated & folding carton (duplex) segments and higher finance income from short-term deposits in 2025, compared to last year.
The 2024 results were also buoyed by a one-off bargain purchase gain of SAR 11.24 million on that year’s takeover of its UAE-based subsidiary, Ras Al Khaimah Packaging, which essentially lifted UCIC’s 2024 bottomline.
| Item | Q4 2024 | Q4 2025 | Change |
|---|---|---|---|
| Revenues | 322.74 | 350.09 | 8.5 % |
| Gross Income | 45.08 | 50.18 | 11.3 % |
| Operating Income | 29.84 | 31.55 | 5.7 % |
| Net Income | 25.21 | 31.83 | 26.3 % |
| Average Shares | 40.00 | 40.00 | - |
| Earnings Per Share before unusual items (Riyal) | 0.22 | 0.49 | 118.7 % |
| EPS (Riyal) | 0.63 | 0.80 | 26.3 % |
| Item | Q3 2025 | Q4 2025 | Change |
|---|---|---|---|
| Revenues | 371.47 | 350.09 | (5.8 %) |
| Gross Income | 54.79 | 50.18 | (8.4 %) |
| Operating Income | 22.51 | 31.55 | 40.1 % |
| Net Income | 20.60 | 31.83 | 54.5 % |
| Average Shares | 40.00 | 40.00 | - |
| Earnings Per Share before unusual items (Riyal) | 0.52 | 0.49 | (5.5 %) |
| EPS (Riyal) | 0.52 | 0.80 | 54.5 % |
In Q4 2025, however, net profit rose 26.3% to SAR 31.8 million, from SAR 25.21 million in Q4 2024. Sequentially, the three-month bottomline also jumped 54.5% from SAR 20.60 million in Q3 2025.
Total shareholders' equity, no minority interest, reached SAR 588.31 million by the end of 2025, compared with SAR 545.52 million a year earlier.
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