Saudi Paper Manufacturing Co. (SPM) reported a net loss after Zakat and tax of SAR 27.5 million for the fiscal year of 2019, compared to a loss of SAR 111.2 million a year earlier.
The company said in a bourse statement that the decline in loss is mainly due to the improvement in gross profit and decrease in administrative expenses.
For Q4 2019, the company reported a net loss after Zakat and tax of SAR 11.27 million, compared to a loss of SAR 59.55 million for the same quarter in 2018.
The decline in the net loss is due to marked improvement in gross profit, decrease in the price of wood pulp globally and lower financing and sales costs.
On a sequential basis, net loss reduced by 53.4% due to decline in financing costs.
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