SPM widens net losses to SAR 115 mln in 2018

31/03/2019 Argaam Exclusive

Saudi Paper Manufacturing Co. (SPM) reported a net loss of SAR 114.9 million for the fiscal year 2018 from a loss of SAR 47.98 million for the year before due to the increase in raw materials prices, the drop in production quantity in spite of the increase in revenue.

 

The losses were also attributed to the application of IFRS 9 and IAS 36 which led to recording an impairment loss of fixed assets and current assets.



Financials (M)

Item 2017 2018 Change‬
Revenues 515.82 541.46 5.0 %
Gross Income 124.54 83.16 (33.2 %)
Operating Income (0.17) (24.69) (14,771.7 %)
Net Income (48.67) (115.45) (137.2 %)
Average Shares 29.08 29.08 -
EPS (Riyals) (1.67) (3.97) (137.2 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2017 Q4 2018 Change‬
Revenues 127.46 149.40 17.2 %
Gross Income 34.82 14.92 (57.2 %)
Operating Income (13.91) (7.56) 45.7 %
Net Income (34.89) (62.49) (79.1 %)
Average Shares 29.08 29.08 -
EPS (Riyals) (1.20) (2.15) (79.1 %)

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