Financial Results : Saudi Paper 9M 2024 profit rises 59% to SAR 82.9M; Q3 at SAR 20.6M

Saudi Paper 9M 2024 profit rises 59% to SAR 82.9M; Q3 at SAR 20.6M

04/11/2024 Argaam Exclusive

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Saudi Paper Manufacturing Co. (SPM) reported a net profit of SAR 82.9 million for the first nine months of 2024, an increase of 59% from SAR 52.1 million in the year-earlier period, on increased sales and reduced production costs.


Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 614.95 646.84 5.2 %
Gross Income 183.58 214.00 16.6 %
Operating Income 81.73 103.82 27.0 %
Net Income 52.12 82.85 59.0 %
Average Shares 37.07 37.07 -
Earnings Per Share before unusual items (Riyals) 1.41 2.26 61.1 %
EPS (Riyal) 1.41 2.23 59.0 %

Additionally, financing expenses decreased, and provisions for receivables dropped due to stricter control over sales operations. Conversely, selling and distribution expenses increased slightly, mainly due to the rise in diesel costs.

 

The 5.2% year-on-year (YoY) sales increase was spurred by higher sales of paper rolls and recycled paper. This has significantly contributed to revenue growth as a result of increased demand for the company’s products.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 195.49 215.34 10.2 %
Gross Income 67.27 64.69 (3.8 %)
Operating Income 31.68 29.15 (8.0 %)
Net Income 22.42 20.59 (8.2 %)
Average Shares 37.07 37.07 -
Earnings Per Share before unusual items (Riyal) 0.60 0.59 (3.2 %)
EPS (Riyal) 0.60 0.56 (8.2 %)

Q3 2024 net profit stood at SAR 20.6 million, an 8% decline from SAR 22.4 million, mainly due to higher selling and distribution expenses, increased shipping costs and a rise in diesel prices.

 

On a sequential basis, net earnings dropped by 20.8% from SAR 26 million in Q2 2024.

 

Total shareholders’ equity, after minority interest, stood at SAR 511.51 million by Sept. 30, 2024, compared to SAR 453.16 million a year earlier.

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