Saudi Paper Manufacturing Co.’s (SPM) net profit after Zakat and tax increased by more than three-fold to SAR 29.4 million for the first nine months of 2021, compared to SAR 8.9 million in year-earlier period.
This profit surge was driven by higher sales, lower financing expenses and decreased Zakat provisions.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 412.84 | 441.61 | 7.0 % |
| Gross Income | 120.26 | 120.16 | (0.1 %) |
| Operating Income | 48.30 | 46.53 | (3.7 %) |
| Net Income | 8.86 | 29.35 | 231.1 % |
| Average Shares | 29.08 | 32.04 | 10.2 % |
| EPS (Riyals) | 0.30 | 0.92 | 200.6 % |
Q3 2021 net profit after Zakat and tax plunged 96% year-on-year (YoY) to SAR 0.15 million, on an increase in cost of sales due to higher global prices of pulp and raw materials.
The company also cited higher selling and marketing expenses, and an increase in provisions for impairment in trade receivables.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 124.29 | 141.86 | 14.1 % |
| Gross Income | 38.82 | 31.63 | (18.5 %) |
| Operating Income | 15.77 | 6.23 | (60.5 %) |
| Net Income | 3.98 | 0.15 | (96.2 %) |
| Average Shares | 29.08 | 32.04 | 10.2 % |
| EPS (Riyals) | 0.14 | 0.00 | (96.6 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 141.26 | 141.86 | 0.4 % |
| Gross Income | 43.41 | 31.63 | (27.1 %) |
| Operating Income | 20.81 | 6.23 | (70.1 %) |
| Net Income | 15.14 | 0.15 | (99.0 %) |
| Average Shares | 32.04 | 32.04 | - |
| EPS (Riyals) | 0.47 | 0.00 | (99.0 %) |
On a sequential basis, net profit after Zakat and tax plummeted by 99%.
Total shareholders’ equity (after deducting minority equity) more than doubled YoY to SAR 214.05 million for the nine-month period.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}