The Saudi Paper Manufacturing Company has registered (Paper Industry) A jump in net profits for the first quarter of 2021 on an annual basis, to more than 12 times compared to the profits of the same quarter of last year.
According to the company’s financial data, on the Saudi Stock Exchange website “Saudi Tadawul”, the net profit amounted to 14.06 million riyals after zakat and tax, compared to 1.06 million riyals in the first quarter of 2020, with profits rising by 1226.4% on an annual basis.
The company’s sales for the first quarter of this year amounted to SAR 158.49 million, compared to SAR 145.87 million for the same quarter of the previous year with an increase of 8.6% and compared to the previous quarter of SAR 119.25 million with an increase of 32.9%. Profits jumped 125.3% compared to Previous quarter earnings Amounting to 6.24 million riyals.
The increase in the net profit for the current quarter compared to the same quarter of the previous year is due to an increase in sales, and the improvement in production quality, as well as improvement in the efficiency of the operations processes, which results in an enhancement in the gross profit, despite the fact that the increase in the prices of paper pulp in the global market and raw materials. In addition to the decrease in finance charge expenses as a result of rescheduling of loans and the company’s commitment to pay the due installments which resulted in improvement in net profit.
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