Saudi Paper Manufacturing Co. Sees Profits Soar
The net profit of Dammam-based Saudi Paper Manufacturing Company (SPMC) increased by 39.1% in the second quarter of 2022 to 21.06 million riyals after zakat and tax compared to 15.14 million riyals in the same quarter of 2021.
The tissue paper manufacturing company’s Q2 2022 net profit increased by 58.3% compared to a profit of 13.3 million riyals in the first quarter of 2022.
SPMC said in a recent statement that the increase in the company’s net profit during the second quarter of this year is due to sales growth as well as capital gains generated by selling one of its owned lands.
The value of sales increased by 3.6% to about 146.29 billion riyals in the second quarter of 2022 compared to 141.26 million riyals in the same quarter of 2021.
The company said that this is despite the challenges faced by global supply chains that exacerbated in the second quarter of this year, and the shortage in the supply of pulp in global markets due to the several ongoing global tensions and economic instability, which resulted in an unprecedented rise in pulp prices. To tide over the crises, the company said that it has taken great efforts to secure the internal market need of hygienic paper rolls and related products.
SPMC’s net profit rose by 17.67% in the first half of 2022 to 34.36 million riyals after zakat and tax compared to a profit of 29.2 million riyals posted in the same half of the previous year.
