The “paper industry” turns into profitability in the third quarter … and accumulated losses continue to decline

0
10


Riyadh – Mubasher: The Saudi Paper Manufacturing Company was transformed Paper Industry Profitability during the third quarter of 2020 year on year; Supported by the noticeable improvement in the gross profit, and the decrease in selling and distribution expenses and financing expenses.

The company’s financial data showed, on the Saudi Stock Exchange “Tadawul” today, Thursday, that it achieved a net profit of 4.11 million riyals after zakat and tax, compared to losses of 24.22 million riyals in the third quarter of 2019..

The company restored its shift to profitability; To the significant improvement in gross profit as a result of lower cost; Due to lower pulp prices, reduction in other production costs, and improvement in operational efficiency.

She added that the profits are also due to the decrease in selling and distribution expenses and financing expenses, and the reduction of the current quarter’s profits by the amount of allocations of 3.8 million riyals, noting that during the same quarter of the year 2019, a lawsuit loss related to an investment of 6.9 million riyals was recorded..

On a quarterly basis, Paper Industry profits rose 4.8% compared to Previous quarter earnings The amount of 3.92 million riyals.

The company’s revenues increased 2.1% in the third quarter of this year to 124.29 million riyals, compared to 121.76 million riyals in the same quarter last year..

During the first 9 months of 2020, the company turned to profit with a net worth of 9.24 million riyals, compared to losses of 16.2 million riyals in the same period of 2019..

Revenues amounted to 412.84 million riyals in the current year until the end of September, compared to 398.74 million riyals in the same period last year, an increase of 3.5%.

The company’s accumulated losses amounted to 2.94 million riyals, representing 3.19% of the capital of 92 million riyals, to continue their decline compared to its value of 6.92 million riyals (7.52% of the capital) as at the end of June 30, 2020..

The company’s shares ended Wednesday’s trading, down by 0.53%, at 56.60 riyals.

Nominations:

The Capital Market Authority approves increasing the Saudi Paper Industry capital by 100 million riyals

Saudi Paper Industry clarifies developments in the sale of one of its subsidiaries in Morocco



LEAVE A REPLY

Please enter your comment!
Please enter your name here