Riyadh – Mubasher: The Saudi Paper Manufacturing Company reported a net profit after Zakat and tax of SAR 52.12 million in the first nine months (9M) of 2023, up by 28.47% from SAR 40.57 million in the same period of 2022.
Earnings per share (EPS) rose to SAR 1.55 in 9M-23, compared to SAR 1.47 in 9M-22, according to the initial income statements.
Revenues reached SAR 614.95 million in the period from January to September 2023, growing by 22.35% year-on-year (YoY) from SAR 502.62 million.
Q3-23 Financial Results
In the third quarter (Q3) of 2023, the firm generated net profits after Zakat and tax that amounted to SAR 22.42 million, a surge of 261.03% from SAR 6.21 million in Q3-22.
The company’s revenues increased by 20.95% to SAR 195.49 million in the period from July to September 2023, compared to SAR 161.63 million in the same period of the previous year.
On a quarterly basis, the net profits in Q3-23 rose by 6% from SAR 21.15 million in Q2-23, while the revenues dropped by 3.31% from SAR 202.18 million.
In June 2023, the Saudi company announced the opening of its branch in Dubai for one of its subsidiaries, in a bid to explore new sales markets and endorse its production volume.
