Saudi Paper profit rises 28% to SAR 52.1 mln in 9M 2023; Q3 at SAR 22.4 mln

29/10/2023 Argaam Exclusive

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Saudi Paper Manufacturing Co. posted a 28% profit rise in the first nine months of 2023 to SAR 52.1 million, from SAR 40.6 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	502.62	614.95	22.3 %
Gross Income	128.28	183.58	43.1 %
Operating Income	38.32	81.73	113.3 %
Net Income	40.57	52.12	28.5 %
Average Shares	32.04	37.07	15.7 %
EPS (Riyals)	1.27	1.41	11.0 %

The company cited a 22.3% increase year-on-year (YoY) in sales, driven by the improved sales of paper rolls, especially after the operation of the new production line for paper rolls in April 2023. This boosted production capacity by 31% with a slight increase in fixed production costs.

The better profit was made despite an increase of SAR 10 million YoY in sales and marketing expenses, including shipping expenses to customers as a result of increased sales. Financing costs also rose by SAR 10.9 million YoY, due to a rise in the cost of financing locally and globally during the current period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	161.64	195.49	20.9 %
Gross Income	38.68	67.27	73.9 %
Operating Income	12.82	31.68	147.2 %
Net Income	6.21	22.42	261.2 %
Average Shares	32.04	37.07	15.7 %
EPS (Riyals)	0.19	0.60	212.2 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	202.18	195.49	(3.3 %)
Gross Income	64.13	67.27	4.9 %
Operating Income	31.35	31.68	1.1 %
Net Income	21.15	22.42	6.0 %
Average Shares	37.07	37.07	-
EPS (Riyals)	0.57	0.60	6.0 %

In Q3 2023, the company’s net profit more than tripled to SAR 22.4 million from SAR 6.21 million in the prior-year period.

The third-quarter net earnings grew 6% from SAR 21.15 million in Q2 2023.

Total shareholders’ equity, after minority interest, reached SAR 453.16 million as of Sept. 30, 2023, up from SAR 253.39 million a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	205.50	(0.6 %)	46.17	27.3 %	8.13	1069.9 %	0.28
Q2 2014	204.50	(3.9 %)	53.10	(2.5 %)	12.05	29.1 %	0.41
Q3 2014	179.76	(7.6 %)	41.62	(8.4 %)	2.78	(80.7 %)	0.10
Q4 2014	167.96	(18.3 %)	38.38	13.4 %	2.10	149.5 %	0.07
2014	757.72	(7.6 %)	179.26	5.4 %	25.07	(20.3 %)	0.86
Q1 2015	185.48	(9.7 %)	46.76	1.3 %	4.86	(40.2 %)	0.17
Q2 2015	165.36	(19.1 %)	38.39	(27.7 %)	(3.39)	(128.1 %)	(0.12)
Q3 2015	112.79	(37.3 %)	18.07	(56.6 %)	(71.13)	(2654.9 %)	(2.45)
Q4 2015	137.23	(18.3 %)	18.17	(52.7 %)	(44.37)	(2212.9 %)	(1.53)
2015	600.57	(20.7 %)	111.01	(38.1 %)	(127.11)	(607.1 %)	(4.37)
Q1 2016	140.09	(24.5 %)	29.26	(37.4 %)	(7.23)	(248.6 %)	(0.25)
Q2 2016	130.25	(21.2 %)	30.69	(20.1 %)	(7.34)	(116.6 %)	(0.25)
Q3 2016	100.73	(10.7 %)	16.72	(7.4 %)	(21.63)	69.6 %	(0.74)
Q4 2016	106.21	(22.6 %)	18.06	(0.6 %)	(35.19)	20.7 %	(1.21)
2016	477.27	(20.5 %)	94.43	(14.9 %)	(71.69)	43.6 %	(2.47)
Q1 2017	128.52	(8.3 %)	27.62	(5.6 %)	(6.57)	9.0 %	(0.23)
Q2 2017	121.39	(6.8 %)	30.89	0.6 %	(3.92)	46.5 %	(0.13)
Q3 2017	138.45	37.4 %	31.21	86.6 %	(3.28)	84.8 %	(0.11)
Q4 2017	127.46	20.0 %	34.82	92.8 %	(34.89)	0.9 %	(1.20)
2017	515.82	8.1 %	124.54	31.9 %	(48.67)	32.1 %	(1.67)
Q1 2018	170.33	32.5 %	40.08	45.1 %	4.60	170.0 %	0.16
Q2 2018	107.48	(11.5 %)	12.38	(59.9 %)	(10.43)	(165.9 %)	(0.36)
Q3 2018	114.26	(17.5 %)	13.79	(55.8 %)	(37.41)	(1,041.4 %)	(1.29)
Q4 2018	149.40	17.2 %	14.92	(57.2 %)	(62.49)	(79.1 %)	(2.15)
2018	541.46	5.0 %	83.16	(33.2 %)	(115.45)	(137.2 %)	(3.97)
Q1 2019	155.10	(8.9 %)	25.03	(37.5 %)	23.32	406.7 %	0.80
Q2 2019	121.88	13.4 %	16.78	35.5 %	(15.53)	(48.9 %)	(0.53)
Q3 2019	121.76	6.6 %	28.19	104.4 %	(24.29)	35.1 %	(0.84)
Q4 2019	128.39	(14.1 %)	26.49	77.6 %	(11.39)	81.8 %	(0.39)
2019	527.13	(2.6 %)	99.00	19.0 %	(27.88)	75.8 %	(0.96)
Q1 2020	145.87	(6.0 %)	41.76	66.9 %	1.06	(95.5 %)	0.04
Q2 2020	142.67	17.1 %	39.68	136.5 %	3.83	124.7 %	0.13
Q3 2020	124.29	2.1 %	38.82	37.7 %	3.98	116.4 %	0.14
Q4 2020	119.25	(7.1 %)	26.61	0.5 %	6.24	154.8 %	0.21
2020	532.09	0.9 %	146.87	48.4 %	15.10	154.2 %	0.52
Q1 2021	158.49	8.6 %	45.12	8.0 %	14.06	1231.1 %	0.44
Q2 2021	141.26	(1.0 %)	43.41	9.4 %	15.14	295.5 %	0.47
Q3 2021	141.86	14.1 %	31.63	(18.5 %)	0.15	(96.2 %)	0.00
Q4 2021	147.19	23.4 %	15.89	(40.3 %)	0.93	(85.1 %)	0.03
2021	588.80	10.7 %	136.05	(7.4 %)	30.28	100.5 %	0.95
Q1 2022	194.70	22.8 %	48.50	7.5 %	13.30	(5.4 %)	0.42
Q2 2022	146.29	3.6 %	41.10	(5.3 %)	21.06	39.1 %	0.66
Q3 2022	161.64	13.9 %	38.68	22.3 %	6.21	4052.2 %	0.19
Q4 2022	189.25	28.6 %	43.29	172.4 %	6.33	581.1 %	0.17
2022	691.87	17.5 %	171.57	26.1 %	46.89	54.9 %	1.27
Q1 2023	217.28	11.6 %	52.18	7.6 %	8.55	(35.7 %)	0.23
Q2 2023	202.18	38.2 %	64.13	56.0 %	21.15	0.4 %	0.57
Q3 2023	195.49	20.9 %	67.27	73.9 %	22.42	261.2 %	0.60

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	819.74	3.3 %	170.06	(18.0 %)	31.45	(69.2 %)	1.08
2014	757.72	(7.6 %)	179.26	5.4 %	25.07	(20.3 %)	0.86
2015	600.57	(20.7 %)	111.01	(38.1 %)	(127.11)	(607.1 %)	(4.37)
2016	477.27	(20.5 %)	94.43	(14.9 %)	(71.69)	43.6 %	(2.47)
2017	515.82	8.1 %	124.54	31.9 %	(48.67)	32.1 %	(1.67)
2018	541.46	5.0 %	83.16	(33.2 %)	(115.45)	(137.2 %)	(3.97)
2019	527.13	(2.6 %)	99.00	19.0 %	(27.88)	75.8 %	(0.96)
2020	532.09	0.9 %	146.87	48.4 %	15.10	154.2 %	0.52
2021	588.80	10.7 %	136.05	(7.4 %)	30.28	100.5 %	0.95
2022	691.87	17.5 %	171.57	26.1 %	46.89	54.9 %	1.27

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	21.99 %	14.07 %	3.38 %
Q2 2014	22.04 %	13.78 %	3.75 %
Q3 2014	21.97 %	13.29 %	2.35 %
Q4 2014	23.66 %	13.85 %	3.31 %
2014	23.66 %	13.84 %	3.31 %
Q1 2015	24.38 %	14.04 %	2.96 %
Q2 2015	23.64 %	12.84 %	1.20 %
Q3 2015	22.42 %	7.20 %	(7.17 %)
Q4 2015	20.20 %	2.44 %	(14.22 %)
2015	18.48 %	1.94 %	(16.41 %)
Q1 2016	18.70 %	0.57 %	(17.56 %)
Q2 2016	18.48 %	(0.58 %)	(19.89 %)
Q3 2016	18.66 %	2.32 %	(14.61 %)
Q4 2016	19.85 %	4.62 %	(14.96 %)
2016	19.78 %	4.56 %	(15.02 %)
Q1 2017	19.99 %	4.89 %	(15.19 %)
Q2 2017	20.42 %	5.85 %	(14.73 %)
Q3 2017	21.79 %	9.17 %	(9.90 %)
Q4 2017	24.14 %	9.79 %	(9.43 %)
2017	24.14 %	9.79 %	(9.43 %)
Q1 2018	24.57 %	10.73 %	(5.14 %)
Q2 2018	21.79 %	7.95 %	(7.39 %)
Q3 2018	19.45 %	4.90 %	(14.78 %)
Q4 2018	14.99 %	5.77 %	(19.28 %)
2018	15.36 %	5.77 %	(21.07 %)
Q1 2019	12.56 %	3.49 %	(24.82 %)
Q2 2019	13.04 %	4.31 %	(25.05 %)
Q3 2019	15.49 %	7.56 %	(22.41 %)
Q4 2019	18.30 %	9.19 %	(11.73 %)
2019	18.78 %	9.66 %	(11.73 %)
Q1 2020	21.86 %	12.37 %	(8.59 %)
Q2 2020	25.27 %	16.70 %	(3.13 %)
Q3 2020	27.11 %	19.14 %	3.31 %
Q4 2020	27.60 %	21.50 %	5.40 %
2020	27.60 %	21.50 %	5.40 %
Q1 2021	27.58 %	21.93 %	7.02 %
Q2 2021	28.34 %	22.72 %	8.48 %
Q3 2021	26.17 %	20.36 %	6.91 %
Q4 2021	23.11 %	16.01 %	2.68 %
2021	23.11 %	16.01 %	2.68 %
Q1 2022	22.31 %	15.05 %	2.40 %
Q2 2022	21.76 %	12.72 %	0.32 %
Q3 2022	22.19 %	13.47 %	1.24 %
Q4 2022	24.80 %	14.85 %	3.28 %
2022	24.80 %	14.85 %	3.28 %
Q1 2023	24.53 %	14.41 %	2.51 %
Q2 2023	25.74 %	16.69 %	4.79 %
Q3 2023	28.21 %	18.46 %	6.61 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	20.75 %	13.30 %	3.84 %
2014	23.66 %	13.84 %	3.31 %
2015	18.48 %	1.94 %	(16.41 %)
2016	19.78 %	4.56 %	(15.02 %)
2017	24.14 %	9.79 %	(9.43 %)
2018	15.36 %	5.77 %	(21.07 %)
2019	18.78 %	9.66 %	(11.73 %)
2020	27.60 %	21.50 %	5.40 %
2021	23.11 %	16.01 %	2.68 %
2022	24.80 %	14.85 %	3.28 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	22.47 %	13.27 %	3.96 %
Q2 2014	25.97 %	15.91 %	5.89 %
Q3 2014	23.15 %	14.14 %	1.55 %
Q4 2014	22.85 %	11.72 %	1.26 %
Q1 2015	25.21 %	13.96 %	2.62 %
Q2 2015	23.21 %	11.32 %	(0.84 %)
Q3 2015	16.02 %	(16.69 %)	(45.08 %)
Q4 2015	13.24 %	(8.11 %)	(27.76 %)
Q1 2016	20.89 %	10.27 %	(5.16 %)
Q2 2016	23.56 %	9.62 %	(5.63 %)
Q3 2016	16.60 %	(3.97 %)	(21.47 %)
Q4 2016	17.01 %	(0.82 %)	(33.13 %)
Q1 2017	21.49 %	11.78 %	(5.11 %)
Q2 2017	25.44 %	13.56 %	(3.23 %)
Q3 2017	22.54 %	10.58 %	(2.37 %)
Q4 2017	27.32 %	3.35 %	(27.37 %)
Q1 2018	23.53 %	14.37 %	7.88 %
Q2 2018	11.52 %	(0.17 %)	(14.37 %)
Q3 2018	12.07 %	(2.71 %)	(34.90 %)
Q4 2018	9.98 %	6.73 %	(41.83 %)
Q1 2019	16.14 %	7.48 %	(8.25 %)
Q2 2019	13.76 %	3.87 %	(16.64 %)
Q3 2019	23.15 %	12.38 %	(22.41 %)
Q4 2019	20.63 %	13.26 %	(1.14 %)
Q1 2020	28.63 %	18.67 %	3.12 %
Q2 2020	27.81 %	21.46 %	5.14 %
Q3 2020	31.23 %	23.12 %	6.02 %
Q4 2020	22.31 %	23.31 %	7.87 %
Q1 2021	28.47 %	20.39 %	8.87 %
Q2 2021	30.73 %	24.47 %	10.72 %
Q3 2021	22.30 %	13.75 %	0.11 %
Q4 2021	10.80 %	5.37 %	(9.23 %)
Q1 2022	24.91 %	16.49 %	6.83 %
Q2 2022	28.10 %	14.10 %	1.48 %
Q3 2022	23.93 %	16.63 %	3.84 %
Q4 2022	22.88 %	12.22 %	0.54 %
Q1 2023	24.01 %	14.86 %	3.93 %
Q2 2023	31.72 %	22.88 %	10.46 %
Q3 2023	34.41 %	23.93 %	11.47 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	29.08	0.95	0.95	22.10
Q2 2014	29.08	1.04	1.04	22.39
Q3 2014	29.08	0.64	0.64	22.49
Q4 2014	29.08	0.86	0.86	22.64
Q1 2015	29.08	0.75	0.75	22.79
Q2 2015	29.08	0.22	0.29	22.85
Q3 2015	29.08	(2.32)	(1.56)	20.21
Q4 2015	29.08	(3.92)	(2.94)	18.16
Q1 2016	29.08	(4.34)	(3.35)	13.92
Q2 2016	29.08	(4.47)	(3.56)	13.63
Q3 2016	29.08	(2.77)	(2.55)	12.93
Q4 2016	29.08	(2.45)	(2.45)	11.27
Q1 2017	29.08	(2.43)	(2.43)	11.54
Q2 2017	29.08	(2.31)	(2.31)	11.42
Q3 2017	29.08	(1.68)	(1.68)	11.19
Q4 2017	29.08	(1.67)	(1.67)	9.59
Q1 2018	29.08	(1.29)	(0.99)	10.37
Q2 2018	29.08	(1.51)	(1.38)	9.95
Q3 2018	29.08	(2.69)	(2.64)	6.67
Q4 2018	29.08	(3.64)	(3.59)	3.44
Q1 2019	29.08	(2.99)	(4.49)	5.40
Q2 2019	29.08	(3.17)	(4.66)	4.88
Q3 2019	29.08	(2.72)	(4.22)	2.88
Q4 2019	29.08	(0.96)	(2.13)	2.50
Q1 2020	29.08	(1.72)	(1.53)	2.53
Q2 2020	29.08	(1.06)	(0.58)	2.65
Q3 2020	29.08	(0.09)	0.62	2.78
Q4 2020	29.08	0.52	0.99	3.07
Q1 2021	32.04	0.88	1.19	6.17
Q2 2021	32.04	1.23	1.44	6.68
Q3 2021	32.04	1.11	1.21	6.68
Q4 2021	32.04	0.95	0.49	6.64
Q1 2022	32.04	0.92	0.47	7.04
Q2 2022	32.04	1.11	0.06	7.69
Q3 2022	32.04	1.30	0.25	7.91
Q4 2022	37.07	1.27	0.61	10.83
Q1 2023	37.07	1.14	0.48	11.06
Q2 2023	37.07	1.14	1.00	11.63
Q3 2023	37.07	1.58	1.43	12.22

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	29.08	1.08	1.08	21.80
2014	29.08	0.86	0.86	22.64
2015	29.08	(4.37)	(3.39)	18.16
2016	29.08	(2.47)	(2.47)	11.27
2017	29.08	(1.67)	(1.67)	9.59
2018	29.08	(3.97)	(3.92)	3.44
2019	29.08	(0.96)	(2.13)	2.50
2020	29.08	0.52	0.99	3.07
2021	32.04	0.95	0.49	6.64
2022	37.07	1.27	0.61	10.83

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	85.25	85.25	3.67
Q2 2014	77.37	77.37	3.61
Q3 2014	More than 100	More than 100	3.57
Q4 2014	54.30	54.28	2.07
Q1 2015	61.85	61.82	2.03
Q2 2015	More than 100	More than 100	2.09
Q3 2015	NEG	NEG	1.62
Q4 2015	NEG	NEG	2.02
Q1 2016	NEG	NEG	1.92
Q2 2016	NEG	NEG	1.75
Q3 2016	NEG	NEG	1.23
Q4 2016	NEG	NEG	1.81
Q1 2017	NEG	NEG	1.68
Q2 2017	NEG	NEG	1.17
Q3 2017	NEG	NEG	1.43
Q4 2017	NEG	NEG	1.75
Q1 2018	NEG	NEG	1.55
Q2 2018	NEG	NEG	1.59
Q3 2018	NEG	NEG	1.88
Q4 2018	NEG	NEG	4.40
Q1 2019	NEG	NEG	2.32
Q2 2019	NEG	NEG	2.04
Q3 2019	NEG	NEG	3.44
Q4 2019	NEG	NEG	4.10
Q1 2020	NEG	NEG	3.20
Q2 2020	NEG	NEG	4.78
Q3 2020	NEG	34.69	7.69
Q4 2020	95.11	49.95	16.11
Q1 2021	44.94	33.01	6.39
Q2 2021	36.83	31.51	6.79
Q3 2021	38.36	35.24	6.38
Q4 2021	33.41	64.21	4.76
Q1 2022	36.76	72.34	4.81
Q2 2022	28.80	More than 100	4.14
Q3 2022	28.29	More than 100	4.63
Q4 2022	16.69	34.48	1.95
Q1 2023	23.11	54.27	2.38
Q2 2023	25.86	29.57	2.53
Q3 2023	22.43	24.67	2.89

Period	P/E	Adjusted P/E	Price/book
2013	51.23	51.23	2.54
2014	54.30	54.30	2.07
2015	NEG	NEG	2.02
2016	NEG	NEG	1.81
2017	NEG	NEG	1.75
2018	NEG	NEG	4.40
2019	NEG	NEG	4.10
2020	95.11	49.95	16.11
2021	33.41	64.21	4.76
2022	16.69	34.48	1.95

Business Segments (Million)

Compared With The

Period	Transformative Industries	Trade and Others	Disposals
Q1 2014	199.39	6.11	-
Q2 2014	150.92	53.58	-
Q3 2014	159.67	20.09	-
Q4 2014	146.82	21.15	-
Q1 2015	165.51	19.97	-
Q2 2015	149.60	15.76	-
Q3 2015	102.66	10.13	-
Q4 2015	80.26	56.69	-
Q1 2016	130.83	9.25	-
Q2 2016	123.39	6.85	-
Q3 2016	94.08	6.66	-
Q4 2016	66.39	39.82	-
Q1 2017	119.44	9.08	-
Q2 2017	112.05	9.34	-
Q3 2017	128.87	9.58	-
Q4 2017	73.87	53.60	-
Q1 2018	161.34	8.99	-
Q2 2018	100.00	7.48	-
Q3 2018	107.94	6.31	-
Q4 2018	141.14	8.25	-
Q1 2019	149.00	6.10	-
Q2 2019	115.81	6.07	-
Q3 2019	116.75	5.01	-
Q4 2019	123.84	4.55	-
Q1 2020	141.55	4.32	-
Q2 2020	135.36	7.31	-
Q3 2020	117.59	6.70	-
Q4 2020	110.23	9.02	-
Q1 2021	146.16	12.33	-
Q2 2021	131.07	10.20	-
Q3 2021	132.73	9.13	-
Q4 2021	131.76	15.43	-
Q1 2022	175.39	19.30	-
Q2 2022	125.91	20.38	-
Q3 2022	149.45	12.19	-
Q4 2022	178.65	10.60	-
Q1 2023	208.92	8.36	-
Q2 2023	195.46	6.72	-
Q3 2023	187.12	8.37	-

Period	Transformative Industries	Trade and Others	Disposals
2013	744.38	75.36	-
2014	656.80	100.92	-
2015	498.02	102.55	-
2016	414.69	62.58	-
2017	434.23	81.59	-
2018	510.43	31.03	-
2019	505.39	21.74	-
2020	504.74	27.36	-
2021	541.71	47.09	-
2022	629.40	62.47	-

Financial Ratios

	Current
Market Cap (M Riyal)	2,891.46
Enterprise Value (EV) (M)	3,291.24
Shares Outstanding ((M))	37.07
EPS ( Riyal) (TTM)	2.71
Book Value (BV) ( Riyal)	13.72
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	27.82
P/E (TTM)	28.73
Price/book	5.68
Return on Average Assets (%) (TTM)	9.2
Return on Average Equity (%) (TTM)	21.9

Saudi Paper Manufacturing Co. (SPM)

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Saudi Paper profit rises 28% to SAR 52.1 mln in 9M 2023; Q3 at SAR 22.4 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

Share Price

Saudi Paper Manufacturing Co. (SPM)

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Saudi Paper profit rises 28% to SAR 52.1 mln in 9M 2023; Q3 at SAR 22.4 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

Share Price

Saudi Paper Manufacturing Co. (SPM)

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Business Segments (Million)