Saudi Paper profit soars to SAR 36.3M in Q1 2024

Saudi Paper profit soars to SAR 36.3M in Q1 2024

12/05/2024 Argaam Exclusive

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Saudi Paper Manufacturing Co. (SPM) posted a profit leap to SAR 36.3 million in Q1 2024, from SAR 8.6 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 217.28 229.18 5.5 %
Gross Income 52.18 81.86 56.9 %
Operating Income 18.69 44.25 136.7 %
Net Income 8.55 36.25 324.1 %
Average Shares 37.07 37.07 -
EPS (Riyals) 0.23 0.98 324.1 %

Sales increased 5.5% during Q1 2024 on higher sales of paper rolls after operations started at the new production line in April 2023. It contributed to boosting sales capacity by 31% to meet local and regional markets’ needs. In addition, sales of recycled paper by a subsidiary improved.

 

The company noticed improved profitability, as it signed an agreement to purchase raw materials that contributed to building a strategic inventory at costs that maintain the planned profitability margins by cushioning fluctuations in global market prices, which resulted in an increase in the gross profit to 35.7% compared to 24.0% in Q1 2023.

 

In addition, the company reported lower financing expenses by SAR 1.40 million after repaying long-term loans.

 

On a sequential basis, the paper manufacturer’s net profit rose by 74.1% from SAR 20.82 million.

 

Total shareholders’ equity, after minority interest, reached SAR 508.64 million as of Q1 2024, up from SAR 472.61 million a year earlier.

 

The total comprehensive income of the company's owners amounted to SAR 36.04 million in Q1 2024, compared to SAR 8.65 million in Q1 2023 and SAR 23.33 million in Q4 2023.

 

Also, retained earnings amounted to SAR 165.7 million as of March 31, 2024, representing 49.17% of the capital.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 185.48 (9.7 %) 46.76 1.3 % 15.28 (5.7 %)
Q2 2015 165.36 (19.1 %) 38.39 (27.7 %) 5.76 (72.6 %)
Q3 2015 112.79 (37.3 %) 18.07 (56.6 %) (29.56) (319.9 %)
Q4 2015 137.23 (18.3 %) 18.17 (52.7 %) (31.76) (842.4 %)
Q1 2016 140.09 (24.5 %) 29.26 (37.4 %) 0.23 (98.5 %)
Q2 2016 130.25 (21.2 %) 30.69 (20.1 %) 2.21 (61.7 %)
Q3 2016 100.73 (10.7 %) 16.72 (7.4 %) (11.56) 60.9 %
Q4 2016 106.21 (22.6 %) 18.06 (0.6 %) (21.73) 31.6 %
Q1 2017 128.52 (8.3 %) 27.62 (5.6 %) 2.23 872.5 %
Q2 2017 121.39 (6.8 %) 30.89 0.6 % 5.21 136.1 %
Q3 2017 138.45 37.4 % 31.21 86.6 % 6.31 154.6 %
Q4 2017 127.46 20.0 % 34.82 92.8 % (13.91) 36.0 %
Q1 2018 170.33 32.5 % 40.08 45.1 % 13.04 485.5 %
Q2 2018 107.48 (11.5 %) 12.38 (59.9 %) (14.14) (371.4 %)
Q3 2018 114.26 (17.5 %) 13.79 (55.8 %) (16.02) (354.0 %)
Q4 2018 149.40 17.2 % 14.92 (57.2 %) (7.56) 45.7 %
Q1 2019 155.10 (8.9 %) 25.03 (37.5 %) (1.20) (109.2 %)
Q2 2019 121.88 13.4 % 16.78 35.5 % (8.19) 42.1 %
Q3 2019 121.76 6.6 % 28.19 104.4 % 2.07 112.9 %
Q4 2019 128.39 (14.1 %) 26.49 77.6 % 3.96 152.4 %
Q1 2020 145.87 (6.0 %) 41.76 66.9 % 14.96 1343.5 %
Q2 2020 142.67 17.1 % 39.68 136.5 % 17.57 314.5 %
Q3 2020 124.29 2.1 % 38.82 37.7 % 15.77 662.5 %
Q4 2020 119.25 (7.1 %) 26.61 0.5 % 12.97 227.5 %
Q1 2021 158.49 8.6 % 45.12 8.0 % 19.48 30.2 %
Q2 2021 141.26 (1.0 %) 43.41 9.4 % 20.81 18.4 %
Q3 2021 141.86 14.1 % 31.63 (18.5 %) 6.23 (60.5 %)
Q4 2021 147.19 23.4 % 15.89 (40.3 %) (8.91) (168.7 %)
Q1 2022 194.70 22.8 % 48.50 7.5 % 18.50 (5.0 %)
Q2 2022 146.29 3.6 % 41.10 (5.3 %) 7.01 (66.3 %)
Q3 2022 161.64 13.9 % 38.68 22.3 % 12.82 105.6 %
Q4 2022 189.25 28.6 % 43.29 172.4 % 8.84 199.2 %
Q1 2023 217.28 11.6 % 52.18 7.6 % 18.69 1.1 %
Q2 2023 202.18 38.2 % 64.13 56.0 % 31.35 347.4 %
Q3 2023 195.49 20.9 % 67.27 73.9 % 31.68 147.2 %
Q4 2023 196.13 3.6 % 63.99 47.8 % 33.45 278.4 %
Q1 2024 229.18 5.5 % 81.86 56.9 % 44.25 136.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 4.86 (40.2 %) 0.17 - 4.86 0.17
Q2 2015 (3.39) (128.1 %) (0.12) (2.00) (1.39) (0.05)
Q3 2015 (71.13) (2654.9 %) (2.45) (20.28) (50.85) (1.75)
Q4 2015 (44.37) (2212.9 %) (1.53) (6.28) (38.09) (1.31)
Q1 2016 (7.23) (248.6 %) (0.25) - (7.23) (0.25)
Q2 2016 (7.34) (116.6 %) (0.25) - (7.34) (0.25)
Q3 2016 (21.63) 69.6 % (0.74) - (21.63) (0.74)
Q4 2016 (35.19) 20.7 % (1.21) - (35.19) (1.21)
Q1 2017 (6.57) 9.0 % (0.23) - (6.57) (0.23)
Q2 2017 (3.92) 46.5 % (0.13) - (3.92) (0.13)
Q3 2017 (3.28) 84.8 % (0.11) - (3.28) (0.11)
Q4 2017 (34.89) 0.9 % (1.20) - (34.89) (1.20)
Q1 2018 4.60 170.0 % 0.16 (8.82) 13.42 0.46
Q2 2018 (10.43) (165.9 %) (0.36) 5.01 (15.44) (0.53)
Q3 2018 (37.41) (1,041.4 %) (1.29) 2.46 (39.87) (1.37)
Q4 2018 (62.49) (79.1 %) (2.15) - (62.49) (2.15)
Q1 2019 23.32 406.7 % 0.80 36.12 (12.80) (0.44)
Q2 2019 (15.53) (48.9 %) (0.53) 4.75 (20.28) (0.70)
Q3 2019 (24.29) 35.1 % (0.84) 3.00 (27.29) (0.94)
Q4 2019 (11.39) 81.8 % (0.39) (9.93) (1.46) (0.05)
Q1 2020 1.06 (95.5 %) 0.04 (3.50) 4.56 0.16
Q2 2020 3.83 124.7 % 0.13 (3.50) 7.33 0.25
Q3 2020 3.98 116.4 % 0.14 (3.50) 7.48 0.26
Q4 2020 6.24 154.8 % 0.21 (3.15) 9.39 0.32
Q1 2021 14.06 1231.1 % 0.44 - 14.06 0.44
Q2 2021 15.14 295.5 % 0.47 - 15.14 0.47
Q3 2021 0.15 (96.2 %) 0.00 - 0.15 0.00
Q4 2021 0.93 (85.1 %) 0.03 14.52 (13.59) (0.42)
Q1 2022 13.30 (5.4 %) 0.42 - 13.30 0.42
Q2 2022 21.06 39.1 % 0.66 18.90 2.16 0.07
Q3 2022 6.21 4052.2 % 0.19 - 6.21 0.19
Q4 2022 6.33 581.1 % 0.17 5.30 1.03 0.03
Q1 2023 8.55 (35.7 %) 0.23 - 8.55 0.23
Q2 2023 21.15 0.4 % 0.57 - 21.15 0.57
Q3 2023 22.42 261.2 % 0.60 - 22.42 0.60
Q4 2023 20.82 229.0 % 0.56 (3.32) 24.13 0.65
Q1 2024 36.25 324.1 % 0.98 - 36.25 0.98

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 %)
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 %)
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 %)
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 %)
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 %
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 %
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 %
Q1 2023 24.53 % 14.41 % 2.51 %
Q2 2023 25.74 % 16.69 % 4.79 %
Q3 2023 28.21 % 18.46 % 6.61 %
Q4 2023 30.52 % 21.56 % 9.40 %
Q1 2024 33.69 % 24.37 % 12.63 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 37.07 1.97 2.06 12.75
Q1 2024 37.07 2.71 2.80 13.72

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 20.49 19.60 3.16
Q1 2024 25.48 24.67 5.04

Business Segments (Million)

Compared With The
Period Transformative Industries Trade and Others Disposals
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 -
Q4 2023 188.80 7.33 -
Q1 2024 219.02 10.16 -


Financial Ratios
Current
Market Cap (M Riyal) 2,365.07
Enterprise Value (EV) (M) 2,834.26
Shares Outstanding ((M)) 37.07
EPS ( Riyal) (TTM) 2.80
Book Value (BV) ( Riyal) 13.80
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.88
P/E (TTM) 22.81
Price/book 4.62
Return on Average Assets (%) (TTM) 9.1
Return on Average Equity (%) (TTM) 21.5
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Share Price

Saudi Paper Manufacturing Co.
63.80
0.20 0.31 %

Saudi Paper Manufacturing Co. (SPM)

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