Saudi Paper 9M 2024 profit rises 59% to SAR 82.9M; Q3 at SAR 20.6M

Saudi Paper 9M 2024 profit rises 59% to SAR 82.9M; Q3 at SAR 20.6M

04/11/2024 Argaam Exclusive

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Saudi Paper Manufacturing Co. (SPM) reported a net profit of SAR 82.9 million for the first nine months of 2024, an increase of 59% from SAR 52.1 million in the year-earlier period, on increased sales and reduced production costs.


Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 614.95 646.84 5.2 %
Gross Income 183.58 214.00 16.6 %
Operating Income 81.73 103.82 27.0 %
Net Income 52.12 82.85 59.0 %
Average Shares 37.07 37.07 -
EPS (Riyals) 1.41 2.23 59.0 %

Additionally, financing expenses decreased, and provisions for receivables dropped due to stricter control over sales operations. Conversely, selling and distribution expenses increased slightly, mainly due to the rise in diesel costs.

 

The 5.2% year-on-year (YoY) sales increase was spurred by higher sales of paper rolls and recycled paper. This has significantly contributed to revenue growth as a result of increased demand for the company’s products.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 195.49 215.34 10.2 %
Gross Income 67.27 64.69 (3.8 %)
Operating Income 31.68 29.15 (8.0 %)
Net Income 22.42 20.59 (8.2 %)
Average Shares 37.07 37.07 -
EPS (Riyals) 0.60 0.56 (8.2 %)

Q3 2024 net profit stood at SAR 20.6 million, an 8% decline from SAR 22.4 million, mainly due to higher selling and distribution expenses, increased shipping costs and a rise in diesel prices.

 

On a sequential basis, net earnings dropped by 20.8% from SAR 26 million in Q2 2024.

 

Total shareholders’ equity, after minority interest, stood at SAR 511.51 million by Sept. 30, 2024, compared to SAR 453.16 million a year earlier.

View More Financial Results

 


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 %
Q2 2024 202.33 0.1 % 67.45 5.2 % 30.42 (3.0 %)
Q3 2024 215.34 10.2 % 64.69 (3.8 %) 29.15 (8.0 %)


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
Q2 2024 26.00 23.0 % 0.70 - 26.00 0.70
Q3 2024 20.59 (8.2 %) 0.56 (1.11) 21.71 0.59

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 %
Q2 2024 34.09 % 24.14 % 13.22 %
Q3 2024 32.98 % 23.15 % 12.82 %


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
Q2 2024 37.07 2.85 2.94 13.97
Q3 2024 37.07 2.80 2.92 13.80

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
Q2 2024 26.35 25.55 5.37
Q3 2024 23.24 22.29 4.71

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 -
Q2 2024 196.09 6.24 -
Q3 2024 206.25 9.09 -


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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