Riyadh – Mubasher: Saudi Paper Manufacturing Company (SPMC) on Monday reported that it had turned a profit during the first quarter of 2018, against suffering losses in the year-ago period.
SPMC’s net profits amounted to SAR 4.7 million in Q1-18, against incurring a loss of SAR 6.3 million during Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm attributed the positive turn in financials to an increase in sales, in addition to a rise in value and ratio of profit margin.
Quarter-on-quarter, the company turned profitable after logging a net profit of SAR 4.7 million in the first three months of 2018 against incurring a loss of SAR 33.8 million in Q4-17, the Tadawul-listed firm noted.
SPMC’s revenues jumped 32.5% to SAR 170.3 million in Q1-18, from SAR 128.5 million during the corresponding period in the prior year.
The firm’s accumulated losses reached SAR 205.6 million by 31 March 2018, representing 45.7% of its capital.
“SPMC started a restructuring plan mid-2017. The plan included restructuring all major functions and recruiting a team of professional executives and directors who are specialized in the paper industry to lead a major change and get the company out of the critical situation existed at that time,” the statement added.
The stock inched up 0.1% to close Monday at SAR 9.35.
