Riyadh – Mubasher: The Saudi Paper Manufacturing Company turned to profitability in the second quarter (Q2) of the year, gaining SAR 3.92 million in net profits, against SAR 15.44 million in net losses in Q2 of the last year.
The positive quarterly results were boosted by higher sales and lower costs, coupled with a drop in the firm’s administrative, selling, distribution, and financing expenses, according to a disclosure to the Saudi bourse on Sunday.
Revenues declined by 17.1% in Q2-20 to reach SAR 142.67 million, compared to SAR 121.88 million in Q2-19.
