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Saudi Paper Manufacturing Co. announces its Annual Financial Results for the Period Ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 691.86 | 588.8 | 17.5 | ||
| Gross Profit (Loss) | 176.87 | 136.05 | 30 | ||
| Operational Profit (Loss) | 76.18 | 56.24 | 35.45 | ||
| Net Profit (Loss) after Zakat and Tax | 46.89 | 30.28 | 54.85 | ||
| Total Comprehensive Income | 46.92 | 28.84 | 62.69 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 401.32 | 212.56 | 88.8 | ||
| Profit (Loss) per Share | 1.62 | 1.1 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | "The growth in sales, which leads to an increase in market demand for the company and consequently leads to an improvement in value and gross profit, is the cause of the company's net profit rising during the current year compared to the prior year. in spite of the rising costs for supplies and goods on both the local and global markets. The company has been impacted by the supply chain issue, which worsened in the middle of the year, affecting the volume of production in the company and its consequences on attaining improved outcomes. The company has made significant efforts to meet the demands and needs of the local market by accumulating a stockpile of raw materials to last until mid-2023 and to last until the anticipated start of the new line of production number 2, as indicated in earlier announcements. This will support the work plan for the production of the maximum capacity possible without disruption and fulfill its objectives of expanding and re-introducing. Although the company's responsibilities for the payment of loans, benefits, and other obligations in the same year were unaffected by the increase in the percentage of loans, the value of long-term and medium-term bonds declined as a result." |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Nothing |
| Reclassification of Comparison Items | nothing |
| Additional Information | Revenues during the current year ending on December 31, 2022 amounted to 691.86 million riyals, compared to 588.80 million riyals for the previous year, an increase of 17.5%. The total comprehensive income attributable to the shareholder's of the company for the year ended December 31, 2022 amounted to 46.92 million riyals, a profit, compared to 28.84 million riyals, a profit for the previous year. The total shareholders’ equity (after excluding minority interests) for the year ended December 31, 2022 amounted to 401.32 million riyals, compared to 212.56 million riyals for the previous year, an increase of 88.8%, resulting from achieving profits during the current year and by increasing the capital. The retained earnings as of December 31, 2022 amounted to 63.82 million Saudi riyals, which constitutes 18.9% of the capital. Earnings per share attributable to the shareholders of the company in the current year amounted to a profit of 1.62 riyals, compared to the previous year which amounted to a profit of 1.10 riyals. Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. With regard to diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume the conversion of all diluted potential ordinary shares. In comparison with the average shares in the current year, which was valued at 28,925,510 shares, the value of the number of assets in the prior period is 27,555,988 shares. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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