SAUDI PAPER MANUFACTURING COMPANY 1443/04/03 Mon Nov 8, 2021 15:48:18
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| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
| Sales/Revenue | 141.86 | 124.29 | 14.136 | 141.26 | 0.424 |
| Gross Profit (Loss) | 31.63 | 38.82 | -18.521 | 43.41 | -27.136 |
| Operational Profit (Loss) | 6.23 | 15.77 | -60.494 | 20.81 | -70.062 |
| Net Profit (Loss) after Zakat and Tax | 0.15 | 3.98 | -96.231 | 15.14 | -99.009 |
| Total Comprehensive Income | 0.16 | 3.7 | -95.675 | 16.21 | -99.012 |
| All figures are in (Millions) Saudi Arabia, Riyals |
| Element List | Current Period | Similar period for previous year | %Change |
| Sales/Revenue | 441.61 | 412.84 | 6.968 |
| Gross Profit (Loss) | 120.16 | 120.26 | -0.083 |
| Operational Profit (Loss) | 46.53 | 48.3 | -3.664 |
| Net Profit (Loss) after Zakat and Tax | 29.35 | 8.86 | 231.264 |
| Total Comprehensive Income | 30.34 | 8.04 | 277.363 |
| Total Share Holders Equity (after Deducting Minority Equity) | 214.05 | 80.77 | 165.011 |
| Profit (Loss) per Share | 1.54 | 0.54 | |
| All figures are in (Millions) Saudi Arabia, Riyals |
| Element List | Explanation |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for the decrease in the company's net profit during the current quarter compared to the same quarter of the previous year is due to the increase in the cost of sales because of the increase in the prices of pulp in the global market and raw materials and the problem of global shipping, which led to a delay in the arrival of raw materials on time. As a result, the company purchased raw materials from close places but at a high cost to avoid any interruption in operations. Also, an increase in selling and marketing expenses and an increase in the provision for the impairment of trade receivables are reasons for the decrease in the company's net profit during the current quarter compared to the same quarter of the previous year. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The reason for the decrease in the company's net profit during the current quarter compared to the previous quarter is due to the increase in the cost of sales because of the increase in the prices of pulp in the global market and raw materials and the problem of global shipping, which led to a delay in the arrival of raw materials on time. As a result, the company purchases raw materials from close places but at a high cost to avoid any interruption in operations. Also, the increase in the provision for the impairment of trade receivables and an increase in financing expenses. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reason for the increase in the company's net profit during the current period compared to the same period of the previous year is due to the increase in sales although of the high prices of pulp and raw materials in the global market. In addition, the decrease in financing expenses, because of the loans rescheduling and the company's commitment to settle outstanding payments, and a decrease in other expenses and zakat provision result in an increase in the company's profits. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion |
Emphasis of Matters :
We draw attention to Note 4 of these condensed consolidated interim financial statements which states that the management engaged a third party consultant for the review of impairment assessment of its property, plant and equipment as at December 31, 2020 based on which 0.95 million impairment loss was recognised during the year ended December 31, 2020 (December 31, 2019: nil). The assessment includes assumptions related to future sales volume, prices, annual growth rates, terminal growth rates, net realizable value, discount rates and other related factors. The outcome of these assumptions is highly dependent on the success of future operations and market conditions as estimated by management and achieving its plans in future. Management is confident of its ability to meet its future business plan and believes that the carrying value of property, plant and equipment as of September 30, 2021 will not exceed their recoverable amounts. |
| Reclassification of Comparison Items | nothing |
| Additional Information |
The company's sales for the third quarter of this year amounted to SAR 141.86 million, compared to SAR 124.29 million for the same quarter of the previous year with an increase of 14.1% and compared to the previous quarter of SAR 141.26 million with an increase of 0.4%. The Sales for the current period ending Sept 30, 2021 (nine months) amounted to SAR 441.61 million, compared to SAR 412.84 million for the same period of the previous year with an increase of 7.0%.
The total comprehensive income of the shareholders of the company for the third quarter of this year amounted to SAR 161.95 thousand profit compared to SAR 3.70 million profit in the same quarter of the previous year, compared to SAR 16.21 million profit for the previous quarter. The total comprehensive income of the owners of the company for the current period ending sept 30, 2021 (nine months) amounted to SAR 30.34 million profit, compared to SAR 8.04 million profit for the same period of the previous year. The total shareholders' equity (after excluding non-controlling interest) for the current period ending on sept 30, 2021 amounted to SAR 214.05 million , compared to SAR 80.77 million for the period ending on sept 30, 2020, with an increase of 165% resulting from increase in profits during the period and capital increase. Retained earnings as of Sept 30, 2021, amounted to SAR 26.87 million, representing 14% of the capital The earning per share attributable to the company's shareholders in the current period amounted to SAR 1.54 profit compared to the same period of the previous year which is amounted to SR 0.54 profit. The earnings per share is calculated by dividing the net profit attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. As per the approval of the Extraordinary General Assembly dated 16/12/2020 company increase the capital from ninety two million riyal (SAR 92,000,000 ) to one hundred and ninety two million riyal (SAR 192,000,000 ) by offering priority rights. The weighted average number of outstanding shares for the current period is 19,082,834 shares, and the weighted average number of outstanding shares for the same period of the previous year is 16,292,143 shares. |
The Capital Market Authority and the Saudi Stock 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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Saudi Paper Manufacturing Co. SJSC published this content on 08 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2021 22:20:25 UTC.
