RIYADH: Saudi Paper Manufacturing Co. is expected to deliver positive results in the third quarter after a solid second-quarter performance — the company's fourteenth consecutive quarter of positive results, CEO Yousseri El Bishry told Argaam.
Earlier this week, the company announced its second-quarter result, reporting a net profit increase of 39 percent to SR21 million ($5.6 million). This is in comparison to SR15 million net profit that the company announced in the prior-year period. While its first-half profit increased 18 percent to SR34 million, from SR29 million in the previous year period.
While profits rose in the second quarter, El Bishry said that the company’s sales fell 25 percent due to global supply chain issues in the second quarter of the year.
The CEO also added that the demand for SPMC’s products remains high, leading the company to invest in new production lines to meet the market needs.
SPMC entered into large-scale agreements worth SR112 million to buy pulp from major suppliers and manufacturers; the material has been received since January, El Bishry added.
