The profits of the Saudi Paper Manufacturing Company fell by 95% in the first quarter of 2020 to reach 1.2 million riyals, compared to 23.3 million riyals in the same quarter of 2019.
According to Arabia Net, the company said that the reason for the decrease in profits during the current quarter compared to the corresponding quarter of the previous year is due to:
<- Earning profit in the same quarter of the previous year as a result of reversing the provision for a decrease in trade receivables amounting to SAR 36 million.
- The decrease in the value of sales in the current quarter compared to the corresponding quarter of the previous year.
- Reducing the profits for the current quarter by a provision of SAR 5.4 million.
This came despite:
<- dir = "rtl" style = "text-align: justify;"> - Increased gross profit due to lower prices of pulp in the global market and an increase in sales of manufacturing products for a subsidiary.
- Lower administrative and financing expenses.
