Continuing to be disappointing
Saudi Paper posted a collapse in its Q1 2016 operating profit amounting to SAR1.61m (-89% compared to Q1 2015). Net profit have sharply fallen to SAR-6.18m, down from SAR4.86m a year earlier. These poor results are mainly due to a decrease of 24.5% in sales to SAR140.09m. Moreover, a fire incident happened on March 26, 2016 at the plant size of one of the group’s subsidiaries in Riyadh. The subsidiary’s management has initiated the process of assessing the estimated loss due to such incident (the assessment is expected to be completed by the end of April 2016).
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