Saudi Paper Manufacturing Company opens subsidiary branch in Dubai
New market expansion
Saudi Paper Manufacturing Company has announced the opening of a new subsidiary branch in Dubai, United Arab Emirates. The move is in line with the company’s management vision of opening up new markets and is a strategic expansion following the launch of a new production line, awarding a contract for the fifth production line, and increasing the company’s production capacity. This achievement is a significant step for the company’s growth and development, and it sets the stage for further expansion opportunities in the future.
Financial performance
Despite the company’s recent expansion efforts, its net profit in the first quarter of this year decreased by 35.7% to 8.55 million rials compared to 13.3 million rials in the corresponding period last year. However, the company’s revenue increased by 11.6% in the first quarter of 2023 and reached 217.28 million rials compared to 194.7 million rials in the same quarter last year. This indicates that the company is still performing well financially and is on track to achieve its long-term goals.