Karachi, November 03, 2023: After a 110% dividend in FY 2022-23, Security Papers Limited (SPL) announced its financial results for the first quarter of the financial year 2023-24, ending September 30, 2023, recording a 74% growth in after-tax profit versus the same period last year and a substantial Rs. 2.62 increase in the earnings per share (EPS).
The Company achieved net sales of Rs. 1,729 million in Q1 FY 2023-24, showcasing a considerable increase compared to Rs. 1,183 million in Q1 FY 2022-23. Security Papers Limited’s strategic focus on increasing sales volume and diversifying its customer base has yielded significant results. Sales volume for Q1 FY 2023-24 reached 1,128 tonnes, an increase from 961 tonnes in Q1 FY 2022-23. This expansion aligns with our commitment to diversify our client portfolio.
Reflecting on the Company’s vision to ensure efficient cost management and to achieve enhanced operational efficiency, SPL reported a gross profit of Rs. 484 million for the quarter, a remarkable 72% increase over the corresponding period, representing an increase of Rs. 203 million.
The Company’s profit after tax stood at Rs. 365 million for Q1 FY 2023-24, a remarkable 74% higher than the same period last year when it was Rs. 210 million.
SPL Chairman Aftab Manzoor expressed enthusiasm about the financial results, stating, “Our strategic vision and relentless focus on innovation and diversification have yielded impressive outcomes as SPL achieved a remarkable increase in EPS of Rs. 2.62 in Q1 FY 2023-24 vs Q1 FY 2022-23. I want to extend my heartfelt gratitude to our Management for all the initiatives taken over the last year and thank our stakeholders, partners, and shareholders for their unwavering support.” The Company’s strong performance is a testament to its commitment to progress and strategic initiatives aimed at delivering value to shareholders and customers. Moving forward, SPL will be collaborating with a European security paper company to further enhance its operational capabilities to ensure continued growth and competitiveness.
