Karachi, April 30, 2024 : Security Papers Limited is pleased to announce its unaudited financial results for the nine months ended March 31, 2024, with a record profit of Rs 1,083 million, representing a 151% increase from Rs 431 million in the same period last year.
The Company’s outstanding performance was driven by successful pricing negotiations, improved operational efficiencies, and timely investments in its portfolio. Net sales increased by 46% to Rs 5,297 million, compared to Rs 3,616 million in the same period last year. The sale volumes were at 3070 tons as against 3038 same period last year whereas production was 3157 tons vs 3177 tons same period last year.
Reflecting on the Company’s vision to ensure efficient cost management and to achieve enhanced operational efficiency, SPL reported gross profit soared by 136% to Rs 1,483 million, up from Rs 628 million in the corresponding period of the preceding year.
Company’s profit before taxation stood at Rs 1,756 million, a remarkable 165% increase from Rs 662 million last year.
SPL Chairman Aftab Manzoor expressed enthusiasm about the financial results, stating, “We are thrilled to report another exceptional quarter, driven by our relentless focus on operational and procurement excellence, strategic investments, and customer-centric approach. Our team’s tireless efforts have enabled us to deliver record profits, and we are confident that our robust strategy will continue to drive growth and value creation for our stakeholders.”
The Company is confident that its robust strategy and timely actions will continue to drive growth despite challenging economic conditions. SPL is also working on various initiatives, including a manufacturing excellence program, and is closely coordinating with key stakeholders to contribute to the upcoming launch of a new banknote series.
