SPL posts 74pc rise in Q1 profit

KARACHI: Security Papers Limited (SPL) reported a 74 percent increase in its after-tax profit for the first quarter of the fiscal year 2023-24, ending September 30, 2023, driven by higher sales volume and diversified customer base.

The company posted a net profit of Rs365 million for the quarter, up from Rs 210 million a year earlier. The earnings per share (EPS) rose to Rs2.62 from Rs1.51 in the same period last year.

The company's net sales jumped 46 percent to Rs1.729 billion, compared to Rs1.183 billion in the first quarter of the previous fiscal year, as it sold 1,128 tonnes of security paper products, up from 961 tonnes a year ago.

The company said its strategic focus on increasing sales volume and diversifying its customer base has yielded significant results. It also said it achieved enhanced operational efficiency and cost management, resulting in a gross profit of Rs484 million, up 72 percent from Rs281 million a year earlier.