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Security Papers Ltd: Q1 FY 2023-24 – 74% Profit Growth and Rs. 2.62 EPS Increase

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Security Papers Limited achieved 74% profit growth, with EPS increased by Rs. 2.62 in Q1 FY 2023-24

KARACHI: After 110% dividend in FY 2022-23, Security Papers Limited (SPL) announced its financial results for the first quarter of 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).

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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.

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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.

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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.”

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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.

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