Security Papers Ltd Posts 122% Profit Growth in First Half of FY24

Security Papers Limited (PSX: SEPL) released its financial statement for the first six months of the fiscal year ending December 31, 2023, announcing a profit of Rs. 746 million (EPS Rs. 12.59) showing an increase of 122 percent compared to the profit of Rs. 336 million (EPS Rs. 5.67) reported in the same period last year (SPLY).

Going by the results, SEPL’s topline increased by 38 percent to Rs. 3.49 billion as compared to Rs. 2.53 billion in SPLY. The Company’s cost of sales rose by 26 percent to Rs. 2.51 billion vs SPLY. However, due to a higher increase in sales, the gross profit improved substantially by 82 percent to Rs. 976 million.

The Company also announced an interim dividend of Rs. 2.5 per share (25 percent).

Expressing his delight at the results, SEPL Chairman Mohammad Aftab Manzoor expressed that the company’s strategic focus is on increasing sales via diversifying its customer base, focusing on operational costs and the positive outcome of a number of reforms introduced in the Company has yielded superb financial performance. “Our strategic vision and relentless focus on new initiatives and diversification has more than doubled the EPS of the Company. SEPL’s strong performance is a testament to its commitment to progress aimed at delivering value to shareholders and customers,” he said.

Expressing confidence in the future performance, the SEPL chairman expressed that the recently concluded technical consultancy agreement with a leading European Security Paper Company that aims to benchmark SEPL’s operational efficiencies will help in preparing comprehensive efficiency and cost improvement plans.

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