For the first quarter of FY 2023–24, which ended on September 30, 2023, Security Papers Limited (SPL) has released strong financial results. Comparing this quarter’s after-tax profit to the same quarter previous year, the company’s growth was an astounding 74%. Additionally, there was a notable 2.62 increase in earnings per share (EPS).
Strategic expansion measures paid off for SPL, as net sales in Q1 FY 2023–24 increased significantly from Rs. 1,183 million to Rs. 1,729 million, demonstrating the company’s development. In keeping with their aim to expand their clientele, this expansion was supported by a rise in sales volume, which hit 1,128 tons in Q1 FY 2022–2023 from 961 tonnes.
Effective cost control and improvements in operational efficiency brought in a gross profit of Rs. 484 million for the quarter, which is an impressive 72% rise over the same time last year and represents a significant Rs. 203 million gain.
Profit after tax for the first quarter of FY 2023–24 was a staggering Rs. 365 million, a 74% increase over the same period the previous year when it was Rs. 210 million.
Aftab Manzoor, the chairman of SPL, expressed his excitement for the exceptional outcomes and credited the company’s strategic vision, innovation, and diversification initiatives for its success. He expressed his appreciation to the shareholders, partners, stakeholders, and management for their steadfast support.
SPL’s impressive performance demonstrates its dedication to advancement and providing value to stakeholders. One of the company’s upcoming projects is a partnership with a European security paper manufacturer to improve operational capacities and maintain competitiveness and growth.