Riyadh – The Saudi Paper Manufacturing Company has opened a branch for one of its subsidiaries in Dubai, according to a bourse disclosure.

The inauguration in the UAE comes with the framework of the company's expansion strategy to open new sales markets and boost production capacity.

This followed the firm’s recently-established production line and signing of a contract to purchase the fifth production line.

In the first quarter (Q1) of 2023, Saudi Paper achieved net profits after Zakat and tax amounting to SAR 8.55 million, an annual drop of 35.71% from SAR 13.30 million.

Revenues grew by 11.60% to SAR 217.28 million in Q1-23 from SAR 194.70 million in Q1-22, while the earnings per share (EPS) declined to SAR 0.25 from SAR 0.48.

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