Security Paper’s Profit surges 122% to Rs 746 Million during H1 FY23-24.

Karachi – February 21, 2024: Security Paper 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 a significant
increase of 122% compared to the profit of Rs 336 million (EPS Rs 5.67) reported in the Same Period Last year (SPLY).
Going by the results, the Security Papers Limited’s (SPL) top line increased by 38% to Rs 3.49 billion as compared to Rs
2.53 billion in SPLY. The Company’s cost of sales rose by 26% to Rs 2.51 billion vs SPLY. However, due to a higher
increase in sales, the gross profit improved substantially by 82% to Rs 976 million.
Expressing his delight on the results, SPL Chairman Mohammad Aftab Manzoor expressed that Security Papers strategic
focus on increasing sales via diversifying its customer base, focus on operational costs and 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. The SPL’s strong performance is a
testament to its commitment to progress aimed at delivering value to shareholders and customers.”
Expressing confidence in the future performance, the SPL chairman expressed that the recently concluded technical
consultancy agreement with a leading European Security Paper Company that aims to benchmark SPL’s operational
efficiencies will help in preparing comprehensive efficiency and cost improvement plans.
The Company also announced an interim dividend of Rs 2.5 per share (25%).