Security Papers Limited (SPL) Achieves Highest-Ever Sales And 55pc Increase In Profit Before Tax

Karachi, 31 July 2024 – Security Papers Limited (SPL) delivered its highest-ever profit, sales and dividend performance, with a remarkable 55 per cent increase in profit before tax to PKR 2,392 million for the year ended June 30, 2024. This exceptional financial performance is a testament to the company’s robust business strategy, operational efficiency, and commitment to excellence.

SPL achieved a record sales revenue of PKR 7,311 million, a significant increase from the previous year, driven by strong demand for its specialized paper products, particularly banknote paper, while the substantial increase in profit before tax is a result of SPL’s focus on expanding its product base, improving productivity, and optimizing costs.

The company’s net profit also reached an all-time high of PKR 1,489 million, demonstrating outstanding financial performance and growth momentum and it also achieved highest-ever dividend payout of PKR 10.00 per share, i.e. 100pc for the year ended June 30, 2024. This is in addition to the interim cash dividend already paid at the rate of PKR 2.50 per share i.e. 25pc making a total of Rs 12.50 per share i.e. 125pc.

In a challenging business environment, SPL has demonstrated resilience and adaptability, leveraging its technical expertise and market knowledge to capitalize on emerging opportunities. The company has made significant investments in modernizing its production facilities, enhancing its product quality, and developing a skilled workforce. With a strong focus on innovation, sustainability, and social responsibility, SPL is well-positioned to navigate future challenges and capitalize on growth opportunities.

SPL Chairman Aftab Manzoor expressed enthusiasm about the financial results, stating “We are delighted to report our highest-ever sales and profit performance, which is a result of our relentless efforts to drive growth, improve efficiency, and enhance our product offerings. This achievement is a testament to our team’s dedication and hard work, and we are committed to sustaining this growth momentum and creating long-term value for our stakeholders.”

SPL’s impressive financial performance is a reflection of its position as the leading manufacturer of specialized paper products in Pakistan, including banknote paper and other security documents. The company remains committed to innovation, sustainability, and social responsibility, ensuring a bright future for the organization and its stakeholders.