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Karachi, Security Papers Limited, a renowned manufacturer of banknote and security papers, announced a significant 74% increase in after-tax profit for the first quarter of the financial year 2023-24, ending on September 30, 2023. The earnings per share (EPS) for the company also saw a substantial rise by Rs. 2.62, following a 110% dividend in the previous fiscal year.
According to Security Papers Limited, the company reported net sales of Rs. 1,729 million in Q1 FY 2023-24, marking a sharp rise from Rs. 1,183 million in the comparable quarter of the previous year. The increase in sales volume to 1,128 tonnes from 961 tonnes is a direct reflection of the company’s strategic efforts to broaden its customer base and enhance sales volume.
The quarterly report also highlighted a 72% increase in gross profit, totaling Rs. 484 million, which signifies an improvement of Rs. 203 million over the same period last year. The profit after tax reached Rs. 365 million, compared to Rs. 210 million reported in Q1 FY 2022-23.
Chairman Aftab Manzoor credited the company’s strategic vision and dedication to innovation and diversification for the impressive financial performance, extending gratitude to the management team and stakeholders for their roles in achieving these results.
Looking ahead, Security Papers Limited is set to partner with a European counterpart to further strengthen its operational competencies, ensuring sustained growth and market competitiveness.
Security Papers Ltd was founded in 1965 and became a joint venture of Iran, Turkey, and Pakistan in 1967 under the Economic Cooperation Organization (ECO). The company has a history of continuous development, including the commissioning of advanced machinery and production facilities, which has solidified its position as a key supplier for the Pakistan Security Printing Corporation and other institutions in need of high-security paper products.
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