View Financial HealthSecurity Papers 배당 및 자사주 매입배당 기준 점검 0/6Security Papers 현재 배당금을 지급하지 않습니다.핵심 정보0%배당 수익률n/a자사주 매입 수익률총 주주 수익률n/a미래 배당 수익률n/a배당 성장률5.7%다음 배당 지급일n/a배당락일n/a주당 배당금n/a배당 성향0%최근 배당 및 자사주 매입 업데이트Upcoming Dividend • Sep 11Upcoming dividend of PK₨9.00 per shareEligible shareholders must have bought the stock before 18 September 2025. Payment date: 17 October 2025. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 5.8%. Lower than top quartile of Pakistani dividend payers (7.4%). Higher than average of industry peers (2.4%).Declared Dividend • Aug 01Dividend reduced to PK₨9.00Dividend of PK₨9.00 is 10.0% lower than last year. Ex-date: 18th September 2025 Payment date: 1st January 1970 Dividend yield will be 6.7%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (131% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.Upcoming Dividend • Sep 10Upcoming dividend of PK₨10.00 per shareEligible shareholders must have bought the stock before 17 September 2024. Payment date: 16 October 2024. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 8.9%. Lower than top quartile of Pakistani dividend payers (12%). Higher than average of industry peers (2.3%).Upcoming Dividend • Feb 24Upcoming dividend of PK₨2.50 per shareEligible shareholders must have bought the stock before 01 March 2024. Payment date: 29 March 2024. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 7.9%. Lower than top quartile of Pakistani dividend payers (13%). Higher than average of industry peers (2.0%).Upcoming Dividend • Oct 06Upcoming dividend of PK₨11.00 per share at 10% yieldEligible shareholders must have bought the stock before 13 October 2023. Payment date: 16 November 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 10%. Lower than top quartile of Pakistani dividend payers (14%). Higher than average of industry peers (1.9%).Upcoming Dividend • Oct 06Upcoming dividend of PK₨10.00 per shareEligible shareholders must have bought the stock before 13 October 2022. Payment date: 16 November 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 8.2%. Lower than top quartile of Pakistani dividend payers (11%). Higher than average of industry peers (2.3%).모든 업데이트 보기Recent updatesReported Earnings • May 01Third quarter 2026 earnings released: EPS: PK₨2.19 (vs PK₨5.04 in 3Q 2025)Third quarter 2026 results: EPS: PK₨2.19 (down from PK₨5.04 in 3Q 2025). Revenue: PK₨1.57b (down 5.0% from 3Q 2025). Net income: PK₨129.6m (down 57% from 3Q 2025). Profit margin: 8.2% (down from 18% in 3Q 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth.공지 • Apr 22Security Papers Limited to Report Q3, 2026 Results on Apr 29, 2026Security Papers Limited announced that they will report Q3, 2026 results on Apr 29, 2026New Risk • Feb 09New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (35% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (PK₨11.6b market cap, or US$41.4m).Reported Earnings • Jan 30Second quarter 2026 earnings released: EPS: PK₨3.60 (vs PK₨7.02 in 2Q 2025)Second quarter 2026 results: EPS: PK₨3.60 (down from PK₨7.02 in 2Q 2025). Revenue: PK₨1.90b (down 10.0% from 2Q 2025). Net income: PK₨213.3m (down 49% from 2Q 2025). Profit margin: 11% (down from 20% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 25% per year.공지 • Jan 22Security Papers Limited to Report First Half, 2026 Results on Jan 29, 2026Security Papers Limited announced that they will report first half, 2026 results on Jan 29, 2026Valuation Update With 7 Day Price Move • Jan 15Investor sentiment improves as stock rises 22%After last week's 22% share price gain to PK₨197, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 20x in the Forestry industry in Asia. Total returns to shareholders of 180% over the past three years.Reported Earnings • Oct 31First quarter 2026 earnings released: EPS: PK₨4.87 (vs PK₨6.52 in 1Q 2025)First quarter 2026 results: EPS: PK₨4.87 (down from PK₨6.52 in 1Q 2025). Revenue: PK₨1.84b (down 11% from 1Q 2025). Net income: PK₨288.5m (down 25% from 1Q 2025). Profit margin: 16% (down from 19% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Sep 16Investor sentiment improves as stock rises 17%After last week's 17% share price gain to PK₨223, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 20x in the Forestry industry in Asia. Total returns to shareholders of 143% over the past three years.Upcoming Dividend • Sep 11Upcoming dividend of PK₨9.00 per shareEligible shareholders must have bought the stock before 18 September 2025. Payment date: 17 October 2025. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 5.8%. Lower than top quartile of Pakistani dividend payers (7.4%). Higher than average of industry peers (2.4%).Reported Earnings • Sep 09Full year 2025 earnings released: EPS: PK₨25.72 (vs PK₨25.12 in FY 2024)Full year 2025 results: EPS: PK₨25.72 (up from PK₨25.12 in FY 2024). Revenue: PK₨7.87b (up 7.6% from FY 2024). Net income: PK₨1.52b (up 2.4% from FY 2024). Profit margin: 19% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth.Declared Dividend • Aug 01Dividend reduced to PK₨9.00Dividend of PK₨9.00 is 10.0% lower than last year. Ex-date: 18th September 2025 Payment date: 1st January 1970 Dividend yield will be 6.7%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (131% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.공지 • Jul 31Security Papers Limited, Annual General Meeting, Sep 26, 2025Security Papers Limited, Annual General Meeting, Sep 26, 2025.Reported Earnings • May 02Third quarter 2025 earnings released: EPS: PK₨5.04 (vs PK₨5.69 in 3Q 2024)Third quarter 2025 results: EPS: PK₨5.04 (down from PK₨5.69 in 3Q 2024). Revenue: PK₨1.66b (down 8.5% from 3Q 2024). Net income: PK₨298.7m (down 11% from 3Q 2024). Profit margin: 18% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.공지 • Feb 19Security Papers Limited Announces Directorate ChangesSecurity Papers Limited announced a change in its board of directors, as Mrs. Pemur Alaybeyoglu is appointed as the new nominee director representing Sumer Holding A.S., Turkiye. This appointment replaces Ms. Figen Caliskan, who previously held the position. According to the official communication from Security Papers Limited, stakeholders, including the TRE Certificate Holders of the Exchange, have been advised to take note of this transition. The company has indicated that this change is part of its ongoing governance and oversight adjustments aimed at maintaining effective representation and oversight on the board The announcement of the new director appointment was necessitated by the internal restructuring within the board composition, a move that underscores Sumer Holding A.S."s strategic interest in maintaining a robust engagement with Security Papers Limited. The change is expected to be seamless as Mrs. Alaybeyoglu steps into her new role. According to information available from the Pakistan Stock Exchange (PSX), Security Papers Limited is categorized under the designated market category of paper products. This change in directorship is a noteworthy event for the company, which is a significant entity within its market segment. notifications have been issued to ensure compliance with corporate governance standards. The company has assured stakeholders of a smooth transition without any disruptions to its regular operations or strategic objectives.Reported Earnings • Feb 02Second quarter 2025 earnings released: EPS: PK₨7.02 (vs PK₨6.43 in 2Q 2024)Second quarter 2025 results: EPS: PK₨7.02 (up from PK₨6.43 in 2Q 2024). Revenue: PK₨2.11b (up 20% from 2Q 2024). Net income: PK₨415.9m (up 9.2% from 2Q 2024). Profit margin: 20% (down from 22% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 17% per year.Valuation Update With 7 Day Price Move • Jan 31Investor sentiment improves as stock rises 19%After last week's 19% share price gain to PK₨191, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 17x in the Forestry industry in Asia. Total returns to shareholders of 111% over the past three years.Valuation Update With 7 Day Price Move • Dec 09Investor sentiment improves as stock rises 17%After last week's 17% share price gain to PK₨170, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 18x in the Forestry industry in Asia. Total returns to shareholders of 96% over the past three years.공지 • Dec 03Security Papers Limited Announces Chief Financial Officer ChangesSecurity Papers Limited has announced a change in its executive lineup with the appointment of Mr. Wasif Sajjad as the new Chief Financial Officer (CFO), replacing Mr. Mudassir Ali Khan, who served as the Acting CFO. Mr. Sajjad, who is a Fellow Chartered Accountant (FCA), assumed his new role on December 2, 2024. This appointment is expected to bring new direction to the financial management at Security Papers Limited, as the company continues to navigate the complexities of the market. The change in CFO is part of the company's ongoing efforts to strengthen its management team.Reported Earnings • Oct 23First quarter 2025 earnings released: EPS: PK₨6.52 (vs PK₨6.16 in 1Q 2024)First quarter 2025 results: EPS: PK₨6.52 (up from PK₨6.16 in 1Q 2024). Revenue: PK₨2.06b (up 19% from 1Q 2024). Net income: PK₨386.2m (up 5.7% from 1Q 2024). Profit margin: 19% (down from 21% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year.New Risk • Sep 11New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Dividend is not well covered by cash flows (201% cash payout ratio). Market cap is less than US$100m (PK₨8.30b market cap, or US$29.8m).Upcoming Dividend • Sep 10Upcoming dividend of PK₨10.00 per shareEligible shareholders must have bought the stock before 17 September 2024. Payment date: 16 October 2024. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 8.9%. Lower than top quartile of Pakistani dividend payers (12%). Higher than average of industry peers (2.3%).공지 • Jul 31Security Papers Limited, Annual General Meeting, Sep 25, 2024Security Papers Limited, Annual General Meeting, Sep 25, 2024. Location: at security paper limited , jinnah avenue, malir halt, karachi Pakistan공지 • Jul 23Security Papers Limited to Report Fiscal Year 2024 Results on Jul 30, 2024Security Papers Limited announced that they will report fiscal year 2024 results on Jul 30, 2024Reported Earnings • May 02Third quarter 2024 earnings released: EPS: PK₨5.69 (vs PK₨1.60 in 3Q 2023)Third quarter 2024 results: EPS: PK₨5.69 (up from PK₨1.60 in 3Q 2023). Revenue: PK₨1.81b (up 67% from 3Q 2023). Net income: PK₨336.9m (up 255% from 3Q 2023). Profit margin: 19% (up from 8.8% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings.공지 • Apr 05Security Papers Limited Announces CFO TransitionSecurity Papers Limited has announced a change in its leadership team, appointing Mr. Mudassir Ali Khan as the Acting Chief Financial Officer (CFO), effective April 4, 2024. Mr. Khan will be taking over the responsibilities from Mr. Babar Aijaz. The announcement was made to the Pakistan Stock Exchange (PSE), indicating a significant shift in the company's financial oversight.공지 • Mar 26Security Papers Limited Announces Resignation of Board Member Uzma AijazSecurity Papers Limited announced the resignation of Mrs. Uzma Aijaz from its Board of Directors. Mrs. Aijaz resigned from her directorship on October 4, 2023, with the Board officially accepting her resignation on October 15, 2023.New Risk • Mar 14New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Dividend is not well covered by cash flows (181% cash payout ratio). Market cap is less than US$100m (PK₨7.94b market cap, or US$28.4m).Upcoming Dividend • Feb 24Upcoming dividend of PK₨2.50 per shareEligible shareholders must have bought the stock before 01 March 2024. Payment date: 29 March 2024. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 7.9%. Lower than top quartile of Pakistani dividend payers (13%). Higher than average of industry peers (2.0%).Valuation Update With 7 Day Price Move • Dec 06Investor sentiment improves as stock rises 20%After last week's 20% share price gain to PK₨148, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 15x in the Forestry industry in Asia. Total returns to shareholders of 13% over the past three years.Valuation Update With 7 Day Price Move • Nov 06Investor sentiment improves as stock rises 15%After last week's 15% share price gain to PK₨112, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 14x in the Forestry industry in Asia. Total loss to shareholders of 19% over the past three years.Reported Earnings • Nov 01First quarter 2024 earnings released: EPS: PK₨6.16 (vs PK₨3.54 in 1Q 2023)First quarter 2024 results: EPS: PK₨6.16 (up from PK₨3.54 in 1Q 2023). Revenue: PK₨1.73b (up 46% from 1Q 2023). Net income: PK₨365.2m (up 74% from 1Q 2023). Profit margin: 21% (up from 18% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 18% per year.New Risk • Oct 13New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (PK₨6.40b market cap, or US$23.0m).Upcoming Dividend • Oct 06Upcoming dividend of PK₨11.00 per share at 10% yieldEligible shareholders must have bought the stock before 13 October 2023. Payment date: 16 November 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 10%. Lower than top quartile of Pakistani dividend payers (14%). Higher than average of industry peers (1.9%).공지 • Oct 06Security Papers Limited, Annual General Meeting, Oct 26, 2023Security Papers Limited, Annual General Meeting, Oct 26, 2023, at 10:00 Pakistan Standard Time. Location: Security Papers Limited, Jinnah Avenue, Malir Halt, Karachi Pakistan Agenda: To receive, consider and adopt the Audited Financial Statements of the Company for the year ended June 30, 2023, together with the Directors' and Auditors' Reports thereon; to approve the payment of cash dividend at the rate of PKR 11/- per share i.e., 110% for the year ended June 30, 2023, as recommended by the Board of Directors; to appoint Auditors for the Financial Year 2023-24 and to fix their remuneration; and to consider other matters.공지 • Jun 07Security Papers Limited Announces Director ChangesSecurity Papers Limited announced that Mr. Ahmad Hatarni Yazd as Director, effective from May 31, 2023. Mr. Yazd steps into this role, succeeding Dr. Abolghassem Jamshidi, who has held the position for an extended period. As the newly appointed Director, Mr. Ahmad Hatarni Yazd brings a wealth of experience and expertise to SPL. With an impressive background in the field of security and a deep understanding of the paper industry, Mr. Yazd is expected to lead the company to new heights. Throughout his career, Mr. Yazd has held prominent positions in various organizations, demonstrating exceptional leadership skills and a strong commitment to excellence. His vast knowledge of security measures and a keen eye for technological advancements in the paper industry make him an ideal choice for the role. The departure of Dr. Abolghassem Jamshidi, who has steered the company through various challenges and achievements, marks the end of an era. Dr. Jamshidi's contributions to the growth and success of Security Papers Limited have been highly regarded, and his expertise will be missed.Reported Earnings • Apr 30Third quarter 2023 earnings released: EPS: PK₨1.60 (vs PK₨5.59 in 3Q 2022)Third quarter 2023 results: EPS: PK₨1.60 (down from PK₨5.59 in 3Q 2022). Revenue: PK₨1.08b (down 19% from 3Q 2022). Net income: PK₨94.8m (down 71% from 3Q 2022). Profit margin: 8.8% (down from 25% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 13% per year.Board Change • Nov 16Less than half of directors are independentThere are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 8 new directors. 1 experienced director. 2 highly experienced directors. 3 independent directors (7 non-independent directors). Non-Executive Director Jamal Nasim is the most experienced director on the board, commencing their role in 2010. Independent Director Muhammad Sualeh Faruqui was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.Reported Earnings • Oct 07Full year 2022 earnings releasedFull year 2022 results: Revenue: PK₨5.15b (up 2.9% from FY 2021). Net income: PK₨949.0m (down 35% from FY 2021). Profit margin: 18% (down from 29% in FY 2021). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • Oct 06Upcoming dividend of PK₨10.00 per shareEligible shareholders must have bought the stock before 13 October 2022. Payment date: 16 November 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 8.2%. Lower than top quartile of Pakistani dividend payers (11%). Higher than average of industry peers (2.3%).Reported Earnings • May 01Third quarter 2022 earnings released: EPS: PK₨5.59 (vs PK₨6.95 in 3Q 2021)Third quarter 2022 results: EPS: PK₨5.59 (down from PK₨6.95 in 3Q 2021). Revenue: PK₨1.33b (down 17% from 3Q 2021). Net income: PK₨331.4m (down 20% from 3Q 2021). Profit margin: 25% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.Board Change • Apr 27Less than half of directors are independentThere are 8 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 8 new directors. 2 experienced directors. 1 highly experienced director. 2 independent directors (8 non-independent directors). Non-Executive Independent Director Jamal Nasim is the most experienced director on the board, commencing their role in 2010. Independent Director Muhammad Sualeh Faruqui was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.Reported Earnings • Oct 30First quarter 2022 earnings released: EPS PK₨3.85 (vs PK₨6.36 in 1Q 2021)The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2022 results: Revenue: PK₨1.18b (up 14% from 1Q 2021). Net income: PK₨228.0m (down 40% from 1Q 2021). Profit margin: 19% (down from 36% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • Sep 10Upcoming dividend of PK₨9.00 per shareEligible shareholders must have bought the stock before 17 September 2021. Payment date: 22 October 2021. Trailing yield: 6.1%. Lower than top quartile of Pakistani dividend payers (9.3%). Higher than average of industry peers (2.0%).Executive Departure • Sep 01Non-Executive Director Rauf Ahmad has left the companyOn the 27th of August, Rauf Ahmad's tenure as Non-Executive Director ended after 5.1 years in the role. We don't have any record of a personal shareholding under Rauf's name. A total of 3 executives have left over the last 12 months.Executive Departure • Sep 01Chairman Muhammad Rasheed has left the companyOn the 27th of August, Muhammad Rasheed's tenure as Chairman ended after 4.0 years in the role. We don't have any record of a personal shareholding under Muhammad's name. A total of 3 executives have left over the last 12 months.Reported Earnings • Aug 29Full year 2021 earnings released: EPS PK₨24.61 (vs PK₨21.54 in FY 2020)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨5.00b (up 2.0% from FY 2020). Net income: PK₨1.46b (up 14% from FY 2020). Profit margin: 29% (up from 26% in FY 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Aug 06Investor sentiment improved over the past weekAfter last week's 15% share price gain to PK₨163, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 17x in the Forestry industry in Asia. Total returns to shareholders of 71% over the past three years.Reported Earnings • May 01Third quarter 2021 earnings released: EPS PK₨6.95 (vs PK₨0.44 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨1.61b (up 34% from 3Q 2020). Net income: PK₨412.0m (up PK₨385.9m from 3Q 2020). Profit margin: 26% (up from 2.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.Executive Departure • Apr 29Non-Executive Director has left the companyOn the 21st of April, Naveed Ehtesham's tenure as Non-Executive Director ended after 4.7 years in the role. We don't have any record of a personal shareholding under Naveed's name. A total of 4 executives have left over the last 12 months.Is New 90 Day High Low • Feb 25New 90-day low: PK₨145The company is down 14% from its price of PK₨170 on 27 November 2020. The Pakistani market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 22% over the same period.Reported Earnings • Feb 14Second quarter 2021 earnings released: EPS PK₨3.01 (vs PK₨8.40 in 2Q 2020)The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨738.3m (down 43% from 2Q 2020). Net income: PK₨178.6m (down 64% from 2Q 2020). Profit margin: 24% (down from 38% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.Is New 90 Day High Low • Jan 29New 90-day low: PK₨166The company is down 10.0% from its price of PK₨186 on 29 October 2020. The Pakistani market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 22% over the same period.Is New 90 Day High Low • Dec 08New 90-day low: PK₨170The company is down 21% from its price of PK₨216 on 09 September 2020. The Pakistani market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 6.0% over the same period.Reported Earnings • Oct 24First quarter earnings releasedOver the last 12 months the company has reported total profits of PK₨1.41b, up 80% from the prior year. Total revenue was PK₨4.75b over the last 12 months, up 14% from the prior year.공지 • Jul 25Security Papers Limited to Report Fiscal Year 2020 Results on Jul 24, 2020Security Papers Limited announced that they will report fiscal year 2020 results on Jul 24, 2020지급의 안정성과 성장배당 데이터 가져오는 중안정적인 배당: 과거에 SEPL 의 주당 배당금이 안정적이었는지 판단하기에는 데이터가 부족합니다.배당금 증가: SEPL 의 배당금 지급이 증가했는지 판단하기에는 데이터가 부족합니다.배당 수익률 vs 시장Security Papers 배당 수익률 vs 시장SEPL의 배당 수익률은 시장과 어떻게 비교되나요?구분배당 수익률회사 (SEPL)0%시장 하위 25% (PK)2.3%시장 상위 25% (PK)7.6%업계 평균 (Forestry)2.1%분석가 예측 (SEPL) (최대 3년)n/a주목할만한 배당금: 회사가 최근 지급을 보고하지 않았기 때문에 하위 25%의 배당금 지급자에 대해 SEPL 의 배당 수익률을 평가할 수 없습니다.고배당: 회사가 최근 지급을 보고하지 않았기 때문에 배당금 지급자의 상위 25%에 대해 SEPL 의 배당 수익률을 평가할 수 없습니다.주주 대상 이익 배당수익 보장: SEPL PK 시장에서 주목할만한 배당금을 지급하지 않습니다.주주 현금 배당현금 흐름 범위: SEPL 에서 지급을 보고하지 않았기 때문에 배당 지속 가능성을 계산할 수 없습니다.높은 배당을 제공하는 우량 기업 찾기7D1Y7D1Y7D1YPK 시장에서 배당이 강한 기업.View Management기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/13 19:24종가2026/05/13 00:00수익2026/03/31연간 수익2025/06/30데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Security Papers Limited는 0명의 분석가가 다루고 있습니다. 이 중 0명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
Upcoming Dividend • Sep 11Upcoming dividend of PK₨9.00 per shareEligible shareholders must have bought the stock before 18 September 2025. Payment date: 17 October 2025. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 5.8%. Lower than top quartile of Pakistani dividend payers (7.4%). Higher than average of industry peers (2.4%).
Declared Dividend • Aug 01Dividend reduced to PK₨9.00Dividend of PK₨9.00 is 10.0% lower than last year. Ex-date: 18th September 2025 Payment date: 1st January 1970 Dividend yield will be 6.7%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (131% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.
Upcoming Dividend • Sep 10Upcoming dividend of PK₨10.00 per shareEligible shareholders must have bought the stock before 17 September 2024. Payment date: 16 October 2024. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 8.9%. Lower than top quartile of Pakistani dividend payers (12%). Higher than average of industry peers (2.3%).
Upcoming Dividend • Feb 24Upcoming dividend of PK₨2.50 per shareEligible shareholders must have bought the stock before 01 March 2024. Payment date: 29 March 2024. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 7.9%. Lower than top quartile of Pakistani dividend payers (13%). Higher than average of industry peers (2.0%).
Upcoming Dividend • Oct 06Upcoming dividend of PK₨11.00 per share at 10% yieldEligible shareholders must have bought the stock before 13 October 2023. Payment date: 16 November 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 10%. Lower than top quartile of Pakistani dividend payers (14%). Higher than average of industry peers (1.9%).
Upcoming Dividend • Oct 06Upcoming dividend of PK₨10.00 per shareEligible shareholders must have bought the stock before 13 October 2022. Payment date: 16 November 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 8.2%. Lower than top quartile of Pakistani dividend payers (11%). Higher than average of industry peers (2.3%).
Reported Earnings • May 01Third quarter 2026 earnings released: EPS: PK₨2.19 (vs PK₨5.04 in 3Q 2025)Third quarter 2026 results: EPS: PK₨2.19 (down from PK₨5.04 in 3Q 2025). Revenue: PK₨1.57b (down 5.0% from 3Q 2025). Net income: PK₨129.6m (down 57% from 3Q 2025). Profit margin: 8.2% (down from 18% in 3Q 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth.
공지 • Apr 22Security Papers Limited to Report Q3, 2026 Results on Apr 29, 2026Security Papers Limited announced that they will report Q3, 2026 results on Apr 29, 2026
New Risk • Feb 09New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (35% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (PK₨11.6b market cap, or US$41.4m).
Reported Earnings • Jan 30Second quarter 2026 earnings released: EPS: PK₨3.60 (vs PK₨7.02 in 2Q 2025)Second quarter 2026 results: EPS: PK₨3.60 (down from PK₨7.02 in 2Q 2025). Revenue: PK₨1.90b (down 10.0% from 2Q 2025). Net income: PK₨213.3m (down 49% from 2Q 2025). Profit margin: 11% (down from 20% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 25% per year.
공지 • Jan 22Security Papers Limited to Report First Half, 2026 Results on Jan 29, 2026Security Papers Limited announced that they will report first half, 2026 results on Jan 29, 2026
Valuation Update With 7 Day Price Move • Jan 15Investor sentiment improves as stock rises 22%After last week's 22% share price gain to PK₨197, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 20x in the Forestry industry in Asia. Total returns to shareholders of 180% over the past three years.
Reported Earnings • Oct 31First quarter 2026 earnings released: EPS: PK₨4.87 (vs PK₨6.52 in 1Q 2025)First quarter 2026 results: EPS: PK₨4.87 (down from PK₨6.52 in 1Q 2025). Revenue: PK₨1.84b (down 11% from 1Q 2025). Net income: PK₨288.5m (down 25% from 1Q 2025). Profit margin: 16% (down from 19% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Sep 16Investor sentiment improves as stock rises 17%After last week's 17% share price gain to PK₨223, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 20x in the Forestry industry in Asia. Total returns to shareholders of 143% over the past three years.
Upcoming Dividend • Sep 11Upcoming dividend of PK₨9.00 per shareEligible shareholders must have bought the stock before 18 September 2025. Payment date: 17 October 2025. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 5.8%. Lower than top quartile of Pakistani dividend payers (7.4%). Higher than average of industry peers (2.4%).
Reported Earnings • Sep 09Full year 2025 earnings released: EPS: PK₨25.72 (vs PK₨25.12 in FY 2024)Full year 2025 results: EPS: PK₨25.72 (up from PK₨25.12 in FY 2024). Revenue: PK₨7.87b (up 7.6% from FY 2024). Net income: PK₨1.52b (up 2.4% from FY 2024). Profit margin: 19% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth.
Declared Dividend • Aug 01Dividend reduced to PK₨9.00Dividend of PK₨9.00 is 10.0% lower than last year. Ex-date: 18th September 2025 Payment date: 1st January 1970 Dividend yield will be 6.7%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (131% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.
공지 • Jul 31Security Papers Limited, Annual General Meeting, Sep 26, 2025Security Papers Limited, Annual General Meeting, Sep 26, 2025.
Reported Earnings • May 02Third quarter 2025 earnings released: EPS: PK₨5.04 (vs PK₨5.69 in 3Q 2024)Third quarter 2025 results: EPS: PK₨5.04 (down from PK₨5.69 in 3Q 2024). Revenue: PK₨1.66b (down 8.5% from 3Q 2024). Net income: PK₨298.7m (down 11% from 3Q 2024). Profit margin: 18% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.
공지 • Feb 19Security Papers Limited Announces Directorate ChangesSecurity Papers Limited announced a change in its board of directors, as Mrs. Pemur Alaybeyoglu is appointed as the new nominee director representing Sumer Holding A.S., Turkiye. This appointment replaces Ms. Figen Caliskan, who previously held the position. According to the official communication from Security Papers Limited, stakeholders, including the TRE Certificate Holders of the Exchange, have been advised to take note of this transition. The company has indicated that this change is part of its ongoing governance and oversight adjustments aimed at maintaining effective representation and oversight on the board The announcement of the new director appointment was necessitated by the internal restructuring within the board composition, a move that underscores Sumer Holding A.S."s strategic interest in maintaining a robust engagement with Security Papers Limited. The change is expected to be seamless as Mrs. Alaybeyoglu steps into her new role. According to information available from the Pakistan Stock Exchange (PSX), Security Papers Limited is categorized under the designated market category of paper products. This change in directorship is a noteworthy event for the company, which is a significant entity within its market segment. notifications have been issued to ensure compliance with corporate governance standards. The company has assured stakeholders of a smooth transition without any disruptions to its regular operations or strategic objectives.
Reported Earnings • Feb 02Second quarter 2025 earnings released: EPS: PK₨7.02 (vs PK₨6.43 in 2Q 2024)Second quarter 2025 results: EPS: PK₨7.02 (up from PK₨6.43 in 2Q 2024). Revenue: PK₨2.11b (up 20% from 2Q 2024). Net income: PK₨415.9m (up 9.2% from 2Q 2024). Profit margin: 20% (down from 22% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 17% per year.
Valuation Update With 7 Day Price Move • Jan 31Investor sentiment improves as stock rises 19%After last week's 19% share price gain to PK₨191, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 17x in the Forestry industry in Asia. Total returns to shareholders of 111% over the past three years.
Valuation Update With 7 Day Price Move • Dec 09Investor sentiment improves as stock rises 17%After last week's 17% share price gain to PK₨170, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 18x in the Forestry industry in Asia. Total returns to shareholders of 96% over the past three years.
공지 • Dec 03Security Papers Limited Announces Chief Financial Officer ChangesSecurity Papers Limited has announced a change in its executive lineup with the appointment of Mr. Wasif Sajjad as the new Chief Financial Officer (CFO), replacing Mr. Mudassir Ali Khan, who served as the Acting CFO. Mr. Sajjad, who is a Fellow Chartered Accountant (FCA), assumed his new role on December 2, 2024. This appointment is expected to bring new direction to the financial management at Security Papers Limited, as the company continues to navigate the complexities of the market. The change in CFO is part of the company's ongoing efforts to strengthen its management team.
Reported Earnings • Oct 23First quarter 2025 earnings released: EPS: PK₨6.52 (vs PK₨6.16 in 1Q 2024)First quarter 2025 results: EPS: PK₨6.52 (up from PK₨6.16 in 1Q 2024). Revenue: PK₨2.06b (up 19% from 1Q 2024). Net income: PK₨386.2m (up 5.7% from 1Q 2024). Profit margin: 19% (down from 21% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year.
New Risk • Sep 11New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Dividend is not well covered by cash flows (201% cash payout ratio). Market cap is less than US$100m (PK₨8.30b market cap, or US$29.8m).
Upcoming Dividend • Sep 10Upcoming dividend of PK₨10.00 per shareEligible shareholders must have bought the stock before 17 September 2024. Payment date: 16 October 2024. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 8.9%. Lower than top quartile of Pakistani dividend payers (12%). Higher than average of industry peers (2.3%).
공지 • Jul 31Security Papers Limited, Annual General Meeting, Sep 25, 2024Security Papers Limited, Annual General Meeting, Sep 25, 2024. Location: at security paper limited , jinnah avenue, malir halt, karachi Pakistan
공지 • Jul 23Security Papers Limited to Report Fiscal Year 2024 Results on Jul 30, 2024Security Papers Limited announced that they will report fiscal year 2024 results on Jul 30, 2024
Reported Earnings • May 02Third quarter 2024 earnings released: EPS: PK₨5.69 (vs PK₨1.60 in 3Q 2023)Third quarter 2024 results: EPS: PK₨5.69 (up from PK₨1.60 in 3Q 2023). Revenue: PK₨1.81b (up 67% from 3Q 2023). Net income: PK₨336.9m (up 255% from 3Q 2023). Profit margin: 19% (up from 8.8% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings.
공지 • Apr 05Security Papers Limited Announces CFO TransitionSecurity Papers Limited has announced a change in its leadership team, appointing Mr. Mudassir Ali Khan as the Acting Chief Financial Officer (CFO), effective April 4, 2024. Mr. Khan will be taking over the responsibilities from Mr. Babar Aijaz. The announcement was made to the Pakistan Stock Exchange (PSE), indicating a significant shift in the company's financial oversight.
공지 • Mar 26Security Papers Limited Announces Resignation of Board Member Uzma AijazSecurity Papers Limited announced the resignation of Mrs. Uzma Aijaz from its Board of Directors. Mrs. Aijaz resigned from her directorship on October 4, 2023, with the Board officially accepting her resignation on October 15, 2023.
New Risk • Mar 14New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Dividend is not well covered by cash flows (181% cash payout ratio). Market cap is less than US$100m (PK₨7.94b market cap, or US$28.4m).
Upcoming Dividend • Feb 24Upcoming dividend of PK₨2.50 per shareEligible shareholders must have bought the stock before 01 March 2024. Payment date: 29 March 2024. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 7.9%. Lower than top quartile of Pakistani dividend payers (13%). Higher than average of industry peers (2.0%).
Valuation Update With 7 Day Price Move • Dec 06Investor sentiment improves as stock rises 20%After last week's 20% share price gain to PK₨148, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 15x in the Forestry industry in Asia. Total returns to shareholders of 13% over the past three years.
Valuation Update With 7 Day Price Move • Nov 06Investor sentiment improves as stock rises 15%After last week's 15% share price gain to PK₨112, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 14x in the Forestry industry in Asia. Total loss to shareholders of 19% over the past three years.
Reported Earnings • Nov 01First quarter 2024 earnings released: EPS: PK₨6.16 (vs PK₨3.54 in 1Q 2023)First quarter 2024 results: EPS: PK₨6.16 (up from PK₨3.54 in 1Q 2023). Revenue: PK₨1.73b (up 46% from 1Q 2023). Net income: PK₨365.2m (up 74% from 1Q 2023). Profit margin: 21% (up from 18% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 18% per year.
New Risk • Oct 13New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (PK₨6.40b market cap, or US$23.0m).
Upcoming Dividend • Oct 06Upcoming dividend of PK₨11.00 per share at 10% yieldEligible shareholders must have bought the stock before 13 October 2023. Payment date: 16 November 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 10%. Lower than top quartile of Pakistani dividend payers (14%). Higher than average of industry peers (1.9%).
공지 • Oct 06Security Papers Limited, Annual General Meeting, Oct 26, 2023Security Papers Limited, Annual General Meeting, Oct 26, 2023, at 10:00 Pakistan Standard Time. Location: Security Papers Limited, Jinnah Avenue, Malir Halt, Karachi Pakistan Agenda: To receive, consider and adopt the Audited Financial Statements of the Company for the year ended June 30, 2023, together with the Directors' and Auditors' Reports thereon; to approve the payment of cash dividend at the rate of PKR 11/- per share i.e., 110% for the year ended June 30, 2023, as recommended by the Board of Directors; to appoint Auditors for the Financial Year 2023-24 and to fix their remuneration; and to consider other matters.
공지 • Jun 07Security Papers Limited Announces Director ChangesSecurity Papers Limited announced that Mr. Ahmad Hatarni Yazd as Director, effective from May 31, 2023. Mr. Yazd steps into this role, succeeding Dr. Abolghassem Jamshidi, who has held the position for an extended period. As the newly appointed Director, Mr. Ahmad Hatarni Yazd brings a wealth of experience and expertise to SPL. With an impressive background in the field of security and a deep understanding of the paper industry, Mr. Yazd is expected to lead the company to new heights. Throughout his career, Mr. Yazd has held prominent positions in various organizations, demonstrating exceptional leadership skills and a strong commitment to excellence. His vast knowledge of security measures and a keen eye for technological advancements in the paper industry make him an ideal choice for the role. The departure of Dr. Abolghassem Jamshidi, who has steered the company through various challenges and achievements, marks the end of an era. Dr. Jamshidi's contributions to the growth and success of Security Papers Limited have been highly regarded, and his expertise will be missed.
Reported Earnings • Apr 30Third quarter 2023 earnings released: EPS: PK₨1.60 (vs PK₨5.59 in 3Q 2022)Third quarter 2023 results: EPS: PK₨1.60 (down from PK₨5.59 in 3Q 2022). Revenue: PK₨1.08b (down 19% from 3Q 2022). Net income: PK₨94.8m (down 71% from 3Q 2022). Profit margin: 8.8% (down from 25% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 13% per year.
Board Change • Nov 16Less than half of directors are independentThere are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 8 new directors. 1 experienced director. 2 highly experienced directors. 3 independent directors (7 non-independent directors). Non-Executive Director Jamal Nasim is the most experienced director on the board, commencing their role in 2010. Independent Director Muhammad Sualeh Faruqui was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.
Reported Earnings • Oct 07Full year 2022 earnings releasedFull year 2022 results: Revenue: PK₨5.15b (up 2.9% from FY 2021). Net income: PK₨949.0m (down 35% from FY 2021). Profit margin: 18% (down from 29% in FY 2021). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • Oct 06Upcoming dividend of PK₨10.00 per shareEligible shareholders must have bought the stock before 13 October 2022. Payment date: 16 November 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 8.2%. Lower than top quartile of Pakistani dividend payers (11%). Higher than average of industry peers (2.3%).
Reported Earnings • May 01Third quarter 2022 earnings released: EPS: PK₨5.59 (vs PK₨6.95 in 3Q 2021)Third quarter 2022 results: EPS: PK₨5.59 (down from PK₨6.95 in 3Q 2021). Revenue: PK₨1.33b (down 17% from 3Q 2021). Net income: PK₨331.4m (down 20% from 3Q 2021). Profit margin: 25% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.
Board Change • Apr 27Less than half of directors are independentThere are 8 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 8 new directors. 2 experienced directors. 1 highly experienced director. 2 independent directors (8 non-independent directors). Non-Executive Independent Director Jamal Nasim is the most experienced director on the board, commencing their role in 2010. Independent Director Muhammad Sualeh Faruqui was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.
Reported Earnings • Oct 30First quarter 2022 earnings released: EPS PK₨3.85 (vs PK₨6.36 in 1Q 2021)The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2022 results: Revenue: PK₨1.18b (up 14% from 1Q 2021). Net income: PK₨228.0m (down 40% from 1Q 2021). Profit margin: 19% (down from 36% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • Sep 10Upcoming dividend of PK₨9.00 per shareEligible shareholders must have bought the stock before 17 September 2021. Payment date: 22 October 2021. Trailing yield: 6.1%. Lower than top quartile of Pakistani dividend payers (9.3%). Higher than average of industry peers (2.0%).
Executive Departure • Sep 01Non-Executive Director Rauf Ahmad has left the companyOn the 27th of August, Rauf Ahmad's tenure as Non-Executive Director ended after 5.1 years in the role. We don't have any record of a personal shareholding under Rauf's name. A total of 3 executives have left over the last 12 months.
Executive Departure • Sep 01Chairman Muhammad Rasheed has left the companyOn the 27th of August, Muhammad Rasheed's tenure as Chairman ended after 4.0 years in the role. We don't have any record of a personal shareholding under Muhammad's name. A total of 3 executives have left over the last 12 months.
Reported Earnings • Aug 29Full year 2021 earnings released: EPS PK₨24.61 (vs PK₨21.54 in FY 2020)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨5.00b (up 2.0% from FY 2020). Net income: PK₨1.46b (up 14% from FY 2020). Profit margin: 29% (up from 26% in FY 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Aug 06Investor sentiment improved over the past weekAfter last week's 15% share price gain to PK₨163, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 17x in the Forestry industry in Asia. Total returns to shareholders of 71% over the past three years.
Reported Earnings • May 01Third quarter 2021 earnings released: EPS PK₨6.95 (vs PK₨0.44 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨1.61b (up 34% from 3Q 2020). Net income: PK₨412.0m (up PK₨385.9m from 3Q 2020). Profit margin: 26% (up from 2.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.
Executive Departure • Apr 29Non-Executive Director has left the companyOn the 21st of April, Naveed Ehtesham's tenure as Non-Executive Director ended after 4.7 years in the role. We don't have any record of a personal shareholding under Naveed's name. A total of 4 executives have left over the last 12 months.
Is New 90 Day High Low • Feb 25New 90-day low: PK₨145The company is down 14% from its price of PK₨170 on 27 November 2020. The Pakistani market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 22% over the same period.
Reported Earnings • Feb 14Second quarter 2021 earnings released: EPS PK₨3.01 (vs PK₨8.40 in 2Q 2020)The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨738.3m (down 43% from 2Q 2020). Net income: PK₨178.6m (down 64% from 2Q 2020). Profit margin: 24% (down from 38% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.
Is New 90 Day High Low • Jan 29New 90-day low: PK₨166The company is down 10.0% from its price of PK₨186 on 29 October 2020. The Pakistani market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 22% over the same period.
Is New 90 Day High Low • Dec 08New 90-day low: PK₨170The company is down 21% from its price of PK₨216 on 09 September 2020. The Pakistani market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 6.0% over the same period.
Reported Earnings • Oct 24First quarter earnings releasedOver the last 12 months the company has reported total profits of PK₨1.41b, up 80% from the prior year. Total revenue was PK₨4.75b over the last 12 months, up 14% from the prior year.
공지 • Jul 25Security Papers Limited to Report Fiscal Year 2020 Results on Jul 24, 2020Security Papers Limited announced that they will report fiscal year 2020 results on Jul 24, 2020