Daily Times

Security Papers Limited (SPL) – a leading company in Pakistan – specialises in the production of security paper solutions. Established in 1965, the company has a rich history and a proven track record of delivering high-quality security paper that meet the needs of government organizations, banks, educational institutions, and a wide range of businesses.

The SPL has been an integral part of the nation’s economic and security landscape for many years. Recent initiatives by the management team under the guidance of the Board have ushered in a new era of professionalism, efficiency, and innovation. One of the most noteworthy aspects of the recent developments at Security Papers Limited is the appointment of a professional and experienced management team by the Board in last one year. The new leadership team brings a wealth of experience from the corporate and private sector which has proven invaluable in redefining the company’s vision and operations. Their expertise is driving the company towards sustainable growth and success and actively changing the organizational culture.

This strategy has not only increased profitability but also bolstered the sustainability of operations. The company delivered significantly improved performance in the current quarter compared to the same period last year. The net sales at Rs. 1,729 million were 46% higher as compared to Rs. 1,183 million same period last year. Gross profit increased by a sterling 72% from Rs. 281 million in Sept 2022 to Rs. 484 million in Sept 2023 whereas profit before tax saw significant increase of 90% from Rs. 313 million in Sept 2022 to Rs. 596 million in Sept 2023.

SPL Chairman Aftab Manzoor expressed enthusiasm about the financial results, stating, “Our strategic vision and relentless focus on innovation and diversification have yielded impressive outcomes as SPL achieved a remarkable increase in EPS of Rs. 2.62 in Q1 FY 2023-24 vs Q1 FY 2022-23. I want to extend my heartfelt gratitude to our Management for all the initiatives taken over the last year and thank our stakeholders, partners, and shareholders for their unwavering support.”

In a bid to further enhance operational efficiency, Security Papers Limited has brought in international consultants to evaluate and improve its processes. This approach demonstrates a commitment to continuous improvement and a willingness to explore new avenues for optimizing production and resource allocation. Moreover, the consideration of BMR and Capital Expenditure (Capex) to introduce new production lines underscores the company’s forward-looking mindset.

Perhaps the most significant responsibility of Security Papers Limited is being the custodian of Pakistan’s national currency. The company’s role in producing secure banknotes is a critical one, as these banknotes are the symbols of trust and economic stability.

The testimony of this is in the consistent excellence recognition in form of most prestigious Corporate Awards in the current year including 7th position in PSX Top Company Award, Corporate Excellence Award by Management Association of Pakistan, Best Corporate Report and Sustainability Report Award by Institute of Chartered Accountants of Pakistan and Best Practices Award in Occupational Safety, Health and Environment by Employee Federation of Pakistan.

Security Papers Limited Pakistan has undergone a remarkable transformation and cultural shift, and focus on efficiency have reinvigorated the company and positioned it for sustained growth and success. Moreover, the company’s role as the custodian of our national currency is a testament to the profound trust placed in them. Security Papers Limited’s commitment depicts that the company will continue to serve as a cornerstone of security and economic stability in Pakistan.