RMD Gross Profit Flash Report
Monthly & YTD Gross Profit Analysis
Domestic vs. Export Trade Types — January to September 2026
Excludes Domestic Rolls and Export Rolls (MBR). Basis: Posting Date.
Prepared October 2, 2026
YTD Combined GP
$5.68M
January to September 2026
YTD Domestic
$2.80M
49.3% of total
YTD Export
$2.88M
50.7% of total
Sep 2026 vs 9-mo avg
-9.4%
avg $631.3k/mo
MBR YTD GP
$2.10M
separate business line
YTD Highlights
- Combined Domestic + Export YTD gross profit is $5.68M — Export leads by $84.6k, a 50.7% / 49.3% split (narrowed sharply from $276.1k last month).
- 9-month average is $631.3k/mo; Sep 2026 closed at $571.6k, 9.4% below average, the third-weakest month of the year, behind only April and January.
- Weakest YTD month: Apr 2026 at $417.5k, mostly a $293.2k bad-debt provision on Cima Paper SPA — ex. that charge, YTD GP would be $5.97M.
- US is the dominant market at $2.52M (44.4% of total, 3.8x the next market).
- Domestic margin quality peaked at $33.05/MT in Feb, eased to $19.88 in Jul, recovered to $28.72 in Sep 2026 — best since Mar.
- Export profit/MT held a $11.72–$15.18 band through Aug 2026, slipped to $9.88 in Sep 2026 — weakest outside Apr 2026.
- YTD claims reserve: -$331.2k. Aug 2026 was the worst month at -$62.5k (18.9% of YTD); Sep 2026's -$42.1k spread across a broader 37 customers vs 14 prior month.
Monthly Gross Profit Trend
Domestic vs. Export, by month
Sep 2026 vs Aug 2026
- Combined GP down $17.4k (-3.0%) vs Aug 2026.
- Export down $110.2k; Domestic up $92.8k.
- Volume down 10.4% to 32,517.6 MT: Export -23.9%, Domestic +20.5%.
- Export profit/MT weakened to $9.88 from $11.88; Domestic improved to $28.72 from $26.20.
- Gainers: McKinley Paper and Packaging Company (+$44.0k), Recycle Benelux B.V. (+$42.3k — out of top 20 despite #19 YTD), Cascades Recovery Inc (+$31.6k).
- Decliners: XSD International Paper SDN. BHD. (-$97.1k — out of top 20 despite #2 YTD), Lucart SpA (-$24.1k), Sillverton Industries Limited (-$22.8k — out of top 20 despite #11 YTD).
Top Markets YTD
| Country | Gross Profit | % of Total |
|---|---|---|
| US | $2,524,367 | 44.4% |
| MX | $667,694 | 11.8% |
| IN | $547,213 | 9.6% |
| MY | $397,399 | 7.0% |
| CO | $394,981 | 7.0% |
| KR | $277,833 | 4.9% |
| ID | $223,700 | 3.9% |
| TH | $199,421 | 3.5% |
| CA | $133,196 | 2.3% |
| NL | $93,971 | 1.7% |
Market Gainers — MoM
Market Decliners — MoM
Top 20 Customers — YTD (Domestic + Export)
at/above own YTD monthly average below average
| Customer | MT | Gross Profit | Profit/MT |
|---|---|---|---|
| McKinley Paper and Packaging Company | 12,663.7 | $664,228 | $52.45 |
| XSD International Paper SDN. BHD. | 53,879 | $389,053 | $7.22 |
| Cascades Recovery Inc | 22,855.7 | $361,017 | $15.80 |
| INOX Solar Americas LLC | 4,971 | $312,854 | $62.94 |
| Lucart SpA | 6,522 | $295,559 | $45.32 |
| Marcal South LLC | 9,263.4 | $215,211 | $23.23 |
| Colpapel Tissue SAS | 3,256.9 | $159,154 | $48.87 |
| Colombiana Kimberly Colpapel S.A.S | 2,569.6 | $136,984 | $53.31 |
| Packaging Corporation of America | 7,279.1 | $116,701 | $16.03 |
| Siam Kraft Industry Co., Ltd | 13,024.9 | $114,053 | $8.76 |
| Sillverton Industries Limited | 2,242.1 | $111,073 | $49.54 |
| INTERNATIONAL PAPER CO | 2,244.9 | $102,809 | $45.80 |
| PT. Fajar Surya Wisesa Tbk | 11,481.8 | $101,126 | $8.81 |
| Global Impex, Inc. | 2,324.6 | $100,212 | $43.11 |
| Blue Industrial Development Co., Ltd. | 3,388 | $90,227 | $26.63 |
| PolyQuest Inc | 717.9 | $83,304 | $116.04 |
| Seaman Paper Company of MA., Inc. | 594.3 | $78,978 | $132.90 |
| Pt Buana Megah Paper Mills | 6,423.5 | $77,600 | $12.08 |
| Recycle Benelux B.V. | 5,909.8 | $75,573 | $12.79 |
| Cheng Loong Binh Duong Paper Co.Ltd. | 7,202.1 | $75,184 | $10.44 |
Top 20 Customers — Sep 2026
at/above own YTD monthly average below average
| Customer | MT | Gross Profit | Profit/MT |
|---|---|---|---|
| Cascades Recovery Inc | 3,503.4 | $76,898 | $21.95 |
| McKinley Paper and Packaging Company | 1,572.6 | $59,073 | $37.56 |
| INOX Solar Americas LLC | 635.4 | $43,827 | $68.97 |
| Colpapel Tissue SAS | 800.8 | $30,645 | $38.27 |
| Marcal South LLC | 769.8 | $25,128 | $32.64 |
| Packaging Corporation of America | 1,161.8 | $21,694 | $18.67 |
| America Chung Nam | 1,485.7 | $17,508 | $11.78 |
| Om Sree Papertek Pvt. Ltd. | 868.3 | $16,080 | $18.52 |
| The Paper Tigers, Inc. t/a Metropolitan Fiber, Inc. | 823 | $14,985 | $18.21 |
| PolyQuest Inc | 111.5 | $14,749 | $132.28 |
| Barnwell Tissue Solutions LLC | 156.3 | $14,628 | $93.59 |
| Lucart SpA | 317.1 | $14,389 | $45.38 |
| Graphic Packaging International, LLC | 172.4 | $12,698 | $73.65 |
| Productos Familia S.A. | 285.6 | $11,664 | $40.84 |
| Absormex CMPC Tissue, S.A de C.V. (Empresas) | 45.1 | $11,533 | $255.63 |
| Dongwon Paper Co., Ltd. | 136.3 | $9,610 | $70.53 |
| Tekni-Plex, Inc. | 209.3 | $9,499 | $45.38 |
| GP Harmon Recycling LLC | 690.5 | $9,405 | $13.62 |
| Papelera del Sur S.A. | 410.8 | $9,171 | $22.32 |
| Century Paper & Board Mills Limited (PAK) | 791.4 | $8,677 | $10.96 |
Loss-Makers YTD
Beyond the bad-debt provision
| Customer | MT | Gross Profit | Profit/MT |
|---|---|---|---|
| Cima Paper SPA | 0 | -$293,156 | n/a |
| Trio Legacy LLC | 23.5 | -$41,976 | $-1783.77 |
| Cma-Cgm America, LLC | 0 | -$38,081 | n/a |
| Fantozzi Carta Da Macero SRL | 0 | -$36,078 | n/a |
| Tamil Nadu Newsprint & Papers Ltd (TNPL) UNIT I | 822.2 | -$32,904 | $-40.02 |
| PT Bumi Waringin Tirtakencana | 0 | -$26,244 | n/a |
| Mediterranean Shipping Company | 0 | -$21,130 | n/a |
| Union Pacific Railroad Company | 0 | -$20,523 | n/a |
Claims Reserve — Sep 2026
Total -$42,089 across 37 customers
| Customer | Claims Reserve |
|---|---|
| XSD International Paper SDN. BHD. | -$17,341 |
| Cycle Link Usa Inc | -$10,436 |
| B&B Triplewall Containers Ltd. | -$6,880 |
| Pt Buana Megah Paper Mills | -$5,000 |
| Sabarmati Papers Pvt Limited | -$4,339 |
| Om Sree Papertek Pvt. Ltd. | -$3,341 |
| The South India Paper Mills Ltd | -$3,109 |
| Deevyashakti India Private Limited | -$2,900 |
| PT Adiprima Suraprinta | -$2,869 |
| Gurukrupa Krafts Pvt Ltd. | -$2,800 |
| Sillverton Industries Limited | -$2,120 |
| Cheng Loong Binh Duong Paper Co.Ltd. | -$1,748 |
| B.V. Handelmaatschappij V/H W.J. Stoelman | -$1,697 |
| Invevni LLC | -$1,215 |
| Global Link & Supplies, Inc | -$1,211 |
| Sezon Papers Pvt L.T.D. | -$1,133 |
| McKinley Paper and Packaging Company | -$1,052 |
| Jodhani Papers Private Limited | -$1,000 |
| Productos Familia S.A. | -$710 |
| Supreme Kraft Pvt Ltd | -$650 |
Monthly Claims Reserve
MBR — Monthly Gross Profit
Rolls trade (Domestic-Rolls + Export-Rolls) — separate business line, not included in Domestic/Export figures above
| Month | Gross Profit | MT |
|---|---|---|
| Jan 2026 | $164,918 | 3,602.7 |
| Feb 2026 | $192,515 | 4,181.7 |
| Mar 2026 | $286,621 | 4,542 |
| Apr 2026 | $245,917 | 4,168.1 |
| May 2026 | $246,809 | 6,084 |
| Jun 2026 | $325,103 | 4,809.8 |
| Jul 2026 | $236,746 | 3,914.8 |
| Aug 2026 | $221,535 | 4,223.1 |
| Sep 2026 | $181,098 | 3,239.6 |
Notes
- Boviet Solar Technology (North Carolina) LLC was renamed to INOX Solar Americas LLC during 2026, and this data master already carries the full year's history under the new INOX name only (Boviet has zero rows here). So INOX's YTD figure below (~$313k) is the combined total, larger than Neil Cooper's published INOX-only figure (~$140k) -- his reports froze the pre-rename activity under the old Boviet name instead. We cannot reproduce his split from this file since the pre-rename detail isn't separately taggable here; this is a one-customer deviation from his report, not an error.
- YTD claims reserve here runs below Neil Cooper's published figure (e.g. ~$331k vs his ~$385k through September). Traced to specific accounts -- e.g. Advanced Polymers, Inc. and Topia LLC, both present in Neil's July claims table -- that have zero rows in this data master entirely, not just a few recent transactions. This looks like a data completeness gap in the source export (possibly tied to account renames/merges, as with Boviet/INOX above) rather than a timing difference, and is not fixable by recomputing from this file -- a fresh CieTrade export would be needed to confirm and close the gap.
- Other figures may differ from a same-day report by Neil Cooper by a small amount (typically <0.1%) due to CieTrade transactions posting between the two data pulls.