Saudi Printing and Packaging Co. widened its net losses to SAR 57.4 million in the first nine months of 2023, from SAR 6.2 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 767.81 | 607.08 | (20.9 %) |
| Gross Income | 110.33 | 69.25 | (37.2 %) |
| Operating Income | 14.00 | (15.08) | (207.7 %) |
| Net Income | (6.24) | (57.35) | (818.4 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.10) | (0.96) | (818.4 %) |
SPPC noted lower revenues, higher costs of revenue and increase in financing costs as reasons behind deeper net losses in the nine-month period.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 261.15 | 204.26 | (21.8 %) |
| Gross Income | 35.64 | 18.43 | (48.3 %) |
| Operating Income | 3.70 | (7.61) | (305.6 %) |
| Net Income | (3.86) | (21.91) | (466.9 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.06) | (0.37) | (466.9 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 191.89 | 204.26 | 6.4 % |
| Gross Income | 22.22 | 18.43 | (17.1 %) |
| Operating Income | (5.85) | (7.61) | (30.1 %) |
| Net Income | (20.12) | (21.91) | (8.9 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.34) | (0.37) | (8.9 %) |
In Q3 2023, losses dropped to SAR 21.9 million from SAR 3.87 million in Q3 2022.
Sequentially, SPPC widened losses from SAR 20.12 million in Q2 2023 on higher cost of revenue.
Total shareholders’ equity, no minority interest, fell to SAR 580.58 million as of Sept. 30, 2023, from SAR 635.5 million a year earlier.
Accumulated losses stood at SAR 21.91 million at the end of the nine-month period representing 3.7% of capital.
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