Saudi Printing trims loss by 63.4% to SAR 13.4 mln in H1 2020

13/08/2020 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC) narrowed net loss after Zakat and tax by 63.4% year-on-year (YoY) to SAR 13.4 million for the first half of 2020, driven by lower cost of sales, and decreased cost of finance.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	439.66	393.90	(10.4 %)
Gross Income	50.38	64.29	27.6 %
Operating Income	(9.19)	5.53	160.2 %
Net Income	(36.71)	(13.42)	63.4 %
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.61)	(0.22)	63.4 %

SPPC's net profit after Zakat and tax for the second quarter stood at SAR 1.5 million, versus net loss of SAR 13.69 million in year-earlier period, due to lower cost of sales, and lower marketing expenses.

On a quarter-on-quarter basis, SPPC swung to profit in Q2 against SAR 14.9 million loss in Q1 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	237.62	199.63	(16.0 %)
Gross Income	29.23	37.40	28.0 %
Operating Income	(0.44)	8.58	2041.0 %
Net Income	(13.69)	1.49	110.9 %
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.23)	0.02	110.9 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	194.27	199.63	2.8 %
Gross Income	26.89	37.40	39.1 %
Operating Income	(3.05)	8.58	381.5 %
Net Income	(14.91)	1.49	110.0 %
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.25)	0.02	110.0 %

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