Saudi Printing narrows 9M 2020 net loss to SAR 11.6 mln

04/11/2020 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC) narrowed its net loss after Zakat and tax by 70% year-on-year (YoY) to SAR 11.5 million for the first nine months of 2020, on lower finance charges.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	692.17	598.35	(13.6 %)
Gross Income	96.44	101.59	5.3 %
Operating Income	5.98	14.07	135.1 %
Net Income	(34.00)	(11.60)	65.9 %
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.57)	(0.19)	65.9 %

The company also cited lower sales costs, selling and marketing expenses, as well as financing costs.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	252.51	204.45	(19.0 %)
Gross Income	46.06	38.23	(17.0 %)
Operating Income	15.18	8.54	(43.7 %)
Net Income	2.71	1.82	(32.6 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.05	0.03	(32.6 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	199.63	204.45	2.4 %
Gross Income	37.40	38.23	2.2 %
Operating Income	8.58	8.54	(0.5 %)
Net Income	1.49	1.82	22.2 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.02	0.03	22.2 %

In Q3 2020, the paper manufacturer posted a net profit after Zakat and tax of SAR 1.8 million, a 33% decline YoY, due to lower revenues driven by the COVID-19 pandemic.

On a quarterly basis, the company reported a 22% rise in net profit on higher revenues.

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