Saudi Printing widens losses to SAR 59.3 mln in 2021; Q4 at SAR 12.6 mln

28/03/2022 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC) widened net loss after Zakat and tax to SAR 59.3 million in 2021, compared to a loss of SAR 20.54 million in the year before, due to higher cost of raw materials.

Financials (M)

Item	2020	2021	Change‬
Revenues	767.69	783.64	2.1 %
Gross Income	127.42	88.98	(30.2 %)
Operating Income	13.96	(23.19)	(266.1 %)
Net Income	(20.55)	(59.30)	(188.6 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.34)	(0.99)	(188.6 %)

In Q4 2021, SPPC widened net loss after Zakat and tax to SAR 12.64 million, compared to SAR 8.95 million a year earlier due to lower gross profit.

On a sequential basis, net loss narrowed from SAR 17.75 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	169.34	212.38	25.4 %
Gross Income	25.83	25.62	(0.8 %)
Operating Income	(0.11)	(3.02)	(2,571.7 %)
Net Income	(8.95)	(12.64)	(41.2 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.15)	(0.21)	(41.2 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	203.61	212.38	4.3 %
Gross Income	19.14	25.62	33.9 %
Operating Income	(8.74)	(3.02)	65.5 %
Net Income	(17.75)	(12.64)	28.8 %
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.30)	(0.21)	28.8 %

Shareholders' equity, after excluding minority interests, at the end of the period amounted to SAR 641.75 million, compared to SAR 702.74 million a year earlier.

Elsewhere, accumulated losses amounted to SAR 66.6 million, or 11.1% of the capital.

Total comprehensive loss, meanwhile, rose 188% to stand at SAR 61 million, compared to SAR 21.16 million in the year before.

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