Saudi Printing widens losses to SAR 28.9 mln in H1 2021

12/08/2021 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC) widened net loss after Zakat and tax to SAR 28.9 million in H1 2021, compared to a loss of SAR 13.4 million in H1 2020, due to lower sales and higher cost of raw materials.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	393.90	367.65	(6.7 %)
Gross Income	64.29	44.21	(31.2 %)
Operating Income	5.53	(11.43)	(306.6 %)
Net Income	(13.42)	(28.91)	(115.4 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.22)	(0.48)	(115.4 %)

In Q2 2021, SPPC swung to net loss after Zakat and tax of SAR 15.4 million, compared to a profit of SAR 1.5 million in Q2 2020, due to lower gross profit.

On a sequential basis, Q2 net loss narrowed from SAR 13.6 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	199.63	194.21	(2.7 %)
Gross Income	37.40	21.34	(42.9 %)
Operating Income	8.58	(6.26)	(172.9 %)
Net Income	1.49	(15.35)	(1128.3 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.02	(0.26)	(1128.3 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	173.44	194.21	12.0 %
Gross Income	22.87	21.34	(6.7 %)
Operating Income	(5.17)	(6.26)	(20.9 %)
Net Income	(13.56)	(15.35)	(13.2 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.23)	(0.26)	(13.2 %)

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