Financial Results : Saudi Printing widens net loss to SAR 46.7 mln in 9M 2021

Saudi Printing widens net loss to SAR 46.7 mln in 9M 2021

08/11/2021 Argaam Exclusive

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Saudi Printing and Packaging Co. widened its net loss after Zakat and tax to SAR 46.7 million for the first nine months of 2021, from SAR 11.6 million in the same period a year earlier.

 

The company attributed the increase in net loss to lower sales and higher cost of raw materials.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 598.35 571.26 (4.5 %)
Gross Income 101.59 63.35 (37.6 %)
Operating Income 14.07 (20.17) (243.3 %)
Net Income (11.60) (46.66) (302.4 %)
Average Shares 60.00 60.00 -
EPS (Riyals) (0.19) (0.78) (302.4 %)

The company turned into a net loss after Zakat and tax of SAR 17.8 million in Q3 2021, compared to a profit of SAR 1.8 million in the same quarter last year, due to due to higher cost of raw materials.

 

On a quarterly basis, the company widened its losses in Q3 2021 compared to a loss of SAR 15.4 million in Q2 2021.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 204.45 203.61 (0.4 %)
Gross Income 38.23 19.14 (49.9 %)
Operating Income 8.54 (8.74) (202.4 %)
Net Income 1.82 (17.75) (1073.2 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.03 (0.30) (1073.2 %)

Accumulated losses stood at SAR 52.8 million as of Sept. 30, 2021, representing 8.8% of the company’s SAR 600 million capital.

 

Total shareholders’ equity reached SAR 655.5 million at the end of September 2021, declining from SAR 712.3 million in the same period last year.

 

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