Saudi Printing cuts H1 2022 net loss to SAR 2.4 mln; logs SAR 900,000 profit in Q2

15/08/2022 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC) narrowed net losses after Zakat and tax to SAR 2.4 million in the first half of 2022, from SAR 28.9 million in the year-earlier period, thanks to an increase in revenue, compared to H1 2021, in addition to a decrease in the costs of revenues.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	367.65	506.66	37.8 %
Gross Income	44.21	74.69	68.9 %
Operating Income	(11.43)	10.30	190.1 %
Net Income	(28.91)	(2.38)	91.8 %
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.48)	(0.04)	91.8 %

In Q2 2022, SPPC turned to a net profit after Zakat and tax of SAR 900,000, from a net loss of SAR 15.35 million in the corresponding period of 2021, backed by topline growth and lower cost of revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	194.21	270.24	39.1 %
Gross Income	21.34	40.49	89.8 %
Operating Income	(6.26)	10.23	263.6 %
Net Income	(15.35)	0.90	105.9 %
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.26)	0.02	105.9 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	236.42	270.24	14.3 %
Gross Income	34.20	40.49	18.4 %
Operating Income	0.06	10.23	16406.5 %
Net Income	(3.28)	0.90	127.4 %
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.05)	0.02	127.4 %

In Q1 2022, the company incurred a net loss of SAR 3.28 million.

Total shareholders’ equity, after minority interest, decreased to SAR 639.36 million as of June 30, 2022, from SAR 673.26 million a year earlier.

Accumulated losses stood at SAR 68.9 million, or 11.5% of the company’s capital by the end of the six-month period.

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