Saudi Printing widens losses to SAR 132.3M in 2023, SAR 75M in Q4

21/03/2024 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC) slid into a deeper loss of SAR 132.3 million in 2023, compared to a loss of SAR 9.2 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,000.09	779.16	(22.1 %)
Gross Income	142.39	82.44	(42.1 %)
Operating Income	19.71	(37.31)	(289.3 %)
Net Income	(9.22)	(132.30)	(1,335.0 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.15)	(2.21)	(1,335.0 %)

The losses were ascribed to a decrease in revenue, compared to 2022 amid lower revenue from the printing and packaging segments as the company did not win some planned projects.

SPPC also reported higher banking fees and goodwill impairment.

The company widened Q4 2023 net losses to SAR 75 million from SAR 2.9 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	232.29	172.08	(25.9 %)
Gross Income	32.07	13.19	(58.9 %)
Operating Income	5.72	(22.23)	(488.8 %)
Net Income	(2.97)	(74.96)	(2,419.6 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.05)	(1.25)	(2,419.6 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	204.26	172.08	(15.8 %)
Gross Income	18.43	13.19	(28.4 %)
Operating Income	(7.61)	(22.23)	(192.3 %)
Net Income	(21.91)	(74.96)	(242.1 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.37)	(1.25)	(242.1 %)

Shareholders’ equity, no minority interest, reached SAR 501.44 million as of Dec. 31, 2023, compared to SAR 637.94 million in the year-earlier period.

Accumulated losses reached SAR 101.05 million by the end of the 12-month period, representing 16.84% of the company’s capital.

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