Saudi Printing H1 loss worsens to SAR 35.4 mln; Q2 loss at SAR 20 mln

30/07/2023 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC) increased its net loss to SAR 35.4 million in the first half of 2023, compared to SAR 2.4 million in the year-earlier period, due to lower revenues and higher financing expenses.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	506.66	402.82	(20.5 %)
Gross Income	74.69	50.82	(32.0 %)
Operating Income	10.30	(7.47)	(172.6 %)
Net Income	(2.38)	(35.44)	(1,389.0 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.04)	(0.59)	(1,389.0 %)

In Q2 2023, SPPC turned to a net loss of SAR 20.12 million, against a net profit of SAR 900,000 in the corresponding period of 2022 on lower revenues and higher financing expenses.

Compared with the previous quarter, the company increased its second-quarter loss from SAR 15.32 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	270.24	191.89	(29.0 %)
Gross Income	40.49	22.22	(45.1 %)
Operating Income	10.23	(5.85)	(157.1 %)
Net Income	0.90	(20.12)	(2335.8 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.02	(0.34)	(2335.8 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	210.93	191.89	(9.0 %)
Gross Income	28.60	22.22	(22.3 %)
Operating Income	(1.62)	(5.85)	(260.0 %)
Net Income	(15.32)	(20.12)	(31.4 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.26)	(0.34)	(31.4 %)

Total shareholders’ equity, after minority interest, decreased to SAR 602.49 million as of June 30, 2023, from SAR 639.36 million a year earlier.

Accumulated losses stood at SAR 105.83 million, or 17.64% of the company’s capital by the end of the six-month period.

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