Saudi Printing widens losses to SAR 57.4 mln in 9M 2023; Q3 at SAR 21.9 mln

01/11/2023 Argaam Exclusive

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Saudi Printing and Packaging Co. widened its net losses to SAR 57.4 million in the first nine months of 2023, from SAR 6.2 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	767.81	607.08	(20.9 %)
Gross Income	110.33	69.25	(37.2 %)
Operating Income	14.00	(15.08)	(207.7 %)
Net Income	(6.24)	(57.35)	(818.4 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.10)	(0.96)	(818.4 %)

SPPC noted lower revenues, higher costs of revenue and increase in financing costs as reasons behind deeper net losses in the nine-month period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	261.15	204.26	(21.8 %)
Gross Income	35.64	18.43	(48.3 %)
Operating Income	3.70	(7.61)	(305.6 %)
Net Income	(3.86)	(21.91)	(466.9 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.06)	(0.37)	(466.9 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	191.89	204.26	6.4 %
Gross Income	22.22	18.43	(17.1 %)
Operating Income	(5.85)	(7.61)	(30.1 %)
Net Income	(20.12)	(21.91)	(8.9 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.34)	(0.37)	(8.9 %)

In Q3 2023, losses dropped to SAR 21.9 million from SAR 3.87 million in Q3 2022.

Sequentially, SPPC widened losses from SAR 20.12 million in Q2 2023 on higher cost of revenue.

Total shareholders’ equity, no minority interest, fell to SAR 580.58 million as of Sept. 30, 2023, from SAR 635.5 million a year earlier.

Accumulated losses stood at SAR 21.91 million at the end of the nine-month period representing 3.7% of capital.

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