Financial Results : Saudi Printing deepens Q1 2024 loss to SAR 22.6M

Saudi Printing deepens Q1 2024 loss to SAR 22.6M

09/05/2024 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC) widened Q1 2024 net losses to SAR 22.6 million, from SAR 15.3 million in the prior-year period, due to lower revenues, along with higher cost of sales and financing expenses.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 210.93 186.90 (11.4 %)
Gross Income 28.60 19.78 (30.8 %)
Operating Income (1.62) (9.80) (503.1 %)
Net Income (15.32) (22.62) (47.7 %)
Average Shares 60.00 60.00 -
EPS (Riyals) (0.26) (0.38) (47.7 %)

Sequentially, the company narrowed its losses from SAR 74.96 million in Q4 2023. This was driven by higher revenues, in addition to lower financing, general and administrative expenses, as well as higher other revenues.  

 

Shareholders’ equity, no minority interest, declined to SAR 478.86 million as of March 31, 2024, from SAR 622.61 million a year earlier.

 

Accumulated losses stood at SAR 1.23 billion as of March 31, 2024, representing 20.61% of the company’s capital.

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