Financial Results : Saudi Printing widens losses to SAR 93.7M in H1 2024; Q2 at SAR 71.1M

Saudi Printing widens losses to SAR 93.7M in H1 2024; Q2 at SAR 71.1M

30/07/2024 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC) widened its net losses to SAR 93.7 million in the first six months of 2024, from SAR 35.4 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 402.82 361.35 (10.3 %)
Gross Income 50.82 29.53 (41.9 %)
Operating Income (7.47) (32.87) (340.1 %)
Net Income (35.44) (93.74) (164.5 %)
Average Shares 60.00 60.00 -
EPS (Riyals) (0.59) (1.56) (164.5 %)

SPPC noted lower revenues in the packaging business as raw material prices declined, which reflected in selling prices. In addition, the printing segment witnessed a drop in revenues due to the failure to obtain certain planned projects.

 

The company reported an increase in net loss during the current period, which led to a decrease in the value of property, equipment and the stock of unproduced spare parts in the printing sector amounting to SAR 30.46 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 191.89 174.45 (9.1 %)
Gross Income 22.22 9.74 (56.2 %)
Operating Income (5.85) (53.54) (815.8 %)
Net Income (20.12) (71.12) (253.4 %)
Average Shares 60.00 60.00 -
EPS (Riyals) (0.34) (1.19) (253.4 %)

In Q2 2024, losses deepened to SAR 71.12 million from SAR 20.12 million in Q2 2023.

 

Sequentially, SPPC widened losses from SAR 22.62 million in Q1 2024.

 

Total shareholders’ equity, no minority interest, fell to SAR 407.74 million as of June 30, 2024, from SAR 602.49 million a year earlier.

 

Accumulated losses stood at SAR 194.78 million at the end of the six-month period, representing 32.5% of capital.

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