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.
| 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.
| 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) | (23.08) | (294.8 %) |
| Net Income | (20.12) | (71.12) | (253.4 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.34) | (1.19) | (253.4 %) |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 186.90 | 174.45 | (6.7 %) |
| Gross Income | 19.78 | 9.74 | (50.7 %) |
| Operating Income | (9.80) | (23.08) | (135.6 %) |
| Net Income | (22.62) | (71.12) | (214.4 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.38) | (1.19) | (214.4 %) |
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.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}