Financial Results : Saudi Printing widens losses to SAR 131.4M in 9M 2024; Q3 at SAR 37.7M

Saudi Printing widens losses to SAR 131.4M in 9M 2024; Q3 at SAR 37.7M

30/10/2024 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC) widened its net losses to SAR 131.4 million in the first nine months of 2024, from SAR 57.4 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 607.08 541.69 (10.8 %)
Gross Income 69.25 40.90 (40.9 %)
Operating Income (15.08) (85.90) (469.8 %)
Net Income (57.35) (131.40) (129.1 %)
Average Shares 60.00 60.00 -
EPS (Riyals) (0.96) (2.19) (129.1 %)

SPPC attributed the nine-month performance to lower packaging segment revenues due to a decrease in selling prices, in addition to the reduction of some printing segment operations.

 

The company also cited a fall in the value of property, equipment, and unproductive spare parts inventory in the printing sector by SAR 30.46 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 204.26 180.38 (11.7 %)
Gross Income 18.43 11.38 (38.2 %)
Operating Income (7.61) (22.56) (196.6 %)
Net Income (21.91) (37.66) (71.9 %)
Average Shares 60.00 60.00 -
EPS (Riyals) (0.37) (0.63) (71.9 %)

In Q3 2024, losses also increased to SAR 37.7 million from SAR 21.9 million in Q3 2023, primarily due to lower revenues.

Sequentially, SPPC narrowed losses from SAR 71.12 million in Q2 2024.

Total shareholders’ equity, no minority interest, fell to SAR 370.08 million as of Sept. 30, 2024, from SAR 580.58 million a year earlier.

Accumulated losses stood at SAR 232.4 million at the end of the nine-month period representing 38.7% of capital.

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