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

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 %)

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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 285.53 4.6 % 59.64 3.3 % 21.44 (19.1 %)
Q2 2014 327.40 17.1 % 68.59 8.3 % 23.11 (24.4 %)
Q3 2014 316.65 7.8 % 57.85 (4.1 %) 14.86 (42.4 %)
Q4 2014 303.01 2.5 % 58.66 9.7 % 9.25 (32.1 %)
Q1 2015 282.77 (1.0 %) 61.95 3.9 % 13.03 (39.2 %)
Q2 2015 291.81 (10.9 %) 68.07 (0.8 %) 25.06 8.4 %
Q3 2015 257.88 (18.6 %) 55.98 (3.2 %) 8.61 (42.0 %)
Q4 2015 275.30 (9.1 %) 46.35 (21.0 %) (9.96) (207.7 %)
Q1 2016 254.40 (10.0 %) 55.46 (10.5 %) 10.50 (19.4 %)
Q2 2016 259.38 (11.1 %) 55.65 (18.2 %) 11.82 (52.8 %)
Q3 2016 251.33 (2.5 %) 40.49 (27.7 %) (0.34) (103.9 %)
Q4 2016 240.29 (12.7 %) 37.63 (18.8 %) (15.92) (59.8 %)
Q1 2017 242.31 (4.8 %) 40.33 (27.3 %) (3.67) (134.9 %)
Q2 2017 253.08 (2.4 %) 40.06 (28.0 %) 2.63 (77.8 %)
Q3 2017 251.48 0.1 % 41.74 3.1 % 7.18 2223.4 %
Q4 2017 244.81 1.9 % 35.16 (6.6 %) (5.35) 66.4 %
Q1 2018 202.57 (16.4 %) 25.02 (38.0 %) (6.05) (65.1 %)
Q2 2018 256.11 1.2 % 37.75 (5.8 %) 6.25 137.8 %
Q3 2018 276.34 9.9 % 30.63 (26.6 %) 0.39 (94.6 %)
Q4 2018 283.47 15.8 % 30.51 (13.2 %) (3.48) 35.0 %
Q1 2019 202.04 (0.3 %) 21.16 (15.4 %) (8.75) (44.6 %)
Q2 2019 237.62 (7.2 %) 29.23 (22.6 %) (0.44) (107.1 %)
Q3 2019 252.51 (8.6 %) 46.06 50.4 % 15.18 3791.3 %
Q4 2019 232.17 (18.1 %) 34.62 13.5 % 0.97 127.8 %
Q1 2020 194.27 (3.8 %) 26.89 27.1 % (3.05) 65.2 %
Q2 2020 199.63 (16.0 %) 37.40 28.0 % 8.58 2041.0 %
Q3 2020 204.45 (19.0 %) 38.23 (17.0 %) 8.54 (43.7 %)
Q4 2020 169.34 (27.1 %) 25.83 (25.4 %) (0.11) (111.7 %)
Q1 2021 173.44 (10.7 %) 22.87 (14.9 %) (5.17) (69.7 %)
Q2 2021 194.21 (2.7 %) 21.34 (42.9 %) (6.26) (172.9 %)
Q3 2021 203.61 (0.4 %) 19.14 (49.9 %) (8.74) (202.4 %)
Q4 2021 212.38 25.4 % 25.62 (0.8 %) (3.02) (2,571.7 %)
Q1 2022 236.42 36.3 % 34.20 49.5 % 0.06 101.2 %
Q2 2022 270.24 39.1 % 40.49 89.8 % 10.23 263.6 %
Q3 2022 261.15 28.3 % 35.64 86.2 % 3.70 142.3 %
Q4 2022 232.29 9.4 % 32.07 25.1 % 5.72 289.4 %
Q1 2023 210.93 (10.8 %) 28.60 (16.4 %) (1.62) (2719.5 %)
Q2 2023 191.89 (29.0 %) 22.22 (45.1 %) (5.85) (157.1 %)
Q3 2023 204.26 (21.8 %) 18.43 (48.3 %) (7.61) (305.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 9.46 (31.0 %) 0.16 0.40 9.06 0.15
Q2 2014 12.50 (38.1 %) 0.21 - 12.50 0.21
Q3 2014 12.07 (16.3 %) 0.20 - 12.07 0.20
Q4 2014 4.85 659.7 % 0.08 25.13 (20.28) (0.34)
Q1 2015 11.61 22.7 % 0.19 10.30 1.31 0.02
Q2 2015 28.21 125.7 % 0.47 14.68 13.53 0.23
Q3 2015 10.89 (9.8 %) 0.18 16.47 (5.58) (0.09)
Q4 2015 (29.74) (713.7 %) (0.50) (13.20) (16.54) (0.28)
Q1 2016 3.82 (67.1 %) 0.06 5.71 (1.89) (0.03)
Q2 2016 0.39 (98.6 %) 0.01 1.41 (1.02) (0.02)
Q3 2016 (11.51) (205.6 %) (0.19) - (11.51) (0.19)
Q4 2016 (26.16) 12.1 % (0.44) - (26.16) (0.44)
Q1 2017 (15.80) (514.2 %) (0.26) - (15.80) (0.26)
Q2 2017 (12.81) (3385.4 %) (0.21) - (12.81) (0.21)
Q3 2017 (4.58) 60.2 % (0.08) - (4.58) (0.08)
Q4 2017 (36.26) (38.6 %) (0.60) (20.31) (15.96) (0.27)
Q1 2018 (18.66) (18.1 %) (0.31) - (18.66) (0.31)
Q2 2018 (3.07) 76.1 % (0.05) - (3.07) (0.05)
Q3 2018 (11.83) (158.6 %) (0.20) - (11.83) (0.20)
Q4 2018 (20.81) 42.6 % (0.35) - (20.81) (0.35)
Q1 2019 (23.02) (23.4 %) (0.38) - (23.02) (0.38)
Q2 2019 (13.69) (346.6 %) (0.23) - (13.69) (0.23)
Q3 2019 2.71 122.9 % 0.05 - 2.71 0.05
Q4 2019 (4.76) 77.1 % (0.08) 7.42 (12.18) (0.20)
Q1 2020 (14.91) 35.2 % (0.25) - (14.91) (0.25)
Q2 2020 1.49 110.9 % 0.02 - 1.49 0.02
Q3 2020 1.82 (32.6 %) 0.03 - 1.82 0.03
Q4 2020 (8.95) (88.0 %) (0.15) - (8.95) (0.15)
Q1 2021 (13.56) 9.1 % (0.23) - (13.56) (0.23)
Q2 2021 (15.35) (1128.3 %) (0.26) - (15.35) (0.26)
Q3 2021 (17.75) (1073.2 %) (0.30) - (17.75) (0.30)
Q4 2021 (12.64) (41.2 %) (0.21) - (12.64) (0.21)
Q1 2022 (3.28) 75.8 % (0.05) 5.10 (8.38) (0.14)
Q2 2022 0.90 105.9 % 0.02 - 0.90 0.02
Q3 2022 (3.86) 78.2 % (0.06) 3.06 (6.92) (0.12)
Q4 2022 (2.97) 76.5 % (0.05) 0.51 (3.48) (0.06)
Q1 2023 (15.32) (367.0 %) (0.26) - (15.32) (0.26)
Q2 2023 (20.12) (2335.8 %) (0.34) - (20.12) (0.34)
Q3 2023 (21.91) (466.9 %) (0.37) - (21.91) (0.37)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 20.51 % 13.73 % 3.84 %
Q2 2014 20.13 % 12.73 % 3.05 %
Q3 2014 19.55 % 11.82 % 2.80 %
Q4 2014 19.86 % 11.55 % 1.08 %
Q1 2015 20.09 % 10.94 % 0.46 %
Q2 2015 20.64 % 11.57 % 0.56 %
Q3 2015 21.55 % 11.40 % (0.97 %)
Q4 2015 20.98 % 10.00 % (0.66 %)
Q1 2016 20.93 % 10.03 % (0.97 %)
Q2 2016 20.39 % 9.10 % (2.39 %)
Q3 2016 19.03 % 8.58 % (2.98 %)
Q4 2016 18.82 % 8.52 % (4.04 %)
Q1 2017 17.53 % 7.41 % (5.48 %)
Q2 2017 16.06 % 6.54 % (6.71 %)
Q3 2017 16.18 % 7.34 % (6.01 %)
Q4 2017 15.86 % 8.23 % (4.96 %)
Q1 2018 14.91 % 8.18 % (5.46 %)
Q2 2018 14.63 % 8.59 % (4.43 %)
Q3 2018 13.12 % 7.69 % (5.05 %)
Q4 2018 12.17 % 7.46 % (5.34 %)
Q1 2019 11.79 % 7.11 % (5.77 %)
Q2 2019 11.16 % 6.08 % (6.94 %)
Q3 2019 13.01 % 7.61 % (5.62 %)
Q4 2019 14.18 % 8.86 % (5.00 %)
Q1 2020 14.93 % 9.56 % (4.15 %)
Q2 2020 16.50 % 10.40 % (2.61 %)
Q3 2020 16.51 % 9.85 % (2.86 %)
Q4 2020 16.72 % 9.27 % (2.68 %)
Q1 2021 16.65 % 8.37 % (2.57 %)
Q2 2021 14.60 % 6.65 % (4.86 %)
Q3 2021 12.04 % 3.99 % (7.51 %)
Q4 2021 11.35 % 3.51 % (7.57 %)
Q1 2022 11.85 % 3.93 % (6.39 %)
Q2 2022 12.95 % 5.44 % (4.10 %)
Q3 2022 13.87 % 6.44 % (2.76 %)
Q4 2022 14.24 % 7.66 % (1.79 %)
Q1 2023 14.04 % 7.90 % (2.55 %)
Q2 2023 13.22 % 6.96 % (5.12 %)
Q3 2023 12.07 % 6.15 % (7.25 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 60.00 0.75 0.74 14.59
Q2 2014 60.00 0.62 0.61 14.80
Q3 2014 60.00 0.58 0.57 15.00
Q4 2014 60.00 0.65 0.22 15.20
Q1 2015 60.00 0.68 0.09 15.39
Q2 2015 60.00 0.95 0.11 15.86
Q3 2015 60.00 0.93 (0.18) 16.04
Q4 2015 60.00 0.35 (0.12) 15.56
Q1 2016 60.00 0.22 (0.17) 15.49
Q2 2016 60.00 (0.24) (0.42) 15.50
Q3 2016 60.00 (0.62) (0.52) 15.33
Q4 2016 60.00 (0.56) (0.68) 14.90
Q1 2017 60.00 (0.88) (0.91) 14.62
Q2 2017 60.00 (1.10) (1.10) 14.41
Q3 2017 60.00 (0.99) (0.99) 14.33
Q4 2017 60.00 (1.16) (0.82) 13.69
Q1 2018 60.00 (1.21) (0.87) 13.38
Q2 2018 60.00 (1.04) (0.70) 13.32
Q3 2018 60.00 (1.16) (0.83) 13.13
Q4 2018 60.00 (0.91) (0.91) 12.59
Q1 2019 60.00 (0.98) (0.98) 12.19
Q2 2019 60.00 (1.16) (1.16) 11.98
Q3 2019 60.00 (0.91) (0.91) 12.01
Q4 2019 60.00 (0.65) (0.77) 12.07
Q1 2020 60.00 (0.51) (0.63) 11.81
Q2 2020 60.00 (0.26) (0.38) 11.84
Q3 2020 60.00 (0.27) (0.40) 11.87
Q4 2020 60.00 (0.34) (0.34) 11.71
Q1 2021 60.00 (0.32) (0.32) 11.48
Q2 2021 60.00 (0.60) (0.60) 11.22
Q3 2021 60.00 (0.93) (0.93) 10.93
Q4 2021 60.00 (0.99) (0.99) 10.70
Q1 2022 60.00 (0.82) (0.90) 10.64
Q2 2022 60.00 (0.55) (0.63) 10.66
Q3 2022 60.00 (0.31) (0.45) 10.59
Q4 2022 60.00 (0.15) (0.30) 10.63
Q1 2023 60.00 (0.35) (0.41) 10.38
Q2 2023 60.00 (0.70) (0.76) 10.04
Q3 2023 60.00 (1.01) (1.01) 9.68

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 31.88 32.16 1.63
Q2 2014 41.25 41.71 1.72
Q3 2014 45.67 46.21 1.76
Q4 2014 28.86 84.04 1.23
Q1 2015 26.70 More than 100 1.19
Q2 2015 18.93 More than 100 1.13
Q3 2015 15.64 NEG 0.90
Q4 2015 75.25 NEG 1.69
Q1 2016 92.58 NEG 1.31
Q2 2016 NEG NEG 1.25
Q3 2016 NEG NEG 0.76
Q4 2016 NEG NEG 1.35
Q1 2017 NEG NEG 1.17
Q2 2017 NEG NEG 1.00
Q3 2017 NEG NEG 1.62
Q4 2017 NEG NEG 1.47
Q1 2018 NEG NEG 1.43
Q2 2018 NEG NEG 1.47
Q3 2018 NEG NEG 1.30
Q4 2018 NEG NEG 1.29
Q1 2019 NEG NEG 1.32
Q2 2019 NEG NEG 1.17
Q3 2019 NEG NEG 1.08
Q4 2019 NEG NEG 1.08
Q1 2020 NEG NEG 0.88
Q2 2020 NEG NEG 1.11
Q3 2020 NEG NEG 1.73
Q4 2020 NEG NEG 2.10
Q1 2021 NEG NEG 2.14
Q2 2021 NEG NEG 2.78
Q3 2021 NEG NEG 2.45
Q4 2021 NEG NEG 2.05
Q1 2022 NEG NEG 1.91
Q2 2022 NEG NEG 1.47
Q3 2022 NEG NEG 1.57
Q4 2022 NEG NEG 1.65
Q1 2023 NEG NEG 1.76
Q2 2023 NEG NEG 1.83
Q3 2023 NEG NEG 1.74

Business Segments (Million)

Compared With The
Period packing and packaging Printing Other sectors & Investment activities elimination
Q1 2014 235.63 49.90 - -
Q2 2014 269.22 58.18 - -
Q3 2014 262.24 54.42 - -
Q4 2014 244.76 57.97 - -
Q1 2015 235.46 47.31 - -
Q2 2015 236.52 55.29 - -
Q3 2015 221.53 36.35 - -
Q4 2015 204.76 70.54 - -
Q1 2016 208.55 47.30 - (1.45)
Q2 2016 214.83 47.79 - (3.25)
Q3 2016 197.67 57.99 - (4.33)
Q4 2016 188.44 49.00 - -
Q1 2017 197.04 46.58 - (1.31)
Q2 2017 216.03 44.79 - (7.74)
Q3 2017 186.12 70.43 - (5.08)
Q4 2017 179.00 51.68 - -
Q1 2018 176.21 30.72 - (4.36)
Q2 2018 207.48 57.96 - (9.32)
Q3 2018 205.97 76.22 - (5.85)
Q4 2018 196.35 116.63 - (29.51)
Q1 2019 185.95 19.62 - (3.53)
Q2 2019 201.26 43.41 - (7.06)
Q3 2019 192.48 71.83 - (11.79)
Q4 2019 163.90 64.62 - 3.65
Q1 2020 176.92 17.89 - (0.55)
Q2 2020 167.22 46.42 - (14.01)
Q3 2020 155.72 59.97 - (11.24)
Q4 2020 130.68 24.14 - 14.52
Q1 2021 160.94 12.77 - (0.27)
Q2 2021 192.96 13.99 - (12.74)
Q3 2021 186.68 24.11 - (7.19)
Q4 2021 196.77 22.39 - (6.78)
Q1 2022 215.28 27.09 - (5.94)
Q2 2022 234.43 41.12 - (5.31)
Q3 2022 228.27 40.41 - (7.54)
Q4 2022 197.36 42.65 - (7.72)
Q1 2023 199.30 25.03 - (13.40)
Q2 2023 187.53 25.11 - (20.75)
Q3 2023 187.31 38.98 - (22.02)


Financial Ratios
Current
Market Cap (M Riyal) 771.60
Enterprise Value (EV) (M) 1,519.11
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) (3.44)
Book Value (BV) ( Riyal) 6.17
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.08
Return on Average Assets (%) (TTM) (13.54 )
Return on Average Equity (%) (TTM) (43.41 )
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Share Price

Saudi Printing and Packaging Co.
12.86
(0.36) (2.72 %)

Saudi Printing and Packaging Co. (SPPC)

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