Saudi Printing and Packaging Co. incurs SAR 71 million in losses during Q2, an increase of 253%

The Saudi Printing and Packaging Co. recorded losses of 71 million riyals during the second quarter, compared to losses of 20 million riyals in the same quarter of last year, an increase of 253%. This came after today’s announcement of the preliminary financial results for the period ending on June 30, 2024 (6 months).

The operating loss amounted to 54 million riyals in the second quarter, compared to losses of 6 million riyals in the same quarter of the previous year, an increase of 815%.

The net loss in the 6-month period amounted to 94 million riyals, compared to losses of 35 million riyals in the same period last year, an increase of 165%.

The loss per share in the current period amounted to 1.56 riyals, compared to 0.59 riyals in the same period last year.

The company said in a statement today on “Tadawul” that the main reason for the decrease in revenues during the current quarter compared to the same quarter of the previous year is due to the decrease in revenues in the packaging sector due to the decrease in raw material prices, which was reflected in selling prices. In addition, the printing sector witnessed a decrease in revenues due to the failure to obtain some planned projects.