SPPC Records Losses of SR3.3 mln during 1Q, down 76%

The Saudi Printing and Packaging Company (SPPC) recorded losses after zakat and tax of SR3.3 million during the first quarter, compared to losses of SR13.5 million during the same quarter of the previous year, a decline of 76%.

This came after SPPC announcement on Monday of the preliminary financial results for the period ending on March 31, 2022 (three months).

As for the operational profit, it amounted to SR0.06 million during the first quarter, compared to a loss of SR5 million during the same quarter of the previous year.

The gross profit amounted to SR34 million during the first quarter, compared to SR23 million during the same quarter of the previous year, a growth of 49%.

The loss per share during the current period amounted to SR0.05, compared to a profit of SR0.022 during the same period of the previous year.

The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:

The main reason for the increase in gross profit during the first quarter of the fiscal year 2022 compared to the same quarter of the previous year is the increase in revenues, and the reason for the decrease in net loss is due to the increase in revenues in addition to the reduction in general and administrative expenses.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is:

The main reason for the decrease in net loss during the first quarter of the fiscal year 2022 compared to the net loss during the previous quarter is the increase in revenues.

Certain figures for the comparison period have been reclassified to conform with the presentation for the current period.

• Total revenues during the current quarter amounted to SR236.42 million, compared to SR173.44 million for the same quarter of the previous year, an increase of 36.31%, and compared to SR212.38 million in the previous quarter, an increase of 31 11%.
• Total shareholders’ equity (after excluding minority interests) at the end of the current quarter amounted to SR638.46 million, compared to SR0.02689 million for the same quarter of the previous year, a decrease of 47.3%, and compared to SR641.74 million at the end of the previous quarter, a decrease of (0.51)%.
• Accumulated losses amounted to SR69.87 million, which represents 11.64% of the capital.