Saudi Printing and Packaging losses increase to SAR 21.9 million during Q3, by 467.6%

The Saudi Printing and Packaging Co. announced an increase in the net loss after zakat and tax in the third quarter to SAR 21.9 million, compared to SAR 3.8 million in the same quarter of last year, by 467.6%. This came after the announcement on Wednesday of the interim financial results for the period ending 30.09.2023. (nine months).

The operational loss amounted to SAR 7.6 million in the third quarter, compared to a profit of SAR 3.7 million in the same quarter of the previous year.

The company also recorded an increase in net loss after zakat and tax during the 9-month period by SAR 57.3 million, compared to SAR 6.2 million in the same period last year, by 819%.

The loss per share in the current period reached SAR 0.96, compared to SAR 0.1 in the same period last year.

The main reason for the increase in net loss during the current quarter compared to the same quarter of the previous year is the decrease in revenues, an increase in costs of revenue, in addition to an increase in financing costs.

The main reason for the increase in net loss during the current quarter compared to the net loss during the previous quarter is the increase in costs of revenue.

The main reason for the increase in net loss is due to the decrease in revenues for the current period and the increase in costs of revenue compared to the same period of the previous year, in addition to the increase in financing costs.

Additional information:

• Total revenues during the current quarter amounted to SAR 204.26 million, compared to SAR 261.14 million for the same quarter of the previous year, a decrease of 21.78%, and compared to SAR 191.89 million in the previous quarter, an increase of 6.45%.

• The total comprehensive loss during the current quarter amounted to SAR 21.91 million, compared to a comprehensive loss of SAR 3.86 million for the same quarter of the previous year, and compared to a loss of SAR 20.12 million for the previous quarter.

• Total shareholders’ equity (after excluding minority interests) at the end of the current quarter amounted to SAR 580.58 million, compared to SAR 635.5 million for the same quarter of the previous year, a decrease of 8.64%.

• Accumulated losses amounted to SAR 21.91 million, representing 3.7% of the capital.