Saudi Printing and Packaging Co. (SPPC) increased its net loss to SAR 35.4 million in the first half of 2023, compared to SAR 2.4 million in the year-earlier period, due to lower revenues and higher financing expenses.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 506.66 | 402.82 | (20.5 %) |
| Gross Income | 74.69 | 50.82 | (32.0 %) |
| Operating Income | 10.30 | (7.47) | (172.6 %) |
| Net Income | (2.38) | (35.44) | (1,389.0 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.04) | (0.59) | (1,389.0 %) |
In Q2 2023, SPPC turned to a net loss of SAR 20.12 million, against a net profit of SAR 900,000 in the corresponding period of 2022 on lower revenues and higher financing expenses.
Compared with the previous quarter, the company increased its second-quarter loss from SAR 15.32 million.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 270.24 | 191.89 | (29.0 %) |
| Gross Income | 40.49 | 22.22 | (45.1 %) |
| Operating Income | 10.23 | (5.85) | (157.1 %) |
| Net Income | 0.90 | (20.12) | (2335.8 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.02 | (0.34) | (2335.8 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 210.93 | 191.89 | (9.0 %) |
| Gross Income | 28.60 | 22.22 | (22.3 %) |
| Operating Income | (1.62) | (5.85) | (260.0 %) |
| Net Income | (15.32) | (20.12) | (31.4 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.26) | (0.34) | (31.4 %) |
Total shareholders’ equity, after minority interest, decreased to SAR 602.49 million as of June 30, 2023, from SAR 639.36 million a year earlier.
Accumulated losses stood at SAR 105.83 million, or 17.64% of the company’s capital by the end of the six-month period.
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