Riyadh – Mubasher: Saudi Printing and Packaging Company incurred net losses after Zakat and tax worth SAR 6.24 million in the first nine months (9M) of 2022, an annual plunge of 86.63% from SAR 46.66 million.
Revenues jumped by 34.41% year-on-year (YoY) to SAR 767.81 million during the January-September 2022 period, compared to SAR 571.25 million, according to the interim income statements.
Furthermore, the loss per share plummeted to SAR 0.10 in 9M-22 from SAR 0.79 in 9M-21.
The accumulated losses amounted to SAR 72.84 million as of 30 September 2022, accounting for 12.14% of the SAR 600 million capital.
In the third quarter (Q3) of 2022, the company’s net losses after Zakat and tax reached SAR 3.86 million, higher by 78.25% than SAR 17.75 million.
The revenues increased by 28.25% YoY to SAR 261.14 million in Q3-22 from SAR 203.61 million.
On a quarterly basis, the firm turned to net losses in Q3-22, against profits of SAR 900,000 in Q2-22.
Meanwhile, the Q3-22 revenues declined by 3.37% from SAR 270.24 million in Q2-22.
In the first half (H1) of 2022, Saudi Printing posted a 91.76% drop in net losses to SAR 2.38 million, compared to SAR 28.90 million in H1-21.
