Riyadh — Mubasher: The net losses of Saudi Printing and Packaging Company dropped by 48.59% to SAR 49.40 million in the first nine months (9M) of 2026 from SAR 96.09 million in 9M-25.
The reduction in losses was primarily driven by a non-recurring gain of SAR 31.35 million from converting loans into equity, alongside lower financing costs and reduced losses from discontinued operations.
Total revenues fell by 26.37% to SAR 306.98 million from SAR 416.90 million a year earlier. The company attributed the decline to lower demand and geopolitical developments affecting the packaging and printing sectors.
For the third quarter (Q3), revenue hit SAR 107.14 million, reflecting an annual fall of 10.98%.
The company’s auditors issued an unmodified opinion but included a material uncertainty paragraph regarding going concern.
Accumulated losses reached SAR 638.23 million, representing 97.88% of the SAR 652.07 million capital.
Current liabilities exceeded current assets by SAR 367.10 million as of 30 September 2026.
Following the end of the period, shareholders approved a capital reduction to SAR 68.97 million on 26 October to extinguish SAR 583.10 million in accumulated losses.
