Saudi Printing and Packaging Co. (SPPC) narrowed its net loss after Zakat and tax by 70% year-on-year (YoY) to SAR 11.5 million for the first nine months of 2020, on lower finance charges.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 692.17 | 598.35 | (13.6 %) |
| Gross Income | 96.44 | 101.59 | 5.3 % |
| Operating Income | 5.98 | 14.07 | 135.1 % |
| Net Income | (34.00) | (11.60) | 65.9 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.57) | (0.19) | 65.9 % |
The company also cited lower sales costs, selling and marketing expenses, as well as financing costs.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 252.51 | 204.45 | (19.0 %) |
| Gross Income | 46.06 | 38.23 | (17.0 %) |
| Operating Income | 15.18 | 8.54 | (43.7 %) |
| Net Income | 2.71 | 1.82 | (32.6 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.05 | 0.03 | (32.6 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 199.63 | 204.45 | 2.4 % |
| Gross Income | 37.40 | 38.23 | 2.2 % |
| Operating Income | 8.58 | 8.54 | (0.5 %) |
| Net Income | 1.49 | 1.82 | 22.2 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.02 | 0.03 | 22.2 % |
In Q3 2020, the paper manufacturer posted a net profit after Zakat and tax of SAR 1.8 million, a 33% decline YoY, due to lower revenues driven by the COVID-19 pandemic.
On a quarterly basis, the company reported a 22% rise in net profit on higher revenues.
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