Saudi Printing and Packaging Co. (SPPC) widened Q1 2024 net losses to SAR 22.6 million, from SAR 15.3 million in the prior-year period, due to lower revenues, along with higher cost of sales and financing expenses.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 210.93 | 186.90 | (11.4 %) |
| Gross Income | 28.60 | 19.78 | (30.8 %) |
| Operating Income | (1.62) | (9.80) | (503.1 %) |
| Net Income | (15.32) | (22.62) | (47.7 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.26) | (0.38) | (47.7 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 172.08 | 186.90 | 8.6 % |
| Gross Income | 13.19 | 19.78 | 49.9 % |
| Operating Income | (22.23) | (9.80) | 55.9 % |
| Net Income | (74.96) | (22.62) | 69.8 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (1.25) | (0.38) | 69.8 % |
Sequentially, the company narrowed its losses from SAR 74.96 million in Q4 2023. This was driven by higher revenues, in addition to lower financing, general and administrative expenses, as well as higher other revenues.
Shareholders’ equity, no minority interest, declined to SAR 478.86 million as of March 31, 2024, from SAR 622.61 million a year earlier.
Accumulated losses stood at SAR 1.23 billion as of March 31, 2024, representing 20.61% of the company’s capital.
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