Saudi Printing and Packaging Co. (SPPC) narrowed net losses after Zakat and tax to SAR 2.4 million in the first half of 2022, from SAR 28.9 million in the year-earlier period, thanks to an increase in revenue, compared to H1 2021, in addition to a decrease in the costs of revenues.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 367.65 | 506.66 | 37.8 % |
| Gross Income | 44.21 | 74.69 | 68.9 % |
| Operating Income | (11.43) | 10.30 | 190.1 % |
| Net Income | (28.91) | (2.38) | 91.8 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.48) | (0.04) | 91.8 % |
In Q2 2022, SPPC turned to a net profit after Zakat and tax of SAR 900,000, from a net loss of SAR 15.35 million in the corresponding period of 2021, backed by topline growth and lower cost of revenue.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 194.21 | 270.24 | 39.1 % |
| Gross Income | 21.34 | 40.49 | 89.8 % |
| Operating Income | (6.26) | 10.23 | 263.6 % |
| Net Income | (15.35) | 0.90 | 105.9 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.26) | 0.02 | 105.9 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 236.42 | 270.24 | 14.3 % |
| Gross Income | 34.20 | 40.49 | 18.4 % |
| Operating Income | 0.06 | 10.23 | 16406.5 % |
| Net Income | (3.28) | 0.90 | 127.4 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.05) | 0.02 | 127.4 % |
In Q1 2022, the company incurred a net loss of SAR 3.28 million.
Total shareholders’ equity, after minority interest, decreased to SAR 639.36 million as of June 30, 2022, from SAR 673.26 million a year earlier.
Accumulated losses stood at SAR 68.9 million, or 11.5% of the company’s capital by the end of the six-month period.
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