Saudi Printing and Packaging Co. (SPPC) slid into a deeper loss of SAR 132.3 million in 2023, compared to a loss of SAR 9.2 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,000.09 | 779.16 | (22.1 %) |
| Gross Income | 142.39 | 82.44 | (42.1 %) |
| Operating Income | 19.71 | (37.31) | (289.3 %) |
| Net Income | (9.22) | (132.30) | (1,335.0 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.15) | (2.21) | (1,335.0 %) |
The losses were ascribed to a decrease in revenue, compared to 2022 amid lower revenue from the printing and packaging segments as the company did not win some planned projects.
SPPC also reported higher banking fees and goodwill impairment.
The company widened Q4 2023 net losses to SAR 75 million from SAR 2.9 million in the prior-year period.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 232.29 | 172.08 | (25.9 %) |
| Gross Income | 32.07 | 13.19 | (58.9 %) |
| Operating Income | 5.72 | (57.23) | (1100.7 %) |
| Net Income | (2.97) | (74.96) | (2,419.6 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.05) | (1.25) | (2,419.6 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 204.26 | 172.08 | (15.8 %) |
| Gross Income | 18.43 | 13.19 | (28.4 %) |
| Operating Income | (7.61) | (57.23) | (652.5 %) |
| Net Income | (21.91) | (74.96) | (242.1 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.37) | (1.25) | (242.1 %) |
Shareholders’ equity, no minority interest, reached SAR 501.44 million as of Dec. 31, 2023, compared to SAR 637.94 million in the year-earlier period.
Accumulated losses reached SAR 101.05 million by the end of the 12-month period, representing 16.84% of the company’s capital.
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