Saudi Printing and Packaging Co. (SPPC) widened Q1 2023 net losses to SAR 15.3 million, from SAR 3.3 million in the prior-year period, due to lower revenues, along with an increase in financing expenses.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 236.42 | 210.93 | (10.8 %) |
| Gross Income | 34.20 | 28.60 | (16.4 %) |
| Operating Income | 0.06 | (1.62) | (2719.4 %) |
| Net Income | (3.28) | (15.32) | (367.0 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.05) | (0.26) | (367.0 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 232.29 | 210.93 | (9.2 %) |
| Gross Income | 32.07 | 28.60 | (10.8 %) |
| Operating Income | 5.72 | (1.62) | (128.4 %) |
| Net Income | (2.97) | (15.32) | (414.9 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | (0.05) | (0.26) | (414.9 %) |
The company slid into a deeper loss in the current quarter, compared to SAR 2.98 million on lower revenues and other income, along with higher financing expenses.
Shareholders’ equity, no minority interest, declined to SAR 622.61 million as of March 31, 2023, from SAR 638.46 million a year earlier.
Accumulated losses stood at SAR 85.71 million as of March 31, 2023, representing 14.29% of the company’s capital.
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