Riyadh – Mubasher: The net losses after Zakat and tax of Saudi Printing and Packaging Company enlarged by 1,389% to SAR 35.44 million in the first half (H1) of 2023 from SAR 2.38 million in H1-22.
Revenues stood at SAR 402.82 million during January-June 2023, down 20.50% year-on-year (YoY) from SAR 506.66 million, according to the interim financial results.
Meanwhile, the loss per share hit SAR 0.59 in H1-23, compared to SAR 0.04 in H1-22.
Income Statements for Q2-23
The Saudi firm turned to net losses valued at SAR 20.12 million in the second quarter (Q2) of 2023, against net profits of SAR 900,000 in Q2-22.
The revenues shrank by 28.99% to SAR 191.89 million in the April-June 2023 period, versus SAR 270.24 million a year earlier.
On a quarterly basis, the Q2-23 net losses widened by 31.33% from SAR 15.32 million in Q1-23, while the revenues dropped by 9.03% from SAR 210.93 million.
Accumulated Losses
The accumulated losses amounted to SAR 105.83 million as of 30 June 2023, representing 17.64% of the SAR 600 million capital.
Last year, Saudi Printing incurred net losses after Zakat and tax worth SAR 9.22 million, lower by 84.45% than SAR 59.30 million in 2021.
