Riyadh – Mubasher: Saudi Printing and Packaging Company incurred net losses of SAR 20.54 million in 2020, down by 47% year-on-year (YoY) from SAR 38.76 million.
The company’s revenues declined by 16.9% to SAR 767.69 million last year, compared to SAR 924.34 million in 2019, according to a bourse disclosure on Tuesday.
The loss decrease was ascribed to lower financing expenses as well as selling and marketing expenses.
The accumulated losses reached SAR 6.14 million as of 31 December 2020, which represents 1.02% of the capital.
During the first nine months of 2020, the company’s net losses shrank 65.9% YoY to SAR 11.59 million.
