Riyadh – Mubasher: Saudi Printing and Packaging Company registered net losses after Zakat and tax worth SAR 17.75 million in the third quarter (Q3) of 2021, against profits amounting to SAR 1.82 million in Q3-20.
The company attributed the main reason behind turning to losses in Q3-21 to a decrease in gross profits resulting from an increase in the cost of raw materials, according to the financial results on Tuesday.
On a quarterly basis, the net losses in Q3-21 deepened by 15.6% from SAR 15.35 million in Q2-21, while the revenues grew by 4.8% from SAR 194.21 million.
During the first nine months of 2021, Saudi Printing incurred SAR 46.66 million net losses that were year-on-year (YoY) higher by 302.5% than SAR 11.59 million.
The loss per share widened to SAR 0.79 at the end of September 2021 from SAR 0.19 in the same period a year earlier.
Sales shrank by 4.5% YoY to SAR 571.25 million in January-September 2021 from SAR 598.34 million.
At the end of the nine-month period this year, the accumulated losses of Saudi Printing reached SAR 52.8 million, representing 8.8% of the SAR 600 million capital.
