Saudi Printing incurs higher losses in Q1-24; accumulated losses unveiled

Saudi Printing incurs higher losses in Q1-24; accumulated losses unveiled

Riyadh – Mubasher: Saudi Printing and Packaging Company generated an annual increase of 47.65% in net loss to SAR 22.62 million during the first quarter (Q1) of 2024, compared to SAR 15.32 million. Revenues dropped by 11.39% to SAR 186.90 million in January-March 2024 from SAR 210.93 million in Q1-23, according to the interim financial results. Loss per share hit SAR 0.38 in the first three months (3M) of 2024, higher than SAR 0.26 a year earlier. Quarterly, the Q1-24 net profits shrank by 69.82% from SAR 74.96 million in Q4-23, while the revenues climbed by 8.61% from SAR 172.08  million. Accumulated Losses The company reported accumulated losses valued at SAR 123.67 million as of 31 March 2024, accounting for 20.61% of the SAR 600 million capital. As of 31 December 2023, the company witnessed 1,334% YoY higher net losses at SAR 132.30 million, compared to SAR 9.22 million.

Saudi Printing incurs higher losses in Q1-24; accumulated losses unveiled