Saudi Printing reports $35mln net losses in 9M-24

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Saudi Printing and Packaging Company incurred net losses worth SAR 131.40 million in the first nine months (9M) of 2024, an annual leap of 129.11% from SAR 57.35 million.

The revenues stood at SAR 541.69 million in January-September 2024, lower by 10.77% than SAR 607.08 million in 9M-23, according to the interim financial statements.

Meanwhile, the loss per share hiked to SAR 2.19 in 9M-24 from SAR 0.96 a year earlier.

Income Results for Q3-24

During the third quarter (Q3) of 2024, the Saudi group reported net losses valued at SAR 37.66 million, an annual hike of 71.88% from SAR 21.91 million.

Saudi Printing posted 11.69% lower revenues at SAR 180.38 million in Q3-24, compared to SAR 204.26 million during the same period in 2023.

Quarter-on-quarter (QoQ), the Q3-24 net losses plummeted by 47.04% from SAR 71.12 million in Q2-24, whereas the revenues grew by 3.39% from SAR 174.45 million.

Accumulated Losses

As of 30 September 2024, the group's accumulated losses reached SAR 232.44 million, equivalent to 38.74% of the share capital.