Saudi Printing’s accumulated losses reach 36.37% of capital

Logo of Saudi Printing and Packaging Co. 

Saudi Printing and Packaging Co. said accumulated losses reached SAR 218.21 million, or 36.37% of its capital, based on the interim financial results for August 2024.

These results were finalized on Sept. 18, 2024, the company said in a statement to Tadawul.

The losses were mainly attributed to a decline in sales across the printing and packaging segments due to challenging market conditions, negatively impacted revenues.

Additionally, the company recorded an impairment of SAR 30.46 million related to property, plant, equipment, and unproductive spare parts inventory in the printing sector. Increased financing costs further contributed to the financial challenges.

Saudi Printing is implementing several initiatives to improve its financial position, including expanding its product range and adding new production lines to boost sales.

The company is also consolidating packaging operations to enhance production efficiency and reduce costs, restructuring the printing segment to lower expenses and reducing bank loans to decrease financing costs.

The procedures and instructions related to Tadawul-listed companies whose accumulated losses reach 20% or more of capital will be applied.