Saudi Printing widens losses to SAR 219.4M in 2024, SAR 88.1M in Q4

Saudi Printing widens losses to SAR 219.4M in 2024, SAR 88.1M in Q4

20/03/2025 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC) slid into a deeper loss of SAR 219.4 million in 2024, compared to a loss of SAR 132.3 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 779.16 721.20 (7.4 %)
Gross Income 67.14 35.74 (46.8 %)
Operating Income (72.31) (156.02) (115.8 %)
Net Income (132.30) (219.41) (65.8 %)
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items (1.60) (3.18) (98.1 %)
EPS (Riyals) (2.21) (3.66) (65.8 %)

The company reported a lower topline as revenues from printing and packaging segments fell. This was due to a reduction in printing activities and the failure to secure some planned projects in the packaging segment during the year.

 

SPPC booked a provision for credit losses in trade receivables and recorded an impairment in fixed assets, inventory, and goodwill.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 172.08 179.51 4.3 %
Gross Income (2.11) (5.16) (144.5 %)
Operating Income (57.23) (70.12) (22.5 %)
Net Income (74.96) (88.05) (17.5 %)
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items (0.65) (1.47) (126.1 %)
EPS (Riyals) (1.25) (1.47) (17.5 %)

The company widened Q4 2024 net losses to SAR 88.1 million from SAR 75 million in the prior-year period.

 

Sequentially, losses grew compared to SAR 37.66 million in Q3 2024.

 

Shareholders’ equity, no minority interest, reached SAR 281.41 million as of Dec. 31, 2024, compared to SAR 501.44 million in the year-earlier period.

 

Accumulated losses reached SAR 321.11 million by the end of the 12-month period, representing 53.52% of the company’s capital.

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