Saudi Printing and Packaging Company is on the Rebound

Saudi Printing and Packaging Company announced its annual financial results for 2020, reducing its losses by 47%.

The company said that its losses amounted to 20.54 million riyals, compared to 38.76 million riyals during the same period last year.

The main reason for the decrease in the gross profit is the decrease in sales, and the increase in operating profit is due to the reduction of selling and marketing expenses and general and administrative expenses.

Sales during 2020 amounted to 767.69 million riyals compared to 924.34 million riyals for the same period of the previous year, a decrease of 16.95%.

Shareholders’ equity during the current period amounted to 702.74 million riyals compared to 0723.9 million riyals for the same period of the previous year, a decrease of 2.92%.

Accumulated losses amounted to 6.14 million riyals, which represents 1.02% of the capital.

The total comprehensive loss during the current period amounted to 21.16 million riyals compared to 31.21 million riyals for the same period of the previous year, with a decrease of 32.19%.