Saudi Printing & Packaging Co. Shows Huge Drop in Net Loss
The Saudi Printing & Packaging Co. has announced its annual financial results for 2022, showing a huge drop in net loss, after zakat and tax, by 84.4% ending 31 December, 2022, to 9.2 million riyals, as compared to 59.3 million riyals in the year-earlier period.
The operating profit amounted to 19.7 million riyals ending 2022, compared to a loss of 23.1 million riyals in the previous year.
The total shareholders’ equity without minority rights dipped 0.59% year-on-year (YoY) to 637.9 million riyals ending 2022, as compared to 641.7 million riyals.
The loss per share was 0.15 riyals in 2022 as compared to the previous year’s 0.99 riyals.
The Riyadh-based company stated that the main reason for the increase in gross-profit was improved sales and a decrease in net loss during FY22, compared to the net loss in the year-earlier period. Sales were up 27.62% to 1000.09 million riyals in 2022, compared to 783.64 million riyals for the same period in the previous year.
Established in 1963, Al Madinah Al Munawwarah Printing & Publishing Co. was renamed as Saudi Printing & Packaging Company in 2007. Major newspapers including Arab News, Asharq Al-Awsat, Al Eqtisadiah, Al Riyadh, and Al-Watan, and several periodicals are printed from the company’s state-of-the-art printing presses in Dammam, Jeddah, and Riyadh.
Besides printing, Saudi Printing & Packaging Co. has diversified into packaging and plastics with factories in Jeddah and Medina in Saudi Arabia, and Abu Dhabi and Sharjah in the UAE.
