“Printing and Packaging” is transformed in losses of 17.7 million riyals in the third quarter

Saudi Printing and Packaging Company “Printing and Packaging” reported losses in the third quarter of questyear, with a value of approximately 17.75 million riyals, compared to a net profit of approximately 1.82 million riyals in the same quarter of 2020.

On a quarterly basis, the company’s losses increased by 15.6% in the third quarter of 2021, compared to losses of approximately 15.35 million riyals in the second quarter of 2021.

Saudi Printing and Packaging Company stated in a statement in “Saudi Tadawul”, today, Monday, that the main reason for the increase in net loss during the third quarter of 2021, on an annual basis, is due to the decrease in total profit resulting from the increase in the cost of materials prime.

“Printing and Packaging” losses increased by 302.6% in the first nine months of 2021, to 46.66 million riyals, compared to losses of around 11.59 million riyals in the same period of 2020.

The losses accumulated by the company at the end of the first nine months of questyear amounted to approximately 52.8 million riyals, equal to 8.8% of the capital of 600 million riyals.

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