Riyadh – Mubasher: Saudi Printing & Packaging on Tuesday reported narrowing its losses in the fourth quarter of 2016 by 14.5% compared to the same period in 2015.
Losses declined to SAR 25.4 million ($6.77 million) from SAR 29.7 million ($7.922 million) in Q4-15, according to a bourse filing.
The company’s gross profit fell 18.75% year-on-year in Q4-16 to SAR 37.7 million, from SAR 46.4 million.
The year-on-year gross profit decline in Q4-16 was attributed to lower sales due to economic conditions in some external markets that the company deals with, added to a fall in profit margins for some sales.
“The net loss for the current period is attributed to the same stated reasons in decrease of gross profit and decrease in operating profit,” the statement added.
The printing firm’s losses widened by 113.45% in Q4-16, compared to SAR 11.9 million in losses in Q3-16.
Total sales for Q4-16 fell 13% to SAR 240.3 million from SAR 275.3 million in the corresponding period of 2015, Saudi Printing and Packaging revealed.
It noted that total sales for 2016 were also down by 9% to SAR 1.005 billion, compared to SAR 1.107 billion in 2015. Saudi Printing & Packaging previously reported a net profit of SAR 11.9 million in Q3-16, compared to SAR 10.9 million in Q3-15.
