Riyadh – Mubasher: Saudi Printing and Packaging on Thursday posted a 98.23% drop in its net profit in the second quarter of 2016 to SAR 500,000 ($133,300), compared to SAR 28.2 million ($7.5 million) in Q2-15.
“The main reason for decrease in gross profit is mainly attributed to lower sales, due to economic conditions in some external markets that the company deal with,” the statement said.
Lower selling prices, operating profit and higher general and administrative expenses also contributed to the profit decline, according to a bourse filing.
The Saudi-listed company’s net profit tumbled 88.94% to SAR 4.4 million in the first half of 2016 from SAR 39.8 million in H1-15.
