Riyadh – Mubasher: Saudi Printing and Packaging on Wednesday has reported net losses amounting to SAR 15.8 million in the first quarter of 2017, against net profits of SAR 3.8 million in the same quarter of 2016.
The company’s losses in Q1 were due to the decline in sales values, net profit margin in some products, and prices of raw materials, according to a bourse statement.
Quarter-on-quarter, losses shrank by 42.34% in Q1-17, compared to Q4-16.
Total sales fell by 4.7% to reach SAR 242 million in Q1-17, compared to SAR 254 million in Q1-16.
The company had previously posted net losses amounting to SAR 34.9 million in 2016, compared to net losses of SAR 21.6 million in 2015.
