A Saudi company reveals that quarterly losses have more than doubled.

The Saudi Company for Printing and Packaging announced in a disclosure to the Saudi stock exchange (Tadawul), issued on Wednesday, an increase in net quarterly losses by 71.884% at the end of the third quarter to 37.66 million riyals, after the company incurred losses amounting to 21.91 million riyals during the same period last year.

Additionally, the quarterly losses for the printing and packaging company increased during the first nine months of the year by 129.119% to losses of 131.4 million riyals, after the company suffered losses of 57.35 million riyals in the same period of 2023.

At the same time, the losses per share rose to 2.19 riyals, up from a loss of 0.96 riyals per share, due to a decline in the company’s revenues resulting from falling raw material prices, which reflected on selling prices. The printing and packaging company also incurred expected credit losses alongside increased financing expenses.

With the closing of the Saudi stock exchange today, the share of the Saudi Company for Printing and Packaging (TADAWUL: 4270) dropped by 3.03% to 13.44 riyals.