Riyadh – Mubasher: Saudi Printing and Packaging on Wednesday has said that net losses after calculating Zakat and Tax increased by 158.3% to SAR 11.83 million ($3.15 million) by the end of the third quarter of 2018, from SAR 4.58 million ($1.22 million) in Q3-17.

The company attributed the loss growth to a rise in prices of raw materials in printing and packaging sectors, in addition to an increase in financing costs, according to a statement to the Saudi Stock Exchange (Tadawul).

Revenues rose 9.8% to SAR 276.34 million in Q3-18, from SAR 251.48 million during the same three months last year.

Quarter-on-quarter, losses levelled up 285.34% during the three-month period ended September, from SAR 3.07 million.

During the first nine months this year, the firm’s losses went up 1.1% to SAR 33.56 million, from SAR 33.19 million in the year-ago period.

Sales fell 1.5% to SAR 735.02 million from January to September, compared to SAR 746.87 million in the same month a year before.

By 10:39 am Saudi time, Saudi Printing and Packaging’s stock rose 0.14% to hit SAR 14.10.