Riyadh – Mubasher: The Saudi Printing and Packaging Company reported SAR 1.82 million in net profits for the July-September period of this year, a plunge of 32.8% when compared to SAR 2.71 million in the same quarter in 2019.

This drop was driven by lower revenue, attributed to the COVID-19 pandemic, in addition to the formation of an additional provision to meet the expected credit losses of receivables, according to a bourse disclosure on Wednesday.

Third-quarter revenue tumbled by 19% on a yearly basis to SAR 204.45 million.

Over the first nine months of the year, the company’s losses dropped by 65.9% yearly to SAR 11.59 million.