Saudi Printing and Packaging Co. — Earnings Release 2014

Feb 23, 2015

Saudi Printing and Packaging Company announces the annual financial results for the period ending on 31-12-2014

4270 · 23/02/2015 08:07:33 · Announcement #37252 · View on Saudi Exchange

Saudi Printing and Packaging Company announces the annual financial results for the period ending on 31-12-2014

Element	Current year	Previous year	% Change
Net profit (loss)	45.4	51.9	-12.52
Earning or loss per share, Riyals	0.76	0.87	-
Gross profit (loss)	244.4	234.8	4.09
Operational profit (loss)	68.4	96.5	-29.12

*All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	The main reason for the decrease in the net profit compared to the same period of last year to an exceptional event, wherein a fire gutted one of the company's warehouses in the United Arab Emirates resulting in damage to the assets' carrying value. The loss amounted to 22.7 million Saudi Riyals, which was resorded in the consolidated income statement for the year ended December 31, 2014. it's worth noting that the group is currently completing the official procedures to finalize the insurance claim.
Reclassifications in annual financial results	Certain figures of the comparative year have been reclassified to conform to the presentation of the current year.
Other notes	The audited annual financial statements experienced few differences from the quarterly reveiwed financial statements that were published on 20/01/2015 as follows: - the other revenues grew by MSR 6.5 as a net result from the difference between the devaluation of the investment property in one of the Group's subsidiaries in the United Arab Emirates and re-calculation of the deferred consideration for one of the pervious shareholders in the same company.

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