FIPCO swings to loss in H1 2019

08/08/2019 Argaam Exclusive

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Filing and Packing Materials Manufacturing Co. (FIPCO) reported a net loss after zakat and tax of SAR 7.3 million for the first half of 2019, compared to a net profit of SAR 1.8 million a year earlier.

The loss was attributed to lower gross profit driven by lower government sales, higher production costs impacted by imposed labor fees, and higher general and administrative (G&A) expenses of subsidiary. Higher sales and marketing expenses was also of impact.

Financials (M)

Item	6m 2018	6m 2019	Change‬
Revenues	79.59	74.86	(5.9 %)
Gross Income	16.33	11.84	(27.5 %)
Operating Income	3.30	(8.86)	(368.7 %)
Net Income	1.82	(7.29)	(499.9 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	0.16	(0.63)	(499.9 %)

The company turned to a net loss of SAR 4.8 million in Q2 2019 versus a net profit of SAR 0.7 million in the same quarter last year, due to lower gross profit driven by lower government sales, higher production costs, and higher G&A, sales and marketing expenses of subsidiary.

When compared to the previous quarter, Q2 losses widened by 92 percent from SAR 2.5 million loss in Q1.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2018	Q2 2019	Change‬
Revenues	43.83	38.14	(13.0 %)
Gross Income	8.28	6.06	(26.7 %)
Operating Income	1.26	(4.62)	(467.8 %)
Net Income	0.70	(4.77)	(786.6 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	0.06	(0.41)	(786.6 %)

Item	Q1 2019	Q2 2019	Change‬
Revenues	36.71	38.14	3.9 %
Gross Income	5.78	6.06	5.0 %
Operating Income	(2.98)	(4.62)	(55.0 %)
Net Income	(2.22)	(4.77)	(115.1 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.19)	(0.41)	(115.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	43.53	27.0 %	9.48	15.5 %	6.28	(13.1 %)	0.55
Q2 2010	40.82	29.9 %	7.00	15.1 %	2.94	(27.3 %)	0.26
Q3 2010	44.90	20.8 %	8.72	11.5 %	5.98	49.0 %	0.52
Q4 2010	41.40	9.7 %	10.45	26.1 %	6.43	42.5 %	0.56
2010	170.65	21.4 %	35.65	17.3 %	21.63	9.3 %	1.88
Q1 2011	43.67	0.3 %	10.57	11.5 %	6.59	5.0 %	0.57
Q2 2011	54.33	33.1 %	7.08	1.1 %	3.84	30.3 %	0.33
Q3 2011	48.57	8.2 %	4.62	(47.0 %)	0.41	(93.2 %)	0.04
Q4 2011	59.27	43.2 %	9.72	(7.0 %)	4.88	(24.0 %)	0.42
2011	205.84	20.6 %	31.99	(10.3 %)	15.72	(27.3 %)	1.37
Q1 2012	52.58	20.4 %	11.62	9.9 %	7.22	9.4 %	0.63
Q2 2012	54.80	0.9 %	11.62	64.1 %	7.24	88.6 %	0.63
Q3 2012	51.69	6.4 %	9.64	108.7 %	5.28	1191.7 %	0.46
Q4 2012	47.58	(19.7 %)	10.15	4.4 %	4.96	1.6 %	0.43
2012	206.65	0.4 %	43.03	34.5 %	24.69	57.1 %	2.15
Q1 2013	56.46	7.4 %	11.90	2.4 %	6.91	(4.2 %)	0.60
Q2 2013	57.13	4.3 %	11.26	(3.1 %)	6.61	(8.6 %)	0.57
Q3 2013	52.00	0.6 %	11.02	14.3 %	5.76	9.0 %	0.50
Q4 2013	48.75	2.5 %	10.34	1.8 %	6.19	25.0 %	0.54
2013	214.34	3.7 %	44.52	3.5 %	25.47	3.2 %	2.22
Q1 2014	48.90	(13.4 %)	11.96	0.5 %	6.93	0.3 %	0.60
Q2 2014	45.27	(20.8 %)	11.01	(2.2 %)	6.54	(1.1 %)	0.57
Q3 2014	50.48	(2.9 %)	10.14	(8.0 %)	5.31	(7.9 %)	0.46
Q4 2014	59.90	22.9 %	10.67	3.2 %	5.49	(11.3 %)	0.48
2014	204.55	(4.6 %)	43.78	(1.7 %)	24.27	(4.7 %)	2.11
Q1 2015	50.37	3.0 %	7.14	(40.3 %)	2.51	(63.8 %)	0.22
Q2 2015	51.89	14.6 %	10.90	(1.0 %)	5.52	(15.6 %)	0.48
Q3 2015	47.83	(5.3 %)	9.94	(2.0 %)	4.71	(11.2 %)	0.41
Q4 2015	41.14	(31.3 %)	7.19	(32.6 %)	0.42	(92.4 %)	0.04
2015	191.24	(6.5 %)	35.17	(19.7 %)	13.15	(45.8 %)	1.14
Q1 2016	45.15	(10.4 %)	9.39	31.7 %	4.54	81.0 %	0.39
Q2 2016	44.36	(14.5 %)	9.40	(13.8 %)	3.90	(29.3 %)	0.34
Q3 2016	30.65	(35.9 %)	4.45	(55.3 %)	0.14	(97.0 %)	0.01
Q4 2016	44.92	9.2 %	6.59	(8.3 %)	2.60	521.0 %	0.23
2016	165.08	(13.7 %)	29.83	(15.2 %)	11.18	(15.0 %)	0.97
Q1 2017	41.19	(8.8 %)	7.74	(17.6 %)	3.18	(29.9 %)	0.28
Q2 2017	40.43	(8.9 %)	6.92	(26.3 %)	0.48	(87.7 %)	0.04
Q3 2017	34.59	12.9 %	6.01	35.2 %	0.51	265.0 %	0.04
Q4 2017	37.39	(16.8 %)	6.64	0.7 %	0.98	(62.3 %)	0.09
2017	153.60	(7.0 %)	27.11	(9.1 %)	5.16	(53.9 %)	0.45
Q1 2018	35.75	(13.2 %)	8.05	4.0 %	1.13	(64.5 %)	0.10
Q2 2018	43.83	8.4 %	8.28	19.6 %	0.70	44.8 %	0.06
Q3 2018	43.90	26.9 %	7.87	31.0 %	0.77	49.7 %	0.07
Q4 2018	40.06	7.1 %	5.08	(23.4 %)	(8.49)	(964.5 %)	(0.74)
2018	163.55	6.5 %	29.28	8.0 %	(5.90)	(214.4 %)	(0.51)
Q1 2019	36.71	2.7 %	5.78	(28.2 %)	(2.22)	(296.5 %)	(0.19)
Q2 2019	38.14	(13.0 %)	6.06	(26.7 %)	(4.77)	(786.6 %)	(0.41)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	140.60	(20.9 %)	30.40	11.2 %	19.79	12.9 %	1.72
2010	170.65	21.4 %	35.65	17.3 %	21.63	9.3 %	1.88
2011	205.84	20.6 %	31.99	(10.3 %)	15.72	(27.3 %)	1.37
2012	206.65	0.4 %	43.03	34.5 %	24.69	57.1 %	2.15
2013	214.34	3.7 %	44.52	3.5 %	25.47	3.2 %	2.22
2014	204.55	(4.6 %)	43.78	(1.7 %)	24.27	(4.7 %)	2.11
2015	191.24	(6.5 %)	35.17	(19.7 %)	13.15	(45.8 %)	1.14
2016	165.08	(13.7 %)	29.83	(15.2 %)	11.18	(15.0 %)	0.97
2017	153.60	(7.0 %)	27.11	(9.1 %)	5.16	(53.9 %)	0.45
2018	163.55	6.5 %	29.28	8.0 %	(5.90)	(214.4 %)	(0.51)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	21.13 %	18.10 %	12.58 %
Q2 2010	20.47 %	16.92 %	11.14 %
Q3 2010	20.06 %	17.15 %	11.81 %
Q4 2010	20.89 %	17.78 %	12.67 %
2010	20.89 %	17.78 %	12.67 %
Q1 2011	21.51 %	18.16 %	12.85 %
Q2 2011	19.98 %	16.82 %	12.39 %
Q3 2011	17.41 %	14.31 %	9.18 %
Q4 2011	15.54 %	12.44 %	7.64 %
2011	15.54 %	12.44 %	7.64 %
Q1 2012	15.39 %	12.20 %	7.61 %
Q2 2012	17.46 %	14.20 %	9.17 %
Q3 2012	19.51 %	16.14 %	11.27 %
Q4 2012	20.82 %	17.69 %	11.95 %
2012	20.82 %	17.69 %	11.95 %
Q1 2013	20.57 %	17.59 %	11.58 %
Q2 2013	20.18 %	17.26 %	11.16 %
Q3 2013	20.80 %	17.60 %	11.37 %
Q4 2013	20.77 %	17.38 %	11.88 %
2013	20.77 %	17.38 %	11.88 %
Q1 2014	21.56 %	18.07 %	12.33 %
Q2 2014	22.74 %	18.95 %	13.04 %
Q3 2014	22.46 %	19.12 %	12.91 %
Q4 2014	21.40 %	18.14 %	11.86 %
2014	21.40 %	18.14 %	11.86 %
Q1 2015	18.91 %	15.64 %	9.63 %
Q2 2015	18.27 %	14.88 %	8.85 %
Q3 2015	18.40 %	14.74 %	8.68 %
Q4 2015	18.39 %	14.15 %	7.66 %
2015	18.39 %	14.15 %	7.66 %
Q1 2016	20.12 %	15.73 %	8.97 %
Q2 2016	20.12 %	15.66 %	8.44 %
Q3 2016	18.86 %	14.69 %	6.51 %
Q4 2016	18.07 %	13.92 %	6.77 %
2016	18.07 %	13.92 %	6.77 %
Q1 2017	17.49 %	11.80 %	6.10 %
Q2 2017	16.35 %	9.00 %	4.07 %
Q3 2017	16.92 %	8.27 %	4.20 %
Q4 2017	17.78 %	7.83 %	3.36 %
2017	17.65 %	7.83 %	3.36 %
Q1 2018	18.64 %	8.25 %	2.09 %
Q2 2018	19.12 %	8.92 %	2.19 %
Q3 2018	19.17 %	8.40 %	2.22 %
Q4 2018	17.90 %	2.67 %	(3.61 %)
2018	17.90 %	2.67 %	(3.61 %)
Q1 2019	16.42 %	(0.22 %)	(5.62 %)
Q2 2019	15.61 %	(4.11 %)	(9.27 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	21.62 %	18.53 %	14.08 %
2010	20.89 %	17.78 %	12.67 %
2011	15.54 %	12.44 %	7.64 %
2012	20.82 %	17.69 %	11.95 %
2013	20.77 %	17.38 %	11.88 %
2014	21.40 %	18.14 %	11.86 %
2015	18.39 %	14.15 %	7.66 %
2016	18.07 %	13.92 %	6.77 %
2017	17.65 %	7.83 %	3.36 %
2018	17.90 %	2.67 %	(3.61 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	21.78 %	19.05 %	14.43 %
Q2 2010	17.15 %	13.46 %	7.21 %
Q3 2010	19.42 %	16.42 %	13.32 %
Q4 2010	25.24 %	22.18 %	15.52 %
Q1 2011	24.20 %	20.52 %	15.10 %
Q2 2011	13.03 %	10.09 %	7.06 %
Q3 2011	9.51 %	6.73 %	0.84 %
Q4 2011	16.40 %	13.31 %	8.23 %
Q1 2012	22.10 %	18.18 %	13.72 %
Q2 2012	21.20 %	17.95 %	13.20 %
Q3 2012	18.66 %	15.41 %	10.22 %
Q4 2012	21.33 %	19.31 %	10.42 %
Q1 2013	21.08 %	17.78 %	12.24 %
Q2 2013	19.71 %	16.70 %	11.57 %
Q3 2013	21.19 %	16.80 %	11.08 %
Q4 2013	21.20 %	18.31 %	12.70 %
Q1 2014	24.45 %	20.77 %	14.17 %
Q2 2014	24.32 %	20.14 %	14.45 %
Q3 2014	20.09 %	17.40 %	10.51 %
Q4 2014	17.81 %	15.11 %	9.17 %
Q1 2015	14.17 %	10.47 %	4.98 %
Q2 2015	21.01 %	16.43 %	10.63 %
Q3 2015	20.78 %	16.93 %	9.85 %
Q4 2015	17.48 %	12.54 %	4.66 %
Q1 2016	20.81 %	16.56 %	10.04 %
Q2 2016	21.18 %	16.28 %	8.79 %
Q3 2016	14.51 %	12.52 %	0.46 %
Q4 2016	14.68 %	9.89 %	5.79 %
Q1 2017	18.79 %	8.53 %	7.72 %
Q2 2017	17.13 %	5.83 %	1.19 %
Q3 2017	17.38 %	8.69 %	1.48 %
Q4 2017	17.76 %	8.44 %	2.63 %
Q1 2018	22.51 %	10.35 %	3.16 %
Q2 2018	18.88 %	8.34 %	1.59 %
Q3 2018	17.93 %	6.86 %	1.74 %
Q4 2018	12.69 %	(15.00 %)	(21.19 %)
Q1 2019	15.73 %	(2.79 %)	(6.04 %)
Q2 2019	15.90 %	(6.56 %)	(12.51 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	11.50	1.64	1.64	11.44
Q2 2010	11.50	1.54	1.54	11.70
Q3 2010	11.50	1.71	1.71	12.22
Q4 2010	11.50	1.88	1.88	12.76
Q1 2011	11.50	1.91	1.91	13.33
Q2 2011	11.50	1.99	1.99	12.59
Q3 2011	11.50	1.50	1.50	12.63
Q4 2011	11.50	1.37	1.37	13.05
Q1 2012	11.50	1.42	1.42	13.68
Q2 2012	11.50	1.72	1.72	13.17
Q3 2012	11.50	2.14	2.14	13.63
Q4 2012	11.50	2.15	2.15	14.06
Q1 2013	11.50	2.12	2.12	14.57
Q2 2013	11.50	2.07	2.07	14.14
Q3 2013	11.50	2.11	2.11	14.64
Q4 2013	11.50	2.22	2.22	15.14
Q1 2014	11.50	2.22	2.22	15.74
Q2 2014	11.50	2.21	2.21	15.17
Q3 2014	11.50	2.17	2.17	15.63
Q4 2014	11.50	2.11	2.11	16.11
Q1 2015	11.50	1.73	1.73	16.32
Q2 2015	11.50	1.64	1.64	15.68
Q3 2015	11.50	1.58	1.58	16.09
Q4 2015	11.50	1.14	1.27	16.13
Q1 2016	11.50	1.32	1.45	16.54
Q2 2016	11.50	1.18	1.31	16.86
Q3 2016	11.50	0.78	0.91	16.87
Q4 2016	11.50	0.97	0.97	15.97
Q1 2017	11.50	0.85	0.85	16.25
Q2 2017	11.50	0.56	0.56	15.80
Q3 2017	11.50	0.59	0.59	15.87
Q4 2017	11.50	0.45	0.45	15.96
Q1 2018	11.50	0.27	0.27	16.06
Q2 2018	11.50	0.29	0.29	16.13
Q3 2018	11.50	0.31	0.31	16.20
Q4 2018	11.50	(0.51)	(0.51)	15.39
Q1 2019	11.50	(0.80)	(0.80)	15.54
Q2 2019	11.50	(1.28)	(1.28)	14.97

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	11.50	1.72	1.72	10.99
2010	11.50	1.88	1.88	12.76
2011	11.50	1.37	1.37	13.05
2012	11.50	2.15	2.15	14.06
2013	11.50	2.22	2.22	15.14
2014	11.50	2.11	2.11	16.11
2015	11.50	1.14	1.27	16.13
2016	11.50	0.97	0.97	15.97
2017	11.50	0.45	0.45	15.96
2018	11.50	(0.51)	(0.51)	15.39

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	21.29	21.29	3.05
Q2 2010	17.04	17.04	2.25
Q3 2010	16.16	16.16	2.27
Q4 2010	15.37	15.37	2.26
Q1 2011	14.10	14.10	2.02
Q2 2011	17.02	17.02	2.68
Q3 2011	22.58	22.58	2.68
Q4 2011	36.58	36.58	3.83
Q1 2012	35.19	35.19	3.66
Q2 2012	21.32	21.32	2.78
Q3 2012	18.97	18.97	2.98
Q4 2012	21.52	21.52	3.29
Q1 2013	22.59	22.59	3.29
Q2 2013	22.36	22.36	3.27
Q3 2013	23.49	23.49	3.38
Q4 2013	23.70	23.70	3.47
Q1 2014	25.15	25.15	3.54
Q2 2014	28.41	28.41	4.14
Q3 2014	31.55	31.55	4.38
Q4 2014	21.83	21.83	2.86
Q1 2015	28.72	28.72	3.04
Q2 2015	29.32	29.32	3.06
Q3 2015	23.12	23.12	2.28
Q4 2015	33.08	29.69	2.35
Q1 2016	25.14	22.88	2.01
Q2 2016	38.07	34.28	2.66
Q3 2016	37.83	32.42	1.75
Q4 2016	36.66	36.66	2.23
Q1 2017	41.70	41.70	2.19
Q2 2017	59.63	59.63	2.10
Q3 2017	58.91	58.91	2.19
Q4 2017	72.52	72.52	2.04
Q1 2018	More than 100	More than 100	2.11
Q2 2018	More than 100	More than 100	2.12
Q3 2018	More than 100	More than 100	2.26
Q4 2018	NEG	NEG	2.26
Q1 2019	NEG	NEG	2.15
Q2 2019	NEG	NEG	2.04

Period	P/E	Adjusted P/E	Price/book
2009	24.23	24.23	3.79
2010	15.37	15.37	2.26
2011	36.58	36.58	3.83
2012	21.52	21.52	3.29
2013	23.70	23.70	3.47
2014	21.83	21.83	2.86
2015	33.08	29.69	2.35
2016	36.66	36.66	2.23
2017	72.49	72.49	2.04
2018	NEG	NEG	2.26

Business Segments (Million)

Compared With The

Period	Products of packing and packaging	Technical textiles

Financial Ratios

	Current
Market Cap (M Riyal)	577.30
Enterprise Value (EV) (M)	623.59
Shares Outstanding ((M))	11.50
EPS ( Riyal) (TTM)	1.12
Book Value (BV) ( Riyal)	12.67
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	44.93
P/E (TTM)	44.93
Price/book	3.96
Return on Average Assets (%) (TTM)	4.3
Return on Average Equity (%) (TTM)	9.2

Filing and Packing Materials Manufacturing Co. (FIPCO)

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FIPCO swings to loss in H1 2019

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q2

Financial Ratios

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Filing and Packing Materials Manufacturing Co. (FIPCO)

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FIPCO swings to loss in H1 2019

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) 2019

Revenue by Business Segment (Latest) 2019 Q2

Financial Ratios

Share Price

Filing and Packing Materials Manufacturing Co. (FIPCO)

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Business Segments (Million)