Filling and Packing Materials Manufacturing Co. (FIPCO) reported a net profit after Zakat and tax of SAR 3.5 million in the first nine months of 2022, against a net loss of SAR 10.2 million in the year-ago period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 162.27 | 196.66 | 21.2 % |
| Gross Income | 19.73 | 30.36 | 53.9 % |
| Operating Income | (5.39) | 4.84 | 189.8 % |
| Net Income | (10.19) | 3.51 | 134.4 % |
| Average Shares | 11.50 | 11.50 | - |
| EPS (Riyals) | (0.89) | 0.30 | 134.4 % |
The profit was driven by higher gross profit resulting from increased turnover as well as improved profit margins of the parent company.
Meanwhile, the company saw a decline in expected credit losses provision on the application of IFRS 9. The profit was also triggered by higher realized and un-realized gains of investments at fair value and higher other revenue.
In Q3 2022, the company reported a net profit after Zakat and tax of SAR 2.3 million, from a loss of 3.4 million in Q3 2021.
Compared to Q2 2022, net profit rose 150% from SAR 890,000.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 54.93 | 62.51 | 13.8 % |
| Gross Income | 5.94 | 10.78 | 81.4 % |
| Operating Income | (1.60) | 3.67 | 330.0 % |
| Net Income | (3.44) | 2.25 | 165.3 % |
| Average Shares | 11.50 | 11.50 | - |
| EPS (Riyals) | (0.30) | 0.20 | 165.3 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 71.28 | 62.51 | (12.3 %) |
| Gross Income | 10.96 | 10.78 | (1.7 %) |
| Operating Income | 0.59 | 3.67 | 518.0 % |
| Net Income | 0.89 | 2.25 | 152.9 % |
| Average Shares | 11.50 | 11.50 | - |
| EPS (Riyals) | 0.08 | 0.20 | 152.9 % |
Shareholders’ equity, no minority interest, rose to SAR 123.6 million as of Sept. 30, 2022, from SAR 118.5 million in the year-earlier period.
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