FIPCO turns to profit of SAR 3.5 mln in 9M 2022; Q3 at SAR 2.3 mln

31/10/2022 Argaam Exclusive

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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %

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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Share Price

Filing and Packing Materials Manufacturing Co.
48.00
2.20 4.80 %

Filing and Packing Materials Manufacturing Co. (FIPCO)

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Financial Ratios
Current
Market Cap (M Riyal) 552.00
Enterprise Value (EV) (M) 603.47
Shares Outstanding ((M)) 11.50
EPS ( Riyal) (TTM) 0.91
Book Value (BV) ( Riyal) 12.80
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 3.75
Return on Average Assets (%) (TTM) 3.7
Return on Average Equity (%) (TTM) 7.4
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