FIPCO’s 9M net profit up 40% to SAR 4.9 mln; Q3 at SAR 3.7 mln

Filing and Packing Materials Manufacturing Co. (FIPCO) reported a net profit of SAR 4.9 million in the first nine-month period of 2023, an increase of 40% year-on-year (YoY) from SAR 3.5 million in a year-earlier period.

The company attributed the rise to an increase in gross profit, which resulted from the variation in product mix and improved profit margins. Sales, however, saw a slight decrease during the nine-month period.

FIPCO also cited lower selling and marketing expenses and decreased zakat provisions.

In the third quarter of 2023, net profit jumped 64% YoY to SAR 3.7 million from SAR 2.25 million.

The rise in Q3 2023 profits was driven by an increase in gross profit resulted from the variation in product mix and improved profit margins. Sales decreased slightly in the three-month period.

The company also cited lower banking charges and higher other income.

On a sequential basis, Q3 net profit soared from SAR 0.06 million.

Total shareholders’ equity, no minority interest, reached SAR 136.9 million as of Sept. 30, 2023, compared to SAR 123.6 million in a year-earlier period.

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