FIPCO incurs SAR 22.3 mln loss in FY2019

30/03/2020 Argaam Exclusive

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Filling & Packing Materials Manufacturing Co. (FIPCO) widened its net loss after Zakat and tax threefold to reach SAR 22.3 million for fiscal year 2019, compared to SAR 5.9 million a year earlier.

The company attributed the losses to lower gross profit due to increased production expenses as a result of higher labor governmental fees; higher selling and marketing expenses arising from FIPCO’s share in its subsidiary FPC industries Co.; and higher general and administrative expenses (G&As) as the company incurred operating expenses amounting to SAR 15.9 million from FPC.

FIPCO also cited increase in finance charges to SAR 4.3 million due to the capitalization of its subsidiary’s financing costs in 2018 in line with IFRS.

This was partially offset by higher other income arising from the reversal of impairment provision for sold capital assets, in addition to lower provisions for losses on account receivables in line with the adoption of IFRS 9.

Financials (M)

Item	2018	2019	Change‬
Revenues	163.55	164.14	0.4 %
Gross Income	29.28	20.64	(29.5 %)
Operating Income	(2.41)	(22.29)	(826.8 %)
Net Income	(5.90)	(20.26)	(243.3 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.51)	(1.76)	(243.3 %)

In Q4 2019, the company also widened its net loss by 52.9% to SAR 12.98 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	40.06	43.05	7.5 %
Gross Income	5.08	2.34	(54.1 %)
Operating Income	(6.77)	(15.41)	(127.6 %)
Net Income	(8.49)	(10.94)	(28.9 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.74)	(0.95)	(28.9 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	46.23	43.05	(6.9 %)
Gross Income	6.46	2.34	(63.9 %)
Operating Income	(2.03)	(15.41)	(658.2 %)
Net Income	(2.73)	(10.94)	(301.1 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.24)	(0.95)	(301.1 %)

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