Financial Results : FIPCO narrows losses to SAR 3 mln in 2020

FIPCO narrows losses to SAR 3 mln in 2020

25/02/2021 Argaam Exclusive

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Filing and Packing Materials Manufacturing Co. (FIPCO) reported a net loss after Zakat and tax of SAR 3 million for 2020, compared to a loss of SAR 20.3 million in 2019.

 

The decrease in net loss was attributed to higher sales from subsidiary firm, FPC Industries Co., and lower production expenses based on decreased governmental fees, resulting from reduction of the labor fees for the industrial sector.

 

Selling and marketing expenses and general and administrative expenses were lower during the period, in addition to reversing a credit losses provision no longer required.



Financials (M)

Item 2019 2020 Change‬
Revenues 164.14 181.51 10.6 %
Gross Income 20.64 29.31 42.0 %
Operating Income (22.29) 1.70 107.6 %
Net Income (20.26) (2.98) 85.3 %
Average Shares 11.50 11.50 -
EPS (Riyals) (1.76) (0.26) 85.3 %

The company turned to a net profit of SAR 878,000 in Q4 2020, from a loss of SAR 10.98 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 43.05 46.51 8.0 %
Gross Income 2.34 8.60 268.4 %
Operating Income (15.41) (2.54) 83.5 %
Net Income (10.94) (0.85) 92.2 %
Average Shares 11.50 11.50 -
EPS (Riyals) (0.95) (0.07) 92.2 %

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