Financial Results : FIPCO turns to SAR 4 mln profit in Q1 2020

FIPCO turns to SAR 4 mln profit in Q1 2020

28/04/2020 Argaam Exclusive

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Filling & Packing Materials MFG. Co. (FIPCO) reported net profit after Zakat and tax of SAR 4.2 million for Q1 2020, versus net losses of SAR 2.2 million in year-earlier period, due to a 31.6% increase in sales, higher demand for FIPCO products, increased sales of subsidiary, FPC.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 36.71 48.33 31.6 %
Gross Income 5.78 10.09 74.7 %
Operating Income (2.98) 5.77 293.5 %
Net Income (2.22) 4.18 288.5 %
Average Shares 11.50 11.50 -
EPS (Riyals) (0.19) 0.36 288.5 %

FIPCO also cited lower general and administrative expenses, decreased Zakat expenses and writing back loss provisions.

 

On a sequential basis, the company swung to profit in Q1, versus net losses of SAR 12.8 million in Q4 2019.

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