FIPCO swings to net profit of SAR 800,000 in H1 2020

28/07/2020 Argaam Exclusive

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Filing and Packing Materials Manufacturing Co. (FIPCO) reported a net profit after Zakat and tax of SAR 800,000 for the first half of 2020, compared to a net loss of SAR 7.3 million a year earlier.

The profit was driven by higher gross profit due to increased sales, a reversal of credit losses provision, and decline in Zakat expenses. However, the company reported a decrease in other income and an increase in banking charges.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	74.86	93.53	24.9 %
Gross Income	11.84	15.20	28.4 %
Operating Income	(8.86)	3.87	143.7 %
Net Income	(7.29)	0.83	111.3 %
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.63)	0.07	111.3 %

The company’s net loss after Zakat and tax narrowed to SAR 3 million in Q2 2020, compared to SAR 4.8 million in the same quarter last year, due to lower gross profit due to product mix variation, lower selling prices and decline in other income.

FIPCO turned to losses in Q2 2020, compared to a net profit after Zakat and tax of SAR 4.2 million in Q4, 2019.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	38.14	45.20	18.5 %
Gross Income	6.06	5.11	(15.7 %)
Operating Income	(4.62)	(1.90)	59.0 %
Net Income	(4.77)	(3.36)	29.6 %
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.41)	(0.29)	29.6 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	48.33	45.20	(6.5 %)
Gross Income	10.09	5.11	(49.4 %)
Operating Income	5.77	(1.90)	(132.9 %)
Net Income	4.18	(3.36)	(180.3 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	0.36	(0.29)	(180.3 %)

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