FIPCO trims net loss by 77.4% to SAR 2.1 mln in 9M 2020

05/11/2020 Argaam Exclusive

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Filling and Packing Materials Manufacturing Co. (FIPCO) narrowed net loss after Zakat and tax by 77.4% year-on-year (YoY) to SAR 2.1 million for the first nine months of 2020, driven by higher gross profit, lower general and administrative expenses (G&As), decreased Zakat expenses and writing back provisions.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	121.09	135.00	11.5 %
Gross Income	18.30	20.71	13.1 %
Operating Income	(6.88)	4.24	161.6 %
Net Income	(9.32)	(2.12)	77.2 %
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.81)	(0.18)	77.2 %

The third-quarter net loss after Zakat and tax widened 7.4% YoY to SAR 2.9 million, due to lower gross profit and decreased exports.

On a sequential basis, Q3 2020 net losses shrank by 14.7%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	46.23	41.47	(10.3 %)
Gross Income	6.46	5.51	(14.8 %)
Operating Income	(2.03)	0.37	118.1 %
Net Income	(2.73)	(2.95)	(8.0 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.24)	(0.26)	(8.0 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	45.20	41.47	(8.3 %)
Gross Income	5.11	5.51	7.8 %
Operating Income	(1.90)	0.37	119.4 %
Net Income	(3.36)	(2.95)	12.2 %
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.29)	(0.26)	12.2 %

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