FIPCO widens 2021 net loss to SAR 9.1 mln; Q4 profit at SAR 1.1 mln

22/03/2022 Argaam Exclusive

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Filling and Packing Materials Manufacturing Co. (FIPCO) deepened its net loss after Zakat and tax to SAR 9.1 million in 2021, from SAR 3 million a year earlier.

The loss widened on a slight decline in gross profit, amid higher raw material prices and production costs.

Selling and distribution expenses were higher, due to increased export sales and shipping rates globally as well as the opening of new retail stores by FIPCO’s subsidiary, FPC Industrial Co. FIPCO also cited a rise in the expected credit loss provision for FPC in accordance with IFRS 9, and a drop in other income.

Financials (M)

Item	2020	2021	Change‬
Revenues	181.51	222.59	22.6 %
Gross Income	29.31	28.99	(1.1 %)
Operating Income	1.70	(5.18)	(405.8 %)
Net Income	(2.98)	(9.06)	(204.5 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.26)	(0.79)	(204.5 %)

In Q4 2021, FIPCO swung to a net profit of SAR 1.1 million, against a net loss of SAR 850,000.

In the previous quarter, FIPCO incurred a net loss of SAR 3.4 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	46.51	60.32	29.7 %
Gross Income	8.60	9.26	7.6 %
Operating Income	(2.54)	0.21	108.1 %
Net Income	(0.85)	1.12	231.4 %
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.07)	0.10	231.4 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	54.93	60.32	9.8 %
Gross Income	5.94	9.26	55.8 %
Operating Income	(1.60)	0.21	113.0 %
Net Income	(3.44)	1.12	132.6 %
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.30)	0.10	132.6 %

Shareholders’ equity, after minority interest, decreased to SAR 120.1 million in 2021, from SAR 128.7 million a year earlier.

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