FIPCO turns to SAR 6.7 mln loss in H1 2021

19/08/2021 Argaam Exclusive

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Filing and Packing Materials Manufacturing Co. (FIPCO) reported a net loss after Zakat and tax of SAR 6.7 million for the first half of 2021, compared to a net profit after Zakat and tax of SAR 800,000 a year earlier.

The loss was driven by decrease in gross profit doe to increase in main raw materials prices, in addition to the increase in production costs.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	93.53	107.34	14.8 %
Gross Income	15.20	13.79	(9.3 %)
Operating Income	3.87	(3.79)	(198.0 %)
Net Income	0.83	(6.74)	(917.2 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	0.07	(0.59)	(917.2 %)

The company’s Q2 2021 net losses widened to SAR 5.2 million from SAR 3.4 million in the year-earlier period.

On a sequential basis, losses widened from a loss of SAR 1.5 million in Q1 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	45.20	58.81	30.1 %
Gross Income	5.11	5.58	9.3 %
Operating Income	(1.90)	(3.27)	(72.3 %)
Net Income	(3.36)	(5.21)	(55.3 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.29)	(0.45)	(55.3 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	48.54	58.81	21.2 %
Gross Income	8.21	5.58	(32.0 %)
Operating Income	(0.53)	(3.27)	(521.1 %)
Net Income	(1.53)	(5.21)	(241.2 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.13)	(0.45)	(241.2 %)

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