Financial Results : FIPCO swings to SAR 400,000 net profit in Q1 2022

FIPCO swings to SAR 400,000 net profit in Q1 2022

19/04/2022 Argaam Exclusive

View other reports

Filling and Packing Materials Manufacturing Co. (FIPCO) turned to a net profit after Zakat and tax of SAR 400,000 million for the first quarter of 2022, from a net loss of SAR 1.5 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 48.54 62.88 29.6 %
Gross Income 8.21 8.63 5.1 %
Operating Income (0.53) 0.58 209.3 %
Net Income (1.53) 0.37 124.0 %
Average Shares 11.50 11.50 -
EPS (Riyals) (0.13) 0.03 124.0 %

The improvement in earnings was driven by higher gross profit due to increased turnover. The company also noted lower general and administrative expenses and expected credit losses provision. Meanwhile, it recorded higher other income and gains on investments at fair value through profit or loss.

 

The net profit was weighed down by higher selling and marketing expenses due to an increase in shipping costs. 

 

When compared to Q4 2021, FIPCO’s net profit fell 64.3% from SAR 1.12 million.

 

Shareholders’ equity, excluding minority interest, fell by 5.3% to SAR 120.5 million by the end of Q1 2022, compared to SAR 127.2 million in the year-ago period.

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.