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.
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 % |
Item | Q4 2021 | Q1 2022 | Change |
---|---|---|---|
Revenues | 60.32 | 62.88 | 4.2 % |
Gross Income | 9.26 | 8.63 | (6.8 %) |
Operating Income | 0.21 | 0.58 | 177.8 % |
Net Income | 1.12 | 0.37 | (67.4 %) |
Average Shares | 11.50 | 11.50 | - |
EPS (Riyals) | 0.10 | 0.03 | (67.4 %) |
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.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}