FIPCO turns to profit of SAR 3.5 mln in 9M 2022; Q3 at SAR 2.3 mln

31/10/2022 Argaam Exclusive

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Filling and Packing Materials Manufacturing Co. (FIPCO) reported a net profit after Zakat and tax of SAR 3.5 million in the first nine months of 2022, against a net loss of SAR 10.2 million in the year-ago period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	162.27	196.66	21.2 %
Gross Income	19.73	30.36	53.9 %
Operating Income	(5.39)	4.84	189.8 %
Net Income	(10.19)	3.51	134.4 %
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.89)	0.30	134.4 %

The profit was driven by higher gross profit resulting from increased turnover as well as improved profit margins of the parent company.

Meanwhile, the company saw a decline in expected credit losses provision on the application of IFRS 9. The profit was also triggered by higher realized and un-realized gains of investments at fair value and higher other revenue.

In Q3 2022, the company reported a net profit after Zakat and tax of SAR 2.3 million, from a loss of 3.4 million in Q3 2021.

Compared to Q2 2022, net profit rose 150% from SAR 890,000.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	54.93	62.51	13.8 %
Gross Income	5.94	10.78	81.4 %
Operating Income	(1.60)	3.67	330.0 %
Net Income	(3.44)	2.25	165.3 %
Average Shares	11.50	11.50	-
EPS (Riyals)	(0.30)	0.20	165.3 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	71.28	62.51	(12.3 %)
Gross Income	10.96	10.78	(1.7 %)
Operating Income	0.59	3.67	518.0 %
Net Income	0.89	2.25	152.9 %
Average Shares	11.50	11.50	-
EPS (Riyals)	0.08	0.20	152.9 %

Shareholders’ equity, no minority interest, rose to SAR 123.6 million as of Sept. 30, 2022, from SAR 118.5 million in the year-earlier period.

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