Financial Results : FIPCO 2024 profit dives 93% to SAR 900,000; Q4 loss at SAR 2.5M

FIPCO 2024 profit dives 93% to SAR 900,000; Q4 loss at SAR 2.5M

20/03/2025 Argaam Exclusive

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Filing and Packing Materials Manufacturing Co. (FIPCO) reported a net profit of SAR 900,000 in 2024, a slump of 93% from SAR 12 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 258.20 245.70 (4.8 %)
Gross Income 50.30 42.90 (14.7 %)
Operating Income 14.90 2.40 (83.9 %)
Net Income 11.99 0.90 (92.5 %)
Average Shares 11.50 11.50 -
Earnings Per Share before unusual items (Riyals) 1.04 0.08 (92.5 %)
EPS (Riyals) 1.04 0.08 (92.5 %)

Gross profit declined due to contracting margins and a 4.8% drop in sales volumes at its subsidiary, impacted by supply chain disruptions and ongoing dumping from Chinese and Korean products. However, with the company securing a favorable ruling imposing anti-dumping duties for five years, the impact is expected to ease gradually.

 

Selling and marketing expenses rose due to higher staffing costs driven by increased Saudization requirements and the recruitment of skilled professionals, along with elevated shipping expenses due to geopolitical developments.

 

Provisions for expected credit losses increased in line with IFRS 9, while other income declined following the one-off VAT refund on written-off receivables in 2023 and lower Murabaha deposit returns.

 

On the positive side, general and administrative expenses decreased, financial charges were lower in 2024, and zakat provisions declined following amendments to zakat regulations. The company also adjusted its non-controlling interest buyout obligation.

 

In Q4 2024, the company swung to a net loss of SAR 2.5 million from a net profit of SAR 7.08 million in the prior-year period.

 

FIPCO posted a net profit of SAR 300,000 in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 77.17 67.39 (12.7 %)
Gross Income 14.86 7.34 (50.6 %)
Operating Income 4.60 (5.29) (215.0 %)
Net Income 7.08 (2.54) (135.9 %)
Average Shares 11.50 11.50 -
Earnings Per Share before unusual items (Riyals) 0.62 (0.22) (135.9 %)
EPS (Riyals) 0.62 (0.22) (135.9 %)

Total shareholders’ equity, no minority interest, reached SAR 145.4 million as of Dec. 31, 2024, up from SAR 143.7 million in 2023.

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