Financial Results : FIPCO net profit up 31% to SAR 2M in Q1 2024

FIPCO net profit up 31% to SAR 2M in Q1 2024

13/05/2024 Argaam Exclusive

View other reports

Filling & Packing Materials Manufacturing Co. (FIPCO) posted a net profit of SAR 2 million in Q1 2024, rising 31.3% from SAR 1.5 million reported in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 63.89 51.32 (19.7 %)
Gross Income 11.14 12.02 7.9 %
Operating Income 3.38 3.21 (5.0 %)
Net Income 1.54 2.02 31.3 %
Average Shares 11.50 11.50 -
EPS (Riyals) 0.13 0.18 31.3 %

The positive performance was driven by higher gross profit in spite of decreased turnover due to product mix variance and improved profit margins.

 

Additionally, the company saw an increase in other income and a decrease in Zakat provision.

 

On the other hand, sales and distribution expenses rose due to higher labor costs and increased freight prices because of the current geo-political developments, along with an increase in general and administrative expenses, as well as higher banking charges.

 

Sequentially, net profit plunged 71.4% from SAR 7.08 million in Q4 2023 on lower sales attributed to a decline in selling prices of the company’s products.

 

Shareholders’ equity, no minority interest, stood at SAR 145.7 million as of March 31, 2024, compared to SAR 133.6 million a year earlier.

View More Financial Results

 

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.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
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.