Filling & Packing Materials Manufacturing Co. (FIPCO) posted a net profit of SAR 1.5 million in Q1 2023, skyrocketing from SAR 370,000 reported in Q1 2022.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 62.88 | 63.89 | 1.6 % |
| Gross Income | 8.63 | 11.10 | 28.7 % |
| Operating Income | 0.58 | 3.40 | 491.3 % |
| Net Income | 0.37 | 1.50 | 309.8 % |
| Average Shares | 11.50 | 11.50 | - |
| EPS (Riyals) | 0.03 | 0.13 | 309.8 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 63.99 | 63.89 | (0.2 %) |
| Gross Income | 11.84 | 11.10 | (6.3 %) |
| Operating Income | 1.43 | 3.40 | 137.4 % |
| Net Income | 6.29 | 1.50 | (76.1 %) |
| Average Shares | 11.50 | 11.50 | - |
| EPS (Riyals) | 0.55 | 0.13 | (76.1 %) |
The positive performance was driven by higher gross profit due to the increased turnover and improved profit margins in the subsidiary (FPC). In addition, FIPCO noted lower expected credit losses provision and higher other income from obtaining some government support and earned profits from banking deposits.
This was partially offset by higher G&A expenses, an increase in banking charges and lower gains of investments at fair value through profit or loss, as those investments were liquidated during the period.
Sequentially, net profit plunged 76.1% from SAR 6.29 million in Q4 2022.
Shareholders’ equity, no minority interest, stood at SAR 133.6 million as of March 31, 2022, compared to SAR 120.5 million a year earlier.
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