Filing and Packing Materials Manufacturing Co. (FIPCO) reported a net loss after Zakat and tax of SAR 6.7 million for the first half of 2021, compared to a net profit after Zakat and tax of SAR 800,000 a year earlier.
The loss was driven by decrease in gross profit doe to increase in main raw materials prices, in addition to the increase in production costs.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 93.53 | 107.34 | 14.8 % |
| Gross Income | 15.20 | 13.79 | (9.3 %) |
| Operating Income | 3.87 | (3.79) | (198.0 %) |
| Net Income | 0.83 | (6.74) | (917.2 %) |
| Average Shares | 11.50 | 11.50 | - |
| EPS (Riyals) | 0.07 | (0.59) | (917.2 %) |
The company’s Q2 2021 net losses widened to SAR 5.2 million from SAR 3.4 million in the year-earlier period.
On a sequential basis, losses widened from a loss of SAR 1.5 million in Q1 2021.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 45.20 | 58.81 | 30.1 % |
| Gross Income | 5.11 | 5.58 | 9.3 % |
| Operating Income | (1.90) | (3.27) | (72.3 %) |
| Net Income | (3.36) | (5.21) | (55.3 %) |
| Average Shares | 11.50 | 11.50 | - |
| EPS (Riyals) | (0.29) | (0.45) | (55.3 %) |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 48.54 | 58.81 | 21.2 % |
| Gross Income | 8.21 | 5.58 | (32.0 %) |
| Operating Income | (0.53) | (3.27) | (521.1 %) |
| Net Income | (1.53) | (5.21) | (241.2 %) |
| Average Shares | 11.50 | 11.50 | - |
| EPS (Riyals) | (0.13) | (0.45) | (241.2 %) |
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