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.
| 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 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 67.13 | 51.32 | (23.6 %) |
| Gross Income | 14.55 | 12.02 | (17.4 %) |
| Operating Income | 4.33 | 3.21 | (25.8 %) |
| Net Income | 7.08 | 2.02 | (71.4 %) |
| Average Shares | 11.50 | 11.50 | - |
| EPS (Riyals) | 0.62 | 0.18 | (71.4 %) |
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.
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