Filing and Packing Materials Manufacturing Co. (FIPCO) reported a net profit after Zakat and tax of SAR 800,000 for the first half of 2020, compared to a net loss of SAR 7.3 million a year earlier.
The profit was driven by higher gross profit due to increased sales, a reversal of credit losses provision, and decline in Zakat expenses. However, the company reported a decrease in other income and an increase in banking charges.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 74.86 | 93.53 | 24.9 % |
| Gross Income | 11.84 | 15.20 | 28.4 % |
| Operating Income | (8.86) | 3.87 | 143.7 % |
| Net Income | (7.29) | 0.83 | 111.3 % |
| Average Shares | 11.50 | 11.50 | - |
| EPS (Riyals) | (0.63) | 0.07 | 111.3 % |
The company’s net loss after Zakat and tax narrowed to SAR 3 million in Q2 2020, compared to SAR 4.8 million in the same quarter last year, due to lower gross profit due to product mix variation, lower selling prices and decline in other income.
FIPCO turned to losses in Q2 2020, compared to a net profit after Zakat and tax of SAR 4.2 million in Q4, 2019.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 38.14 | 45.20 | 18.5 % |
| Gross Income | 6.06 | 5.11 | (15.7 %) |
| Operating Income | (4.62) | (1.90) | 59.0 % |
| Net Income | (4.77) | (3.36) | 29.6 % |
| Average Shares | 11.50 | 11.50 | - |
| EPS (Riyals) | (0.41) | (0.29) | 29.6 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 48.33 | 45.20 | (6.5 %) |
| Gross Income | 10.09 | 5.11 | (49.4 %) |
| Operating Income | 5.77 | (1.90) | (132.9 %) |
| Net Income | 4.18 | (3.36) | (180.3 %) |
| Average Shares | 11.50 | 11.50 | - |
| EPS (Riyals) | 0.36 | (0.29) | (180.3 %) |
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