Filling and Packing Materials Manufacturing Co. (FIPCO) narrowed net loss after Zakat and tax by 77.4% year-on-year (YoY) to SAR 2.1 million for the first nine months of 2020, driven by higher gross profit, lower general and administrative expenses (G&As), decreased Zakat expenses and writing back provisions.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 121.09 | 135.00 | 11.5 % |
| Gross Income | 18.30 | 20.71 | 13.1 % |
| Operating Income | (6.88) | 4.24 | 161.6 % |
| Net Income | (9.32) | (2.12) | 77.2 % |
| Average Shares | 11.50 | 11.50 | - |
| EPS (Riyals) | (0.81) | (0.18) | 77.2 % |
The third-quarter net loss after Zakat and tax widened 7.4% YoY to SAR 2.9 million, due to lower gross profit and decreased exports.
On a sequential basis, Q3 2020 net losses shrank by 14.7%.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 46.23 | 41.47 | (10.3 %) |
| Gross Income | 6.46 | 5.51 | (14.8 %) |
| Operating Income | (2.03) | 0.37 | 118.1 % |
| Net Income | (2.73) | (2.95) | (8.0 %) |
| Average Shares | 11.50 | 11.50 | - |
| EPS (Riyals) | (0.24) | (0.26) | (8.0 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 45.20 | 41.47 | (8.3 %) |
| Gross Income | 5.11 | 5.51 | 7.8 % |
| Operating Income | (1.90) | 0.37 | 119.4 % |
| Net Income | (3.36) | (2.95) | 12.2 % |
| Average Shares | 11.50 | 11.50 | - |
| EPS (Riyals) | (0.29) | (0.26) | 12.2 % |
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