Financial Results : FIPCO incurs SAR 3.6M loss in Q1 2025

FIPCO incurs SAR 3.6M loss in Q1 2025

15/05/2025 Argaam Exclusive

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Filing and Packing Materials Manufacturing Co. (FIPCO) turned to a net loss of SAR 3.6 million in Q1 2025, from a net profit of SAR 2 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 56.49 53.76 (4.8 %)
Gross Income 12.45 8.86 (28.8 %)
Operating Income 3.64 (2.11) (157.9 %)
Net Income 2.02 (3.61) (278.2 %)
Average Shares 11.50 11.50 -
Earnings Per Share before unusual items (Riyal) 0.18 (0.31) (278.2 %)
EPS (Riyal) 0.18 (0.31) (278.2 %)

The net losses were attributed to lower sales of some of a subsidiary’s key products. Gross profit fell due to reduced sales volume and an unfavorable product mix at the same unit.

 

Selling and marketing expenses rose year-on-year (YoY) on higher hiring costs, while general and administrative (G&A) expenses increased annually.

 

Provisions for expected credit losses rose, in line with IFRS 9 standards. Other income declined during the period. This came despite a drop in Zakat provisions.

 

The company narrowed net losses in Q1 2025 from SAR 2.51 million in Q4 2024.

 

Total shareholders’ equity, no minority interest, fell to SAR 141.8 million as of March 31, 2025, compared to SAR 145.7 million a year earlier.

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