Financial Results : FIPCO incurs losses of SAR 19.1M loss in 2025, SAR 1.2M in Q4

FIPCO incurs losses of SAR 19.1M loss in 2025, SAR 1.2M in Q4

31/03/2026 Argaam Exclusive

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Filling & Packing Materials Co. (FIPCO) logged a SAR 19.1 million net loss in 2025, against a profit of SAR 900,000 a year earlier.



Financials (M)

Item 2024 2025 Change‬
Revenues 245.68 251.64 2.4 %
Gross Income 42.88 37.82 (11.8 %)
Operating Income 2.39 (23.20) (1070.4 %)
Net Income 0.93 (19.11) (2153.5 %)
Average Shares 11.50 11.50 -
Earnings Per Share before unusual items (Riyals) 0.08 (1.66) (2153.5 %)
EPS (Riyal) 0.08 (1.66) (2153.5 %)

The company attributed these losses to lower gross profit at its subsidiary for 2025, resulting from weaker sales and margin fluctuations.

 

It also cited the continued dumping of Chinese and Korean products, though these repercussions are expected to ease over time.

 

Additional pressuring factors included higher selling, marketing, and administrative expenses, increased employee costs and provisions, a wider expected credit loss provision given some delayed receivables, and rising financing costs in 2025.

 

Losses, however, contracted by 52% in Q4 2025 to SAR 1.2 million, compared to SAR 2.5 million in Q4 2024.

 

On a sequential basis, the company also trimmed its losses by 57.1% from SAR 2.79 million in Q3 2025.



Current Quarter Comparison (M)

Compared With The
Item Q4 2024 Q4 2025 Change‬
Revenues 67.37 68.91 2.3 %
Gross Income 7.32 9.85 34.5 %
Operating Income (5.30) (9.75) (84.0 %)
Net Income (2.51) (1.18) 52.9 %
Average Shares 11.50 11.50 -
Earnings Per Share before unusual items (Riyal) (0.22) (0.10) 52.9 %
EPS (Riyal) (0.22) (0.10) 52.9 %

Total shareholders’ equity (no minority interest) declined to SAR 126.2 million as of Dec. 31, 2025, compared to SAR 145.4 million a year ago.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 45.15 (10.4 %) 9.39 31.7 % 4.74 67.9 %
Q2 2016 44.36 (14.5 %) 9.40 (13.8 %) 4.54 (26.9 %)
Q3 2016 30.65 (35.9 %) 4.45 (55.3 %) 1.25 (78.1 %)
Q4 2016 44.92 9.2 % 6.59 (8.3 %) 1.88 (30.6 %)
Q1 2017 41.19 (8.8 %) 7.74 (17.6 %) 2.08 (56.1 %)
Q2 2017 40.43 (8.9 %) 6.92 (26.3 %) 0.92 (79.8 %)
Q3 2017 34.59 12.9 % 6.01 35.2 % 1.53 22.1 %
Q4 2017 37.39 (16.8 %) 6.64 0.7 % 1.76 (6.4 %)
Q1 2018 35.75 (13.2 %) 8.05 4.0 % 2.04 (2.0 %)
Q2 2018 43.83 8.4 % 8.28 19.6 % 1.26 37.0 %
Q3 2018 43.90 26.9 % 7.87 31.0 % 1.07 (30.3 %)
Q4 2018 40.06 7.1 % 5.08 (23.4 %) (6.77) (485.6 %)
Q1 2019 36.71 2.7 % 5.78 (28.2 %) (2.98) (246.0 %)
Q2 2019 38.14 (13.0 %) 6.06 (26.7 %) (4.62) (467.8 %)
Q3 2019 46.23 5.3 % 6.46 (17.9 %) (2.03) (290.6 %)
Q4 2019 43.05 7.5 % 2.34 (54.1 %) (15.41) (127.6 %)
Q1 2020 48.33 31.6 % 10.09 74.7 % 5.77 293.5 %
Q2 2020 45.20 18.5 % 5.11 (15.7 %) (1.90) 59.0 %
Q3 2020 41.47 (10.3 %) 5.51 (14.8 %) 0.37 118.1 %
Q4 2020 46.51 8.0 % 8.60 268.4 % (2.54) 83.5 %
Q1 2021 48.54 0.4 % 8.21 (18.7 %) (0.53) (109.1 %)
Q2 2021 58.81 30.1 % 5.58 9.3 % (3.27) (72.3 %)
Q3 2021 54.93 32.4 % 5.94 7.9 % (1.60) (533.7 %)
Q4 2021 60.32 29.7 % 9.26 7.6 % 0.21 108.1 %
Q1 2022 62.88 29.6 % 8.63 5.1 % 0.58 209.3 %
Q2 2022 71.28 21.2 % 10.96 96.3 % 0.59 118.2 %
Q3 2022 62.51 13.8 % 10.78 81.4 % 3.67 330.0 %
Q4 2022 63.99 6.1 % 11.84 28.0 % 1.43 592.0 %
Q1 2023 63.89 1.6 % 11.14 29.2 % 3.38 487.9 %
Q2 2023 45.93 (35.6 %) 9.67 (11.8 %) 1.51 154.0 %
Q3 2023 66.17 5.9 % 13.22 22.7 % 3.97 8.3 %
Q4 2023 77.16 20.6 % 14.88 25.7 % 4.62 222.6 %
Q1 2024 56.49 (11.6 %) 12.45 11.7 % 3.64 7.7 %
Q2 2024 61.77 34.5 % 12.13 25.4 % 2.29 51.9 %
Q3 2024 59.53 (10.0 %) 11.00 (16.8 %) 1.78 (55.3 %)
Q4 2024 67.37 (12.7 %) 7.32 (50.8 %) (5.30) (214.7 %)
Q1 2025 53.76 (4.8 %) 8.86 (28.8 %) (2.11) (157.9 %)
Q2 2025 66.08 7.0 % 8.54 (29.6 %) (10.20) (544.9 %)
Q3 2025 62.89 5.6 % 10.62 (3.5 %) (1.07) (160.1 %)
Q4 2025 68.91 2.3 % 9.85 34.5 % (9.75) (84.0 %)
2025 251.64 2.4 % 37.82 (11.8 %) (23.20) (1070.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 4.54 81.0 % 0.39 - 4.54 0.39
Q2 2016 3.90 (29.3 %) 0.34 - 3.90 0.34
Q3 2016 0.14 (97.0 %) 0.01 - 0.14 0.01
Q4 2016 2.60 521.0 % 0.23 - 2.60 0.23
Q1 2017 3.18 (29.9 %) 0.28 - 3.18 0.28
Q2 2017 0.48 (87.7 %) 0.04 - 0.48 0.04
Q3 2017 0.51 265.0 % 0.04 - 0.51 0.04
Q4 2017 0.98 (62.3 %) 0.09 - 0.98 0.09
Q1 2018 1.13 (64.5 %) 0.10 - 1.13 0.10
Q2 2018 0.70 44.8 % 0.06 - 0.70 0.06
Q3 2018 0.77 49.7 % 0.07 - 0.77 0.07
Q4 2018 (8.49) (964.5 %) (0.74) - (8.49) (0.74)
Q1 2019 (2.22) (296.5 %) (0.19) - (2.22) (0.19)
Q2 2019 (4.77) (786.6 %) (0.41) - (4.77) (0.41)
Q3 2019 (2.73) (456.6 %) (0.24) - (2.73) (0.24)
Q4 2019 (10.94) (28.9 %) (0.95) 3.34 (14.28) (1.24)
Q1 2020 4.18 288.5 % 0.36 - 4.18 0.36
Q2 2020 (3.36) 29.6 % (0.29) - (3.36) (0.29)
Q3 2020 (2.95) (8.0 %) (0.26) - (2.95) (0.26)
Q4 2020 (0.85) 92.2 % (0.07) - (0.85) (0.07)
Q1 2021 (1.53) (136.5 %) (0.13) - (1.53) (0.13)
Q2 2021 (5.21) (55.3 %) (0.45) - (5.21) (0.45)
Q3 2021 (3.44) (16.9 %) (0.30) - (3.44) (0.30)
Q4 2021 1.12 231.4 % 0.10 - 1.12 0.10
Q1 2022 0.37 124.0 % 0.03 - 0.37 0.03
Q2 2022 0.89 117.1 % 0.08 - 0.89 0.08
Q3 2022 2.25 165.3 % 0.20 - 2.25 0.20
Q4 2022 6.29 460.4 % 0.55 - 6.29 0.55
Q1 2023 1.54 321.2 % 0.13 - 1.54 0.13
Q2 2023 0.06 (93.4 %) 0.01 - 0.06 0.01
Q3 2023 3.69 63.9 % 0.32 - 3.69 0.32
Q4 2023 7.08 12.6 % 0.62 - 7.08 0.62
Q1 2024 2.02 31.3 % 0.18 - 2.02 0.18
Q2 2024 1.12 1804.9 % 0.10 - 1.12 0.10
Q3 2024 0.30 (91.9 %) 0.03 - 0.30 0.03
Q4 2024 (2.51) (135.5 %) (0.22) - (2.51) (0.22)
Q1 2025 (3.61) (278.2 %) (0.31) - (3.61) (0.31)
Q2 2025 (11.52) (1130.6 %) (1.00) - (11.52) (1.00)
Q3 2025 (2.79) (1037.2 %) (0.24) - (2.79) (0.24)
Q4 2025 (1.18) 52.9 % (0.10) - (1.18) (0.10)
2025 (19.11) (2153.5 %) (1.66) - (19.11) (1.66)

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2016 20.12 % 15.73 % 8.97 %
Q2 2016 20.12 % 15.66 % 8.44 %
Q3 2016 18.86 % 14.69 % 6.51 %
Q4 2016 18.07 % 13.92 % 6.77 %
Q1 2017 17.49 % 11.80 % 6.10 %
Q2 2017 16.35 % 9.00 % 4.07 %
Q3 2017 16.92 % 8.27 % 4.20 %
Q4 2017 17.78 % 7.83 % 3.36 %
Q1 2018 18.64 % 8.25 % 2.09 %
Q2 2018 19.12 % 8.92 % 2.19 %
Q3 2018 19.17 % 8.40 % 2.22 %
Q4 2018 17.90 % 2.67 % (3.61 %)
Q1 2019 16.42 % (0.22 %) (5.62 %)
Q2 2019 15.61 % (4.11 %) (9.27 %)
Q3 2019 14.51 % (5.74 %) (11.30 %)
Q4 2019 12.57 % (10.97 %) (14.62 %)
Q1 2020 14.20 % (5.36 %) (10.01 %)
Q2 2020 13.13 % (3.86 %) (8.85 %)
Q3 2020 12.94 % (2.82 %) (9.21 %)
Q4 2020 16.15 % 5.10 % (1.64 %)
Q1 2021 15.09 % 1.78 % (4.78 %)
Q2 2021 14.28 % 1.12 % (5.40 %)
Q3 2021 13.57 % 0.16 % (5.29 %)
Q4 2021 13.02 % 1.30 % (4.07 %)
Q1 2022 12.41 % 1.69 % (3.03 %)
Q2 2022 13.95 % 3.18 % (0.43 %)
Q3 2022 15.42 % 5.17 % 1.80 %
Q4 2022 16.19 % 5.68 % 3.76 %
Q1 2023 17.09 % 6.82 % 4.19 %
Q2 2023 18.38 % 7.92 % 4.29 %
Q3 2023 19.11 % 7.91 % 4.82 %
Q4 2023 19.32 % 8.88 % 4.89 %
Q1 2024 20.44 % 9.47 % 5.23 %
Q2 2024 20.14 % 9.39 % 5.32 %
Q3 2024 19.79 % 8.87 % 4.13 %
Q4 2024 17.50 % 6.03 % 0.38 %
2024 17.46 % 6.01 % 0.38 %
Q1 2025 16.22 % 3.67 % (1.94 %)
Q2 2025 14.48 % (1.43 %) (7.03 %)
Q3 2025 14.13 % (2.41 %) (8.17 %)
Q4 2025 15.05 % (4.12 %) (7.59 %)
2025 15.03 % (4.15 %) (7.59 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 11.50 1.32 1.45 16.54
Q2 2016 11.50 1.18 1.31 16.86
Q3 2016 11.50 0.78 0.91 16.87
Q4 2016 11.50 0.97 0.97 15.97
Q1 2017 11.50 0.85 0.85 16.25
Q2 2017 11.50 0.56 0.56 15.80
Q3 2017 11.50 0.59 0.59 15.87
Q4 2017 11.50 0.45 0.45 15.96
Q1 2018 11.50 0.27 0.27 16.06
Q2 2018 11.50 0.29 0.29 16.13
Q3 2018 11.50 0.31 0.31 16.20
Q4 2018 11.50 (0.51) (0.51) 15.39
Q1 2019 11.50 (0.80) (0.80) 15.54
Q2 2019 11.50 (1.28) (1.28) 14.97
Q3 2019 11.50 (1.58) (1.58) 14.57
Q4 2019 11.50 (1.80) (2.09) 13.70
Q1 2020 11.50 (1.24) (1.53) 12.46
Q2 2020 11.50 (1.12) (1.41) 12.17
Q3 2020 11.50 (1.14) (1.43) 11.92
Q4 2020 11.50 (0.26) (0.26) 11.19
Q1 2021 11.50 (0.76) (0.76) 11.06
Q2 2021 11.50 (0.92) (0.92) 10.61
Q3 2021 11.50 (0.96) (0.96) 10.31
Q4 2021 11.50 (0.79) (0.79) 10.44
Q1 2022 11.50 (0.62) (0.62) 10.47
Q2 2022 11.50 (0.09) (0.09) 10.55
Q3 2022 11.50 0.40 0.40 10.75
Q4 2022 11.50 0.85 0.85 11.48
Q1 2023 11.50 0.95 0.95 11.62
Q2 2023 11.50 0.88 0.88 11.59
Q3 2023 11.50 1.01 1.01 11.91
Q4 2023 11.50 1.08 1.08 12.50
Q1 2024 11.50 1.12 1.12 12.67
Q2 2024 11.50 1.21 1.21 12.77
Q3 2024 11.50 0.91 0.91 12.80
Q4 2024 11.50 0.08 0.08 12.65
Q1 2025 11.50 (0.41) (0.41) 12.33
Q2 2025 11.50 (1.51) (1.51) 11.33
Q3 2025 11.50 (1.78) (1.78) 11.09
Q4 2025 11.50 (1.66) (1.66) 10.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 25.14 22.88 2.01
Q2 2016 38.07 34.28 2.66
Q3 2016 37.83 32.42 1.75
Q4 2016 36.66 36.66 2.23
Q1 2017 41.70 41.70 2.19
Q2 2017 59.63 59.63 2.10
Q3 2017 58.91 58.91 2.19
Q4 2017 72.52 72.52 2.04
Q1 2018 More than 100 More than 100 2.11
Q2 2018 More than 100 More than 100 2.12
Q3 2018 More than 100 More than 100 2.26
Q4 2018 NEG NEG 2.26
Q1 2019 NEG NEG 2.15
Q2 2019 NEG NEG 2.04
Q3 2019 NEG NEG 2.04
Q4 2019 NEG NEG 2.11
Q1 2020 NEG NEG 2.75
Q2 2020 NEG NEG 3.57
Q3 2020 NEG NEG 4.45
Q4 2020 NEG NEG 5.35
Q1 2021 NEG NEG 5.89
Q2 2021 NEG NEG 6.70
Q3 2021 NEG NEG 6.40
Q4 2021 NEG NEG 5.05
Q1 2022 NEG NEG 5.17
Q2 2022 NEG NEG 3.96
Q3 2022 98.39 98.39 3.68
Q4 2022 40.92 40.92 3.04
Q1 2023 40.88 40.88 3.36
Q2 2023 47.58 47.58 3.62
Q3 2023 52.74 52.74 4.46
Q4 2023 50.96 50.96 4.39
Q1 2024 45.64 45.64 4.02
Q2 2024 40.47 40.47 3.83
Q3 2024 53.85 53.85 3.85
Q4 2024 More than 100 More than 100 3.52
Q1 2025 NEG NEG 3.23
Q2 2025 NEG NEG 3.18
Q3 2025 NEG NEG 3.26
Q4 2025 NEG NEG 2.78

Business Segments (Million)

Compared With The
Period Products of packing and packaging Technical textiles Eliminations
Q1 2020 41.83 6.49 -
Q2 2020 36.38 8.83 -
Q3 2020 32.07 9.40 -
Q4 2020 35.87 10.64 -
Q1 2021 35.63 12.91 -
Q2 2021 47.08 11.73 -
Q3 2021 41.88 13.04 -
Q4 2021 48.34 11.98 -
Q1 2022 49.43 11.12 -
Q2 2022 51.70 19.57 -
Q3 2022 52.51 10.00 -
Q4 2022 46.37 17.62 -
Q1 2023 43.31 20.59 -
Q2 2023 34.48 11.45 -
Q4 2023 51.52 25.64 -
Q1 2024 40.80 15.69 -
Q2 2024 47.78 13.97 -
Q4 2024 55.61 12.48 (0.72)
Q1 2025 43.39 10.77 (0.41)
Q2 2025 53.57 12.51 -
Q3 2025 50.27 12.62 -
Q4 2025 47.92 21.00 -


Financial Ratios
Current
Market Cap (M Riyal) 356.50
Enterprise Value (EV) (M Riyal) 421.53
Shares Outstanding ((M)) 11.50
EPS ( Riyal) (TTM) (1.66)
Book Value (BV) ( Riyal) 10.97
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 2.82
Return on Average Assets (%) (TTM) (6.74 )
Return on Average Equity (%) (TTM) (14.07 )
EV/adj EBITDA (40.71)
EV/Revenues 1.68
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Share Price

Filing and Packing Materials Manufacturing Co.
30.96
0.02 0.06 %

Filing and Packing Materials Manufacturing Co. (FIPCO)

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