Element ListCurrent YearPrevious Year%Change
Gross Profit (Loss)47.842.213.27
Operational Profit (Loss)17.910.865.74
Net profit (Loss)129.822.45
Total Comprehensive Income11.711.9-1.68
Total Share Holders Equity (After Deducting the Minority Equity)143.71328.86
Profit (Loss) per Share1.040.85
All figures are in (Millions) Saudi Arabia, Riyals


Element ListAmountPercentage Of The Capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value
All figures are in (Millions) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last yearThe reason for declined turnover is due to a decrease in the sales volume of some main products in addition to a decrease in selling prices as a result of decreased prices of key raw materials, despite the increase in sales of some other products (product mix variance).
The reason of the increase (decrease) in the net profit during the current year compared to the last year isFIPCO has achieved net profit of SR 12 million for the fiscal year 2023 compared to the net profit of SR 9.8 million in the previous year 2022, the reasons lie mainly behind the following:


1- Increase in gross profit despite increased turnover because of product mix variance in addition to improved profit margins.


2- Selling and Marketing expenses are lower because of decreased shipping prices.


3- Expected credit losses provision has been decreased in accordance with IFRS 9, resulted from reflection of collection efforts and enhanced control and oversight of the credit facilities granted to some customers and reconsidering to have guarantees to mitigate the risks of default and non-payment.


4- An increase in other income arising from obtaining the Saudization support from Human Resources Development Fund (HRDF), in addition to VAT refund after bad depts write-off as well as achieving profits from Murabaha deposits through optimal exploitation of the company’s available cash during the fiscal year 2023.


5- Decrease in zakat provision.


These results achieved despite the following:

1- An increase in general and administrative expenses because of

increased recruitment costs after restructuring some jobs, in addition to allocating remuneration provision, as well as settling the offering expenses paid to the financial advisor that relates to increasing the company’s capital through offering rights issues during the fiscal year 2023.

2- Re-evaluating the contingent liability against non-controlling interest acquisition.

3- Lower realized and

un-realized gains of investments at fair value through profit or loss resulted from liquidating most investments.

Statement of the type of external auditor’s reportUnmodified opinion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)NA
Reclassification of Comparison ItemsCertain Comparative figures have been reclassified to be consistent with the presentation of the current period presentation.
Additional InformationThe reason for the change in comprehensive income during the year 2023 is due to the remeasurement of employees’ end-of-service benefits as a result of the end of the employment relationship with some of the company’s employees during the year 2022, in addition to the restructuring of some key jobs during the year 2023.