Filling & Packing Materials MFG. Co. (FIPCO) announces the Consolidated Interim Financial results for the period ended Mar. 31, 2025 (Three Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 53.8 | 56.5 | -4.778 | 67.4 | -20.178 |
| Gross Profit (Loss) | 8.9 | 12.5 | -28.799 | 7.3 | 21.917 |
| Operational Profit (Loss) | -2.1 | 3.6 | – | -5.3 | -60.377 |
| Net profit (Loss) | -3.6 | 2 | – | -2.5 | 44 |
| Total Comprehensive Income | -3.6 | 2 | – | -1.7 | 111.764 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 141.8 | 145.7 | -2.676 |
| Profit (Loss) per Share | -0.31 | 0.18 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | – | – | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The reason for declined turnover is a decrease in the sales volume of some main products of the subsidiary “FPC”. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for the net loss for the first quarter of 2025 compared to the net profits achieved in the corresponding quarter of the previous year 2024 due mainly to the following:
1- Decrease in gross profit resulted from decreased turnover of the subsidiary “FPC” and product mix variance. 2- Increase in S&D expenses arising from higher labor costs. 3- Increase in G&A expenses. 4- Increase in expected credit losses provision in accordance with IFRS 9. 5- Decrease in the other income.
These results were achieved despite a decrease in Zakat Provision. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The reason for declined turnover for this quarter compared to the last quarter of 2024 is a decrease in the sales volume of some main products in the parent company because of the seasonal nature of sales. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The reason for higher net loss for the first quarter of 2025 compared to the last quarter of 2024 lies mainly behind the following:
1- Re-evaluating the contingent liability against non-controlling interest acquisition during the 4th quarter of 2024. 2- slight increase in the banking charges.
These results were achieved despite the following:
1- Increase in gross profit arising from the product mix variance and the profitability margin of the subsidiary “FPC”, however the declined sales of main products of the parent company because of the seasonal nature of sales. 2- Decrease in S&D expenses arising from lower shipping costs. 3- Decrease in G&A expenses. 4- Decrease in expected credit losses provision in accordance with IFRS 9. |
| Statement of the type of external auditor’s report | Unmodified conclusion |
| 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 Items | Certain Comparative figures have been reclassified to be consistent with the presentation of the current period presentation. |
| Additional Information | – Some changes have been introduced in the presentation method for some items, as the governmental support has been reclassified in the cost of goods sold in accordance with the IFRS, while the other income has been considered in the non-operating profits, which affected the previously announced numbers regarding revenues, gross profit and operating income during the 1st quarter of 2024. – The reason for the change in total comprehensive income during the current quarter compared to the previous quarter is due to profits on remeasurement of employees’ end-of-service benefits, which were generated at the end of the 4th quarter of 2024. |