Filling and Packing Materials MFG Co. (FIPCO) Invites Its Shareholders to the 11th Extraordinary General Assembly Meeting (The third Meeting) Through Modern Technology
| Element List | Current Quarter | Similar Quarter For Previous Year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 61.1 | 62.5 | -2.24 | 45.9 | 33.12 |
| Gross Profit (Loss) | 14.2 | 10.8 | 31.48 | 9.3 | 52.69 |
| Operational Profit (Loss) | 4 | 3.7 | 8.11 | 1.1 | 263.64 |
| Net Profit (Loss) after Zakat and Tax | 3.7 | 2.3 | 60.87 | 0.06 | 6,066.67 |
| Total Comprehensive Income | 3.7 | 2.3 | 60.87 | 0.06 | 6,066.67 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar Period For Previous Year | %Change |
|---|---|---|---|
| Sales/Revenue | 170.9 | 196.7 | -13.12 |
| Gross Profit (Loss) | 34.2 | 30.4 | 12.5 |
| Operational Profit (Loss) | 8.1 | 4.8 | 68.75 |
| Net Profit (Loss) after Zakat and Tax | 4.9 | 3.5 | 40 |
| Total Comprehensive Income | 4.9 | 3.5 | 40 |
| Total Share Holders Equity (after Deducting Minority Equity) | 136.9 | 123.6 | 10.76 |
| Profit (Loss) per Share | 0.43 | 0.3 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | FIPCO has achieved net profit of SR 3.7 million for the third quarter of 2023 compared to the net profit of SR 2.3 million in the corresponding quarter of the previous year 2022, the reasons lie mainly behind the following:
1- An increase in gross profit despite a slight decrease in sales due to the variation in product mix and improved profit margins.
2- Decrease in banking charges resulted from lower short-term loans.
3- An increase in other income arising from obtaining the Saudization support from Human Resources Development Fund (HRDF).
4- Decrease in zakat provision. These results achieved in spite of: 1- Selling and Marketing expenses are slightly up because of increased shipping prices because of increased export sales during the third quarter of 2023. 2- General and administrative expenses are higher due from increased recruitment costs after restructuring some jobs, in addition to allocating remuneration provision as well as an increase in Research and development expenses. 3- Expected credit losses provision has been increased in accordance with IFRS 9, in addition to an increase in the provision of impairment of inventory. 4- Lower gains of investments at fair value through profit or loss. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The reason for the significant increase in net profit during the current quarter compared to the previous quarter is due to:
1- An increase in gross profit due from increased turnover and improved profit margins.
2- Decrease in banking charges resulted from lower short-term loans.
3- An increase in other income arising from obtaining the Saudization support from Human Resources Development Fund (HRDF).
4- Decrease in zakat provision. These results achieved in spite of:
1- Selling and Marketing expenses are up because of increased shipping prices because of increased export sales during the third quarter of 2023.
2- General and administrative expenses are higher due to the allocation of remuneration provision as well as an increase in Research and development expenses.
3- An increase in the provision of impairment of inventory.
4- Lower gains of investments at fair value through profit or loss. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | FIPCO has achieved net profit of SR 4.9 million for the nine months of 2023 compared to the net profit of SR 3.5 million in the corresponding period of the previous year 2022, the reasons lie mainly behind the following:
1- An increase in gross profit despite a decrease in sales due to the variation in product mix and 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.
4- Decrease in banking charges.
5- An increase in other income arising from obtaining the Saudization support from Human Resources Development Fund (HRDF).
6- Decrease in zakat provision.
These results achieved in spite of:
1- An increase in general and administrative expenses because of increased recruitment costs after restructuring some jobs, in addition to allocating remuneration provision and higher Research and development expenses, as well as settling the offering expenses paid to the financial advisor that relates to increasing the company’s capital through offering rights issues. 2- An increase in the provision of impairment of inventory. 3- Lower gains of investments at fair value through profit or loss. |
| Statement of the type of external auditor’s report | Unmodified conclusion |
| 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, represented by the reclassification of other revenues, which affected the previously announced numbers regarding operating profit during the previous quarter and the previous period. |