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FIPCO

31 October, 2024 15:47

Filling & Packing Materials MFG. Co. (FIPCO) announces the Consolidated Interim Financial results for the period ended Sep. 30, 2024 (Nine Months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 59.566.2-10.1256.45.496
Gross Profit (Loss) 1113.2-16.66611.7-5.982
Operational Profit (Loss) 1.84-551.9-5.263
Net profit (Loss) 0.33.7-91.8911.1-72.727
Total Comprehensive Income 0.33.7-91.8911.1-72.727
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 178.3181-1.491
Gross Profit (Loss) 35.635.40.564
Operational Profit (Loss) 7.710.3-25.242
Net profit (Loss) 3.44.9-30.612
Total Comprehensive Income 3.44.9-30.612
Total Shareholders Equity (after Deducting Minority Equity) 147.1136.97.45
Profit (Loss) per Share 0.30.43
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 --
Accumulated Losses --
All figures are in (Millions) Saudi Arabia, Riyals


Element ListExplanation
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 lower turnover is a decrease in sales volume.
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 net profit for the 3rd quarter of 2024 is lower compared to the net profits achieved in the corresponding quarter of the previous year 2023 due mainly from the following: 1- Decrease in gross profit due from decreased sales volume and profitability margins. 2- Increase in S&D expenses arising from higher labor costs as a result of complying the higher Saudization rate and headhunting qualified cadres as well as increased freight prices because of the current geo-political developments. 3- Expected credit losses provision has been increased in accordance with IFRS 9, because of delayed overdue payments from one of the major clients. 4-Increase in banking charges because of higher interest rates, despite a decrease in total loans. 5- Decrease in other income. These results achieved despite of the following: 1- Decrease in G&A expenses because of the adequacy of the bonus provision made during the third quarter of the fiscal year 2023. 2- Decrease in Zakat provision to reflect amendments made to zakat collection regulations.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The reason for higher turnover is an increase of sales volume in the parent company.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The reason for lower net profit for the 3rd quarter of 2024 compared to the last quarter of 2024 lies mainly behind the following: 1- Decrease in gross profit in the subsidiary (FPC) due from product mix variances, despite increased turnover in the parent company. 2- Decrease in other income. These results achieved despite: 1- Decrease in S&D expenses arising from lower freight prices, as the export sales was higher during the 2nd quarter of 2024 compared to the exports of this quarter. 2- Decrease in zakat provision to reflect amendments made to zakat collection regulations. 3- Expected credit losses provision has been decreased in accordance with IFRS 9.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is The reason for the decline in turnover during this period is mainly due from lower turnover of the subsidiary (FPC)
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The net profit for the nine months of 2024 is lower compared to the net profits achieved in the corresponding period of the previous year 2023 due mainly from the following: 1- Increase in S&D expenses arising from higher labor costs as a result of complying the higher Saudization rate and headhunting qualified cadres as well as increased freight prices because of the current geo-political developments. 2- Expected credit losses provision has been increased in accordance with IFRS 9, because of delayed overdue payments from one of the major clients. 3-Increase in banking charges because of higher interest rates, despite a decrease in total loans. These results achieved despite of the following: 1- Slight increase in gross profit due from improved product mix and profitability margins in the subsidiary (FPC) despite declined turnover. 2- Decrease in G&A expenses because of settling the offering expenses paid to the financial advisor that relates to increasing the company's capital through offering rights issues during the period of nine months of 2023, however the R&D expenses are higher during this period as a result of company’s focus to develop new products for international markets, as well as lack of bonus provision during this period because of the adequacy of the previous provisions. 3- Increase in other income. 4- Decrease in Zakat provision to reflect amendments made to zakat collection regulations.
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, In addition, the sale of some other products is considered part of sales and cost of goods sold, while the other income has been considered in the non-operating profits, which affected the previously announced numbers regarding sales, gross profit and operating income during the corresponding quarter and the corresponding period of 2023.

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