Filing and Packing Materials Manufacturing Co. (FIPCO) announces its annual consolidated financial results for the fiscal year ending 31 Dec. 2024
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 245.7 | 258.2 | -4.84 | ||
| Gross Profit (Loss) | 42.9 | 50.3 | -14.71 | ||
| Operational Profit (Loss) | 2.4 | 14.9 | -83.89 | ||
| Net profit (Loss) | 0.9 | 12 | -92.5 | ||
| Total Comprehensive Income | 1.7 | 11.7 | -85.47 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 145.4 | 143.7 | 1.18 | ||
| Profit (Loss) per Share | 0.08 | 1.04 | |||
| 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 year compared to the last year | The reason for declined turnover is due to a decrease in the sales volume of some main products in the subsidiary (FPC). |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | FIPCO has achieved net profit of SR 0.9 million for the fiscal year 2024 compared to the net profit of SR 12 million in the previous year 2023, the reasons lie mainly behind the following:
1- Decrease in gross profit resulted from the decrease of turnover and profit margin of the subsidiary (FPC) because of supply chain impacts, as well as continued dumping practices involving Chinese and Korean products. The impacts are expected to be mitigated gradually in the future, as the tariff period extends to five years after the company successfully wins the case and imposes varying anti-dumping duties on those countries. 2-Increase in S&D expenses arising from higher labor costs as a result of complying with 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. 4- The other income is lower arising from VAT refund after bad depts write-off as well as achieving lower profits from Murabaha deposits during this year compared to the previous year 2023. These results were achieved despite the following: 1- An increase in general and administrative expenses. 2- Re-evaluating the contingent liability against non-controlling interest acquisition. 3- financial charges are lower during 2024. 4- Decrease in Zakat provision to reflect amendments made to zakat collection regulations. |
| Statement of the type of external auditor’s report | Unmodified 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 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 year 2023. – The reason for the change in comprehensive income is due to the remeasurement of employees’ end-of-service benefits during the year 2024. |