| ELEMENT LIST | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | %CHANGE | PREVIOUS QUARTER | % CHANGE |
|---|---|---|---|---|---|
| Sales/Revenue | 71.3 | 58.8 | 21.26 | 62.9 | 13.35 |
| Gross Profit (Loss) | 11 | 5.6 | 96.43 | 8.6 | 27.91 |
| Operational Profit (Loss) | 3 | -3.3 | – | 0.7 | 328.57 |
| Net Profit (Loss) after Zakat and Tax | 0.9 | -5.2 | – | 0.4 | 125 |
| Total Comprehensive Income | 0.9 | -5.2 | – | 0.4 | 125 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| ELEMENT LIST | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | %CHANGE |
|---|---|---|---|
| Sales/Revenue | 134.2 | 107.3 | 25.07 |
| Gross Profit (Loss) | 19.6 | 13.8 | 42.03 |
| Operational Profit (Loss) | 3.7 | -4 | – |
| Net Profit (Loss) after Zakat and Tax | 1.3 | -6.7 | – |
| Total Comprehensive Income | 1.3 | -6.7 | – |
| Total Share Holders Equity (after Deducting Minority Equity) | 121.3 | 122 | -0.57 |
| Profit (Loss) per Share | 0.11 | -0.59 | |
| 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 0.9 million for the second quarter of 2022 compared to the net losses of SR 5.2 million in the corresponding quarter of the previous year 2021, the reasons lie mainly behind the following:
1- Increase in gross profit due from increased turnover as well as improved profit margin. 2- Expected credit losses provision has been decreased in accordance with IFRS 9. 3- Increase in other revenues because of obtaining the financial support due from “ESTERDAD” initiative issued by the Small and Medium Enterprises Authority.
These results achieved in spite of:
1- Selling and Marketing expenses are higher because of increased shipping prices, in addition to expanding FPC participation in international exhibitions with the aim of increasing its market share in global markets and achieving its export goals. 2- General and administrative expenses are slightly up. 3- Increase in banking charges because of absence of governmental initiatives (represented by SAMA) in order to minimize the impact of the coronavirus outbreak (Covid-19), particularly the initiative of deferred payment program related to postpone the due payment with no interest. |
| 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 reasons lie behind increased net profit for the current quarter of 2022 compared to the last quarter of the same year are mainly due to:
1- Increase in gross profit due from increased turnover as well as improved profit margin in FPC. 2- Increase in other revenues because of obtaining the financial support due from “ESTERDAD” initiative issued by the Small and Medium Enterprises Authority.
These results achieved in spite of:
1- Selling and Marketing expenses are higher because of increased shipping prices, in addition to expanding FPC participation in international exhibitions with the aim of increasing its market share in global markets and achieving its export goals. 2- General and administrative expenses are higher. 3- Expected credit losses provision has been increased in accordance with IFRS 9. 4- Increase in banking charges because of absence of governmental initiatives (represented by SAMA) in order to minimize the impact of the coronavirus outbreak (Covid-19), particularly the initiative of deferred payment program related to postpone the due payment with no interest. |
| 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 1.3 million for the six months of 2022 compared to the net losses of SR 6.7 million in the corresponding period of the previous year 2021, the reasons lie mainly behind the following:
1- Increase in gross profit due from increased turnover as well as improved profit margin. 2- Expected credit losses provision has been decreased in accordance with IFRS 9. 3- Increase in other revenues because of obtaining the financial support due from “ESTERDAD” initiative issued by the Small and Medium Enterprises Authority, as well as impairment of capital assets for low economic viability that took place in the first quarter of 2021.
These results achieved in spite of:
1- Selling and Marketing expenses are higher because of increased shipping prices, in addition to expanding FPC participation in international exhibitions with the aim of increasing its market share in global markets and achieving its export goals. 2- Increase in banking charges because of absence of governmental initiatives (represented by SAMA) in order to minimize the impact of the coronavirus outbreak (Covid-19), particularly the initiative of deferred payment program related to postpone the due payment with no interest. |
| 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. |