Filling & Packing Materials MFG. Co. (FIPCO) announces the Consolidated Interim Financial results for the period ended Jun. 30, 2024 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 56.4 | 45.9 | 22.875 | 51.3 | 9.941 |
| Gross Profit (Loss) | 11.7 | 9.7 | 20.618 | 12 | -2.5 |
| Operational Profit (Loss) | 1.9 | 1.5 | 26.666 | 3.2 | -40.625 |
| Net profit (Loss) | 1.1 | 0.06 | 1,733.333 | 2 | -44.999 |
| Total Comprehensive Income | 1.1 | 0.06 | 1,733.333 | 2 | -44.999 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 107.7 | 109.8 | -1.912 |
| Gross Profit (Loss) | 23.7 | 20.8 | 13.942 |
| Operational Profit (Loss) | 5.1 | 4.9 | 4.081 |
| Net profit (Loss) | 3.1 | 1.2 | 158.333 |
| Total Comprehensive Income | 3.1 | 1.2 | 158.333 |
| Total Shareholders Equity (after Deducting Minority Equity) | 146.8 | 133.3 | 10.127 |
| Profit (Loss) per Share | 0.27 | 0.11 | |
| 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 higher turnover is an increase of sales volume in the parent company, in addition to increased selling prices resulted from in the product mix variance. |
| 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 2nd quarter of 2024 is higher compared to the net profits achieved in the corresponding quarter of the previous year 2023 due mainly from the following:
1- Increase in gross profit due from increased sales volume. 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 2nd quarter 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. 3- Increase in other income. 4- Decrease in Zakat provision.
These results achieved despite of the following:
1- Increase in S&D expenses arising from higher labor costs and increased freight prices because of the current geo-political developments. 2- Expected credit losses provision has been increased in accordance with IFRS 9. 3- Increase in banking charges because of higher interest rates. 4- Higher gains of investments at fair value through profit or loss during the 2nd quarter of 2023. |
| 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, in addition to increased selling prices resulted from in the product mix variance. |
| 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 2nd quarter of 2024 compared to the last quarter of 2024 lies mainly behind the following:
1- Increase in S&D expenses arising from higher labor costs and increased freight prices because of the current geo-political developments. 2- Increase in expected credit losses provision. 3- Decrease in other income. 4- Increase in banking charges because of higher interest rates.
These results achieved in spite of:
1- Decrease in G&A expenses. 2- Decrease in zakat provision. |
| 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 declined turnover during this period is mainly due from declined sales volume for some main products during the 1st quarter of 2024. |
| 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 1st half of 2024 is higher compared to the net profits achieved in the corresponding period of the previous year 2023 due mainly from the following:
1- Increase in gross profit due from improved product mix and profit margins in the subsidiary. 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 2nd quarter 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. 3- Increase in other income. 4- Decrease in Zakat provision.
These results achieved despite of the following:
1- Increase in S&D expenses arising from higher labor costs and increased freight prices because of the current geo-political developments. 2- Expected credit losses provision has been increased in accordance with IFRS 9. 3- Increase in banking charges because of higher interest rates. 4- Higher gains of investments at fair value through profit or loss during the 2nd quarter of 2023. |
| 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 gross profit and operating income during the corresponding quarter and the corresponding period of 2023. |