Filling & Packing Materials MFG. Co. (FIPCO) announces the Consolidated Interim Financial results for the period ended Mar. 31, 2022 (Three Months)

ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE
Sales/Revenue62.948.529.6960.34.311
Gross Profit (Loss)8.68.24.8789.3-7.526
Operational Profit (Loss)0.7-0.7–0.539.999
Net Profit (Loss) after Zakat and Tax0.4-1.5–1.1-63.636
Total Comprehensive Income0.4-1.5–1.6-75
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE
Total Share Holders Equity (after Deducting Minority Equity)120.5127.2-5.267
Profit (Loss) per Share0.03-0.13
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LISTEXPLANATIONThe reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year isThe reason for net profit for the first quarter of 2022 compared to the net losses achieved in the corresponding quarter of the previous year 2021 lies mainly behind the following: 

 

1- Increase in gross profit due from increased turnover in spite of ascending increase in the main raw materials prices.

2- General and administrative expenses are lower because of bonus provisions during the first quarter of 2021.

3- decrease in expected credit losses provision.

4- Increase in other income arising from impairment of capital assets for low economic viability that took place in the first quarter of 2021.

5- Higher gains of investments at fair value through profit or loss.

 

These results achieved in spite of increased sales and marketing expenses arising from higher shipping costs.The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year isThe reason for lower net profit for the first quarter of 2022 compared to the last quarter of 2021 lies mainly behind the following: 

 

1- Declined gross profit resulted from ascending increase in the main raw materials prices, despite of growing turnover.

2- Sales and marketing expenses are higher based on increased shipping costs.

3- Re-evaluating the contingent liability against non-controlling interest acquisition during the 4th quarter of 2021.

4- Decrease in other income.

 

These results achieved in spite of:

 

1- Decrease in General and administrative expenses.

2- Decrease in banking charges.

3- Higher gains of investments at fair value through profit or loss.Statement of the type of external auditor’s reportUnmodified conclusionReclassification of Comparison ItemsCertain Comparative figures have been reclassified to be consistent with the presentation of the current period presentation.