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FIPCO profits level down 90% in Q2

FIPCO profits level down 90% in Q2
Net profits slid to SAR 400,000 in Q2-17, from SAR 3.9 million in Q2-16
FIPCO
2180
19.59% 51.90 8.50

Riyadh – Mubasher: Filing and Packing Materials Manufacturing Company (FIPCO) on Monday announced an 89.74% decrease in its net profits year-on-year in the second quarter of 2017.

Net profits slid to SAR 400,000 in Q2-17, from SAR 3.9 million in Q2-16, according to statements to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, net profits levelled down 87.42%.

The filing and packing firm attributed the drop in its year-on-year net profits to a decline in sales, and an increase in general and administrative expenses.

Revenues went down 8.9% to reach SAR 40.43 million in Q2-17, compared to SAR 44.36 million in the year-ago period.

At the level of the first six months of 2017, net profits fell 57.41% to SAR 3.59 million, from SAR 8.43 million in H1-16.

Revenues decreased 8.8% to reach SAR 81.62 million in H1-17, compared to SAR 89.51 million in the corresponding period in the year earlier.

FIPCO’s stock rose 1.36%, closing at SAR 34.30 on Sunday.