Riyadh – Mubasher: Filing and Packing Materials Manufacturing Company (FIPCO) on Monday said its profits soared 264% year-on-year in the third quarter of 2017.

Profits amounted to SAR 510,000 in Q3-17, compared to SAR 140,000 in Q3-16, according to a bourse statement.

Quarter-on-quarter, profits increased 6.3%.

FIPCO attributed the growth in its year-on-year profits to higher sales, and decrease in Zakat’s provision.

Profits retreated 51.4% to SAR 4.17 million in the first nine months of 2017, from SAR 8.58 million in the same period in the year before.

The firm attributed the decline in profits of the nine-month period to sales’ drop, and rise in general and administrative expenses.

FIPCO’s stock inched up 0.18%, closing at SAR 33.35 on Monday.