| Reasons of annual financial results |
The reason for declined net profit for the year 2017 compared to the previous year 2016 lies behind decrease in sales volume resulted from lower demand of key clients, in addition to allocating of the new subsidiary expenses (FPC INDUSTRIES) that has been established in order to diversify FIPCO investments by launching new products in the field of manufacturing industries, as FPC is still under establishment as announced earlier on TADAWUL website, as well as increase in G&A expenses resulted from reclassification of some items of income statement coping up with the IFRS, however the Zakat provision is decreased. |
| Reclassifications in annual financial results |
FIPCO has adopted the International Financial Reporting Standards (IFRS) effective January 1, 2017. Accordingly, some changes in the financial statements have been made in a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative year in accordance with the accounting policies adopted in accordance with IFRS and other standards endorsed by the Saudi Organization for Certified Public Accountants, Therefore Certain comparative figures have been reclassified to cope up with the current period's presentation. |
| Other notes |
- The total revenue for the current year 2017 is SR 153.6 million, compared to the last year 2016, which was SR 165.1 million, with a decrease of 7%. - The total comprehensive income for the year ended December 31, 2017 amounted to SR 5.094 million, a decrease of 54 % compared to same period last year of SR 11.094 million. - Shareholders Equity (before non-controlling interests) at the end of current year is SR 183.57 million, whereas it was SR 183.65 million by end of last year (with no minority interests), with a decrease of 0.04 %. For further details, refer to Note 5 (First time adoption of IFRS) in the notes attached to the interim financial statements for the fiscal year ended 31 Dec. 2017 |
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