Riyadh – Mubasher: Saudi Arabia-based Filing and Packing Materials Manufacturing Company (FIPCO) on Monday posted a 63.52% year-on-year decline in its net profits in the first quarter of 2018.

FIPCO’s net profits tumbled to SAR 1.16 million during Q1-18, compared to SAR 3.18 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi firm attributed the profit decline to a rise in general and administrative expenses, in addition to a drop in sales volume, and a decrease in revenues.

Revenues fell 13% to SAR 35.8 million in the three-month period ended 31 March 2018, from SAR 41.2 million in the year-ago period, the Tadawul-listed company noted. 

“Total shareholders’ equity before non-controlling interests for Q1-18 is SAR 184.8 million, whereas it was SR 186.8 million for Q1-17 with no minority interests, with a decrease of 1 %,” the statement added.

The stock increased 2.15%, to close Sunday’s session at SAR 34.67.