Riyadh – Mubasher: Filing and Packing Materials Manufacturing Company (FIPCO) on Wednesday posted a 54.17% year-on-year surge in its net profits in the second quarter of 2018.
FIPCO’s net profits amounted to SAR 740,000 in the period between April to June, compared to SAR 480,000 in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, the Saudi firm's profits retreated 36.21% from SAR 1.16 million.
The firm attributed the growth in second-quarter net profits to a rise in sales.
FIPCO posted an 8.41% increase in revenues, registering SAR 43.83 million in Q2-18, compared to SAR 40.43 million in the corresponding period a year ago.
Total shareholders’ equity, excluding non-controlling interests, hiked 2.06 % to SAR 185.47 million as of 30 June, versus SR 181.74 million in the prior-year period, the statement added.
In the first six months of this year, FIPCO’s profits slumped 49.73% to SAR 1.89 million, from SAR 3.76 million during H1-17.
Revenues went down 2.49% to SAR 79.59 million in the period between January to June, compared to SAR 81.62 million in the same period a year earlier.
FIPCO’s stock decreased 1.93% to close Wednesday at SAR 35.50.