Filling & Packing Materials MFG. Co. (FIPCO) announces the Consolidated Interim Financial results for the period ended Sep. 30, 2018 (Nine Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 43.9 | 34.6 | 26.878 | 43.8 | 0.228 |
| Total Profit (Loss) | 7.8 | 6 | 30 | 8.2 | -4.878 |
| Profit (Loss) Operational | 1 | 1.5 | -33.333 | 1.2 | -16.666 |
| Net Profit (Loss) after Zakat and Tax | 0.8 | 0.5 | 60 | 0.7 | 14.285 |
| Total Comprehensive Income | 0.3 | 0.7 | -57.142 | 0.05 | 500 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 123.5 | 116.2 | 6.282 |
| Total Profit (Loss) | 24 | 20.5 | 17.073 |
| Profit (Loss) Operational | 4.1 | 4.5 | -8.888 |
| Net Profit (Loss) after Zakat and Tax | 2.7 | 4.2 | -35.714 |
| Total Comprehensive Income | 1.1 | 4.4 | -75 |
| Total Share Holders Equity (after deducting minority equity) | 186.3 | 182.5 | 2.082 |
| Profit (Loss) per Share | 0.24 | 0.36 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | The Consolidated Profit Attributable to Shareholders for this quarter is higher compared to the corresponding quarter of the last year is due to increase in sales based on growing demand of FIPCO products and increased selling prices, in addition to increase in the other income as well as decrease in banking charges, however an increase in general and administrative expenses arising from FIPCO's pre-operating expenses for its subsidiary (FPC), which is required to be recognized as an expense in accordance with International Financial Reporting Standards (IFRS) amounting to SAR 2.9 million for the third quarter of the fiscal year 2018. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The Consolidated Profit Attributable to Shareholders for this quarter is higher compared to the previous quarter of the same year is due to decrease in general and administrative expenses arising from FIPCO's pre-operating expenses for its subsidiary (FPC), in addition to increased other income resulted from capitalization of banking charges as well as providing a provision for the accrual of the consolidated costs of governmental fees during the second quarter of 2018. |
| Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year | The Consolidated Profit Attributable to Shareholders for the nine months ended 30th Sep. 2018 (nine months) is lower compared to the corresponding period of the last year is due to increase in general and administrative expenses arising from FIPCO's pre-operating expenses for its subsidiary (FPC) amounting to SAR 8.3 million for nine months of the fiscal year 2018, while it was only SAR 0.53 million for the corresponding period of 2017. Moreover the other income has decreased based on FIPCO investments that had taken place during the period of nine months of 2017. In spite of the increased sales, FIPCO in addition has settled the consolidated costs of governmental fees during the period of nine months of 2018. |
| Type of the external auditor's opinion | Unmodified opinion |
| Reclassifications in quarter financial result | Certain Comparative figures have been reclassified to be consistent with the presentation of the current period presentation. |
| Additional Information | - The projects in progress for nine months of 2018 amounted to SAR 60 million, while only SR 5.27 million was recorded at the end of the fiscal year 2017 as a result of importing and installing the main production lines of the subsidiary (FPC), considering that These balances will be transferred to the fixed assets as soon as the commercial operation of the project is commenced. - The non-consolidated financial statements indicate that FIPCO achieved a net profit of SR 2.8 million during the third quarter of the fiscal year 2018 compared to SR 0.7 million for the third quarter of 2017, with an increase of 300%, while a net profit of SR 9.2 million for nine months of the fiscal year 2018, with an increase of 96% compared to the same period of the fiscal year 2017, which was SR 4.7 million. |
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