Riyadh – Mubasher: Filing and Packing Materials Manufacturing Company (FIPCO) on Thursday reported a 30% year-on-year profit growth in the third quarter of 2018.

Profits amounted to SAR 7.8 million ($2.08 million) during Q3-18, compared to SAR 6 million ($1.60 million) in Q3-17, according to a bourse statement.

Quarter-on-quarter, the Saudi firm's profits fell 4.8% during the three-month period ended September, from SAR 8.2 million.

The firm attributed the third-quarter rise in Q3-18 profits to an increase in sales, driven by demand growth.

Revenues surged 27% to SAR 43.9 million by the end of Q3-18, from SAR 34.6 million in the corresponding peirod a year earlier.

During the first nine months of 2018, FIPCO’s profits increased by 17% year-on-year to SAR 24 million, compared to SAR 20.5 million.

Year-on-year, sales grew 6.2% to SAR 123.5 million from January to September 2018, from SAR 116.2 million.

Total shareholders’ equity, excluding the minority interest, levelled up 2% to SAR 186.3 million, compared to SAR 182.5 million.

Net profits after calculating Zakat and Tax tumbled 35.7% to SAR 2.7 million from January to September, versus SAR 4.2 million in the same period a year ago.

FIPCO’s stock inched up 0.15% to close Thursday at SAR 32.50.