Riyadh – Mubasher: Filing and Packing Materials Manufacturing Company (FIPCO) on Thursday reported turning to loss during the full-year 2018, against achieving a profit in 2017.

FIPCO’s net losses after calculating Zakat and Tax amounted to SAR 3.1 million ($830 million) last year, against SAR 5.2 million ($1.39 million) a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the negative turn in its financials to a rise in administrative and general expenses that resulted from pre-operating expenses of its subsidiary, FPC, coupled with lower investment income.

Revenues rose 6.5% to SAR 163.5 million from January to December 2018, against SAR 153.6 million a year earlier, while operational losses amounted to SAR 2.4 million, from SAR 5.8 million in 2017.

Losses per share (LPS) reached 27 halalas in 2018, against earnings per share (EPS) at 45 halalas in the previous year.

“The total expenses during the fiscal year 2018 amounted to SAR 11.7 million, compared to SAR 2.9 million during the fiscal year 2017, based on the activities of establishment, purchasing the raw materials and other materials during the year 2018,” the statement added.

SIMAH's Credit Rating Agency (Tassnief) last December affirmed FIPCO’s investment grade rating at “BBB+”, with a stable outlook.

FIPCO’s stock shed 0.15% to close Thursday’s trading session at SAR 33.35.