Filing and Packing Materials Manufacturing Co. announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 38.1 | 43.8 | -13.013 | 36.7 | 3.814 |
| Gross Profit (Loss) | 6.1 | 8.3 | -26.506 | 5.8 | 5.172 |
| Operational Profit (Loss) | -4.6 | 1.3 | - | -4.2 | 9.523 |
| Net Profit (Loss) after Zakat and Tax | -4.8 | 0.7 | - | -2.5 | 92 |
| Total Comprehensive Income | -6.3 | 0.01 | - | -3.4 | 85.294 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 74.9 | 79.6 | -5.904 |
| Gross Profit (Loss) | 11.8 | 16.3 | -27.607 |
| Operational Profit (Loss) | -8.9 | 3.3 | - |
| Net Profit (Loss) after Zakat and Tax | -7.3 | 1.8 | - |
| Total Comprehensive Income | -9.7 | 0.7 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 172.1 | 185.4 | -7.173 |
| Profit (Loss) per Share | -0.63 | 0.16 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | The Consolidated loss Attributable to Shareholders for this quarter is SR 4.8 million compared to profits at SR 0.7 million in the corresponding quarter of the last year is due to decreased gross profit resulted from declining sales for some items associated with governmental projects, and increased production costs mainly the governmental labor fees, in addition to increase in the general and administration expenses and sales and marketing expenses arising from FIPCO subsidiary (FPC) based on the commercial operation has commenced form the beginning of this quarter, as well as increase in banking charges and zakat provision.
0n the other hand, the other income has raised and mainly achieved from capital gains, as a result of the sale of some of FIPCO old machines due to its low economic feasibility. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The Consolidated loss Attributable to Shareholders for this quarter is SR 4.8 million compared to losses at SR 2.5 million for the first quarter of the same year is due to increase in the general and administration expenses arising from FIPCO subsidiary (FPC) in terms of beginning depreciation, in addition to increased sales and marketing expenses based on reclassification of some expenses items as a sequence of launching the commercial operation that took place since beginning of this quarter.
As well as increase in banking charges and zakat provision based on applying the new regulation of Zakat collection.
Furthermore, the other income has also declined based on the governmental fees has been reimbursed during the first quarter of 2019, however the gross profit has increased and adequacy of credit loss provision. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | The Consolidated loss Attributable to Shareholders for this period is SR 7.3 million compared to profits of SR 1.8 million for the corresponding period of last year is due to decreased gross profit resulted from declining sales for some items associated with governmental projects, and increased production costs mainly the governmental labor fees, in addition to increase in the general and administration expenses arising from FIPCO subsidiary (FPC), as well as the sales and marketing expenses has also increased based on the commercial operation has commenced from the beginning of this quarter,
Moreover, credit losses provision has been taken, increase in banking charges and zakat provision.
0n the other hand, the other income has raised and mainly achieved from reimbursement of governmental fees as well as capital gains resulted from the sale of some of FIPCO old machines due to its low economic feasibility. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | Certain Comparative figures have been reclassified to be consistent with the presentation of the current period presentation. |
| Additional Information | - The non-consolidated financial statements indicate that FIPCO achieved a net profit of SR 1.4 million during the second quarter of the fiscal year 2019.
- The company filed an objection for zakat variances resulting from the Zakat assessment for the years from 2013 to 2016 amounting to SR 0.71 million, and during the current period FIPCO obtained Zakat adjusted calculation of SR 0.14 million. |
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