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FIPCO posts 29% lower losses in Q2

FIPCO posts 29% lower losses in Q2
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-0.11% 44.95 -0.05

Riyadh – Mubasher: Filling and Packing Materials Manufacturing Company’s (FIPCO) net losses after Zakat and tax decreased by 29.17% in the second quarter (Q2) of 2020, recording SAR 3.4 million from SAR 4.8 million in the same period in 2019.

This decline in losses was driven by 385% higher sales, combined with a slump in general and administrative expenses, Zakat expenses, and financing costs, according to a recent bourse statement.  

These results, moreover, came despite a drop in the firm's gross profits and other income.

Annually, revenue increased by 18.64% to stand at SAR 45.2 million by the end of June 2020, compared with SAR 38.1 million in the prior-year period.