FIPCO trims net loss by 77.4% to SAR 2.1 mln in 9M 2020

FIPCO trims net loss by 77.4% to SAR 2.1 mln in 9M 2020

05/11/2020 Argaam Exclusive

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Filling and Packing Materials Manufacturing Co. (FIPCO) narrowed net loss after Zakat and tax by 77.4% year-on-year (YoY) to SAR 2.1 million for the first nine months of 2020, driven by higher gross profit, lower general and administrative expenses (G&As), decreased Zakat expenses and writing back provisions.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 121.09 135.00 11.5 %
Gross Income 18.30 20.71 13.1 %
Operating Income (6.88) 4.24 161.6 %
Net Income (9.32) (2.12) 77.2 %
Average Shares 11.50 11.50 -
EPS (Riyals) (0.81) (0.18) 77.2 %

The third-quarter net loss after Zakat and tax widened 7.4% YoY to SAR 2.9 million, due to lower gross profit and decreased exports.

 

On a sequential basis, Q3 2020 net losses shrank by 14.7%.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 46.23 41.47 (10.3 %)
Gross Income 6.46 5.51 (14.8 %)
Operating Income (2.03) 0.37 118.1 %
Net Income (2.73) (2.95) (8.0 %)
Average Shares 11.50 11.50 -
EPS (Riyals) (0.24) (0.26) (8.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 43.67 0.3 % 10.57 11.5 % 7.21 10.1 %
Q2 2011 54.33 33.1 % 7.08 1.1 % 3.74 (2.6 %)
Q3 2011 48.57 8.2 % 4.62 (47.0 %) 1.45 (72.7 %)
Q4 2011 59.27 43.2 % 9.72 (7.0 %) 6.08 (16.0 %)
Q1 2012 52.58 20.4 % 11.62 9.9 % 7.68 6.5 %
Q2 2012 54.80 0.9 % 11.62 64.1 % 7.92 111.7 %
Q3 2012 51.69 6.4 % 9.64 108.7 % 5.99 313.3 %
Q4 2012 47.58 (19.7 %) 10.15 4.4 % 6.28 3.3 %
Q1 2013 56.46 7.4 % 11.90 2.4 % 7.75 0.9 %
Q2 2013 57.13 4.3 % 11.26 (3.1 %) 7.24 (8.5 %)
Q3 2013 52.00 0.6 % 11.02 14.3 % 6.56 9.4 %
Q4 2013 48.75 2.5 % 10.34 1.8 % 6.72 6.9 %
Q1 2014 48.90 (13.4 %) 11.96 0.5 % 7.84 1.1 %
Q2 2014 45.27 (20.8 %) 11.01 (2.2 %) 6.74 (6.9 %)
Q3 2014 50.48 (2.9 %) 10.14 (8.0 %) 6.20 (5.5 %)
Q4 2014 59.90 22.9 % 10.67 3.2 % 6.49 (3.3 %)
Q1 2015 50.37 3.0 % 7.14 (40.3 %) 2.83 (64.0 %)
Q2 2015 51.89 14.6 % 10.90 (1.0 %) 6.21 (7.8 %)
Q3 2015 47.83 (5.3 %) 9.94 (2.0 %) 5.72 (7.7 %)
Q4 2015 41.14 (31.3 %) 7.19 (32.6 %) 2.71 (58.3 %)
Q1 2016 45.15 (10.4 %) 9.39 31.7 % 4.74 67.9 %
Q2 2016 44.36 (14.5 %) 9.40 (13.8 %) 4.54 (26.9 %)
Q3 2016 30.65 (35.9 %) 4.45 (55.3 %) 1.25 (78.1 %)
Q4 2016 44.92 9.2 % 6.59 (8.3 %) 1.88 (30.6 %)
Q1 2017 41.19 (8.8 %) 7.74 (17.6 %) 2.08 (56.1 %)
Q2 2017 40.43 (8.9 %) 6.92 (26.3 %) 0.92 (79.8 %)
Q3 2017 34.59 12.9 % 6.01 35.2 % 1.53 22.1 %
Q4 2017 37.39 (16.8 %) 6.64 0.7 % 1.76 (6.4 %)
Q1 2018 35.75 (13.2 %) 8.05 4.0 % 2.04 (2.0 %)
Q2 2018 43.83 8.4 % 8.28 19.6 % 1.26 37.0 %
Q3 2018 43.90 26.9 % 7.87 31.0 % 1.07 (30.3 %)
Q4 2018 40.06 7.1 % 5.08 (23.4 %) (6.77) (485.6 %)
Q1 2019 36.71 2.7 % 5.78 (28.2 %) (2.98) (246.0 %)
Q2 2019 38.14 (13.0 %) 6.06 (26.7 %) (4.62) (467.8 %)
Q3 2019 46.23 5.3 % 6.46 (17.9 %) (2.03) (290.6 %)
Q4 2019 43.05 7.5 % 2.34 (54.1 %) (15.41) (127.6 %)
Q1 2020 48.33 31.6 % 10.09 74.7 % 5.77 293.5 %
Q2 2020 45.20 18.5 % 5.11 (15.7 %) (1.90) 59.0 %
Q3 2020 41.47 (10.3 %) 5.51 (14.8 %) 0.37 118.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 6.59 5.0 % 0.57 - 6.59 0.57
Q2 2011 3.84 30.3 % 0.33 - 3.84 0.33
Q3 2011 0.41 (93.2 %) 0.04 - 0.41 0.04
Q4 2011 4.88 (24.0 %) 0.42 - 4.88 0.42
Q1 2012 7.22 9.4 % 0.63 - 7.22 0.63
Q2 2012 7.24 88.6 % 0.63 - 7.24 0.63
Q3 2012 5.28 1191.7 % 0.46 - 5.28 0.46
Q4 2012 4.96 1.6 % 0.43 - 4.96 0.43
Q1 2013 6.91 (4.2 %) 0.60 - 6.91 0.60
Q2 2013 6.61 (8.6 %) 0.57 - 6.61 0.57
Q3 2013 5.76 9.0 % 0.50 - 5.76 0.50
Q4 2013 6.19 25.0 % 0.54 - 6.19 0.54
Q1 2014 6.93 0.3 % 0.60 - 6.93 0.60
Q2 2014 6.54 (1.1 %) 0.57 - 6.54 0.57
Q3 2014 5.31 (7.9 %) 0.46 - 5.31 0.46
Q4 2014 5.49 (11.3 %) 0.48 - 5.49 0.48
Q1 2015 2.51 (63.8 %) 0.22 - 2.51 0.22
Q2 2015 5.52 (15.6 %) 0.48 - 5.52 0.48
Q3 2015 4.71 (11.2 %) 0.41 - 4.71 0.41
Q4 2015 0.42 (92.4 %) 0.04 (1.50) 1.92 0.17
Q1 2016 4.54 81.0 % 0.39 - 4.54 0.39
Q2 2016 3.90 (29.3 %) 0.34 - 3.90 0.34
Q3 2016 0.14 (97.0 %) 0.01 - 0.14 0.01
Q4 2016 2.60 521.0 % 0.23 - 2.60 0.23
Q1 2017 3.18 (29.9 %) 0.28 - 3.18 0.28
Q2 2017 0.48 (87.7 %) 0.04 - 0.48 0.04
Q3 2017 0.51 265.0 % 0.04 - 0.51 0.04
Q4 2017 0.98 (62.3 %) 0.09 - 0.98 0.09
Q1 2018 1.13 (64.5 %) 0.10 - 1.13 0.10
Q2 2018 0.70 44.8 % 0.06 - 0.70 0.06
Q3 2018 0.77 49.7 % 0.07 - 0.77 0.07
Q4 2018 (8.49) (964.5 %) (0.74) - (8.49) (0.74)
Q1 2019 (2.22) (296.5 %) (0.19) - (2.22) (0.19)
Q2 2019 (4.77) (786.6 %) (0.41) - (4.77) (0.41)
Q3 2019 (2.73) (456.6 %) (0.24) - (2.73) (0.24)
Q4 2019 (10.94) (28.9 %) (0.95) 3.34 (14.28) (1.24)
Q1 2020 4.18 288.5 % 0.36 - 4.18 0.36
Q2 2020 (3.36) 29.6 % (0.29) - (3.36) (0.29)
Q3 2020 (2.95) (8.0 %) (0.26) - (2.95) (0.26)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 21.51 % 18.16 % 12.85 %
Q2 2011 19.98 % 16.82 % 12.39 %
Q3 2011 17.41 % 14.31 % 9.18 %
Q4 2011 15.54 % 12.44 % 7.64 %
Q1 2012 15.39 % 12.20 % 7.61 %
Q2 2012 17.46 % 14.20 % 9.17 %
Q3 2012 19.51 % 16.14 % 11.27 %
Q4 2012 20.82 % 17.69 % 11.95 %
Q1 2013 20.57 % 17.59 % 11.58 %
Q2 2013 20.18 % 17.26 % 11.16 %
Q3 2013 20.80 % 17.60 % 11.37 %
Q4 2013 20.77 % 17.38 % 11.88 %
Q1 2014 21.56 % 18.07 % 12.33 %
Q2 2014 22.74 % 18.95 % 13.04 %
Q3 2014 22.46 % 19.12 % 12.91 %
Q4 2014 21.40 % 18.14 % 11.86 %
Q1 2015 18.91 % 15.64 % 9.63 %
Q2 2015 18.27 % 14.88 % 8.85 %
Q3 2015 18.40 % 14.74 % 8.68 %
Q4 2015 18.39 % 14.15 % 7.66 %
Q1 2016 20.12 % 15.73 % 8.97 %
Q2 2016 20.12 % 15.66 % 8.44 %
Q3 2016 18.86 % 14.69 % 6.51 %
Q4 2016 18.07 % 13.92 % 6.77 %
Q1 2017 17.49 % 11.80 % 6.10 %
Q2 2017 16.35 % 9.00 % 4.07 %
Q3 2017 16.92 % 8.27 % 4.20 %
Q4 2017 17.78 % 7.83 % 3.36 %
Q1 2018 18.64 % 8.25 % 2.09 %
Q2 2018 19.12 % 8.92 % 2.19 %
Q3 2018 19.17 % 8.40 % 2.22 %
Q4 2018 17.90 % 2.67 % (3.61 %)
Q1 2019 16.42 % (0.22 %) (5.62 %)
Q2 2019 15.61 % (4.11 %) (9.27 %)
Q3 2019 14.51 % (5.74 %) (11.30 %)
Q4 2019 12.57 % (10.97 %) (14.62 %)
Q1 2020 14.20 % (5.36 %) (10.01 %)
Q2 2020 13.13 % (3.86 %) (8.85 %)
Q3 2020 12.94 % (2.82 %) (9.21 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 11.50 1.91 1.91 13.33
Q2 2011 11.50 1.99 1.99 12.59
Q3 2011 11.50 1.50 1.50 12.63
Q4 2011 11.50 1.37 1.37 13.05
Q1 2012 11.50 1.42 1.42 13.68
Q2 2012 11.50 1.72 1.72 13.17
Q3 2012 11.50 2.14 2.14 13.63
Q4 2012 11.50 2.15 2.15 14.06
Q1 2013 11.50 2.12 2.12 14.57
Q2 2013 11.50 2.07 2.07 14.14
Q3 2013 11.50 2.11 2.11 14.64
Q4 2013 11.50 2.22 2.22 15.14
Q1 2014 11.50 2.22 2.22 15.74
Q2 2014 11.50 2.21 2.21 15.17
Q3 2014 11.50 2.17 2.17 15.63
Q4 2014 11.50 2.11 2.11 16.11
Q1 2015 11.50 1.73 1.73 16.32
Q2 2015 11.50 1.64 1.64 15.68
Q3 2015 11.50 1.58 1.58 16.09
Q4 2015 11.50 1.14 1.27 16.13
Q1 2016 11.50 1.32 1.45 16.54
Q2 2016 11.50 1.18 1.31 16.86
Q3 2016 11.50 0.78 0.91 16.87
Q4 2016 11.50 0.97 0.97 15.97
Q1 2017 11.50 0.85 0.85 16.25
Q2 2017 11.50 0.56 0.56 15.80
Q3 2017 11.50 0.59 0.59 15.87
Q4 2017 11.50 0.45 0.45 15.96
Q1 2018 11.50 0.27 0.27 16.06
Q2 2018 11.50 0.29 0.29 16.13
Q3 2018 11.50 0.31 0.31 16.20
Q4 2018 11.50 (0.51) (0.51) 15.39
Q1 2019 11.50 (0.80) (0.80) 15.54
Q2 2019 11.50 (1.28) (1.28) 14.97
Q3 2019 11.50 (1.58) (1.58) 14.57
Q4 2019 11.50 (1.80) (2.09) 13.70
Q1 2020 11.50 (1.24) (1.53) 12.46
Q2 2020 11.50 (1.12) (1.41) 12.17
Q3 2020 11.50 (1.14) (1.43) 11.92

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 14.10 14.10 2.02
Q2 2011 17.02 17.02 2.68
Q3 2011 22.58 22.58 2.68
Q4 2011 36.58 36.58 3.83
Q1 2012 35.19 35.19 3.66
Q2 2012 21.32 21.32 2.78
Q3 2012 18.97 18.97 2.98
Q4 2012 21.52 21.52 3.29
Q1 2013 22.59 22.59 3.29
Q2 2013 22.36 22.36 3.27
Q3 2013 23.49 23.49 3.38
Q4 2013 23.70 23.70 3.47
Q1 2014 25.15 25.15 3.54
Q2 2014 28.41 28.41 4.14
Q3 2014 31.55 31.55 4.38
Q4 2014 21.83 21.83 2.86
Q1 2015 28.72 28.72 3.04
Q2 2015 29.32 29.32 3.06
Q3 2015 23.12 23.12 2.28
Q4 2015 33.08 29.69 2.35
Q1 2016 25.14 22.88 2.01
Q2 2016 38.07 34.28 2.66
Q3 2016 37.83 32.42 1.75
Q4 2016 36.66 36.66 2.23
Q1 2017 41.70 41.70 2.19
Q2 2017 59.63 59.63 2.10
Q3 2017 58.91 58.91 2.19
Q4 2017 72.52 72.52 2.04
Q1 2018 More than 100 More than 100 2.11
Q2 2018 More than 100 More than 100 2.12
Q3 2018 More than 100 More than 100 2.26
Q4 2018 NEG NEG 2.26
Q1 2019 NEG NEG 2.15
Q2 2019 NEG NEG 2.04
Q3 2019 NEG NEG 2.04
Q4 2019 NEG NEG 2.11
Q1 2020 NEG NEG 2.75
Q2 2020 NEG NEG 3.57
Q3 2020 NEG NEG 4.45

Business Segments (Million)

Compared With The
Period Products of packing and packaging Technical textiles
Q1 2020 41.83 6.49
Q2 2020 36.38 8.83
Q3 2020 32.07 9.40


Financial Ratios
Current
Market Cap (M Riyal) 533.60
Enterprise Value (EV) (M) 585.07
Shares Outstanding ((M)) 11.50
EPS ( Riyal) (TTM) 0.91
Book Value (BV) ( Riyal) 12.80
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 3.63
Return on Average Assets (%) (TTM) 3.7
Return on Average Equity (%) (TTM) 7.4
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Share Price

Filing and Packing Materials Manufacturing Co.
46.40
0.70 1.53 %

Filing and Packing Materials Manufacturing Co. (FIPCO)

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