FIPCO turns to profit of SAR 3.5 mln in 9M 2022; Q3 at SAR 2.3 mln

FIPCO turns to profit of SAR 3.5 mln in 9M 2022; Q3 at SAR 2.3 mln

31/10/2022 Argaam Exclusive

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Filling and Packing Materials Manufacturing Co. (FIPCO) reported a net profit after Zakat and tax of SAR 3.5 million in the first nine months of 2022, against a net loss of SAR 10.2 million in the year-ago period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 162.27 196.66 21.2 %
Gross Income 19.73 30.36 53.9 %
Operating Income (5.39) 4.84 189.8 %
Net Income (10.19) 3.51 134.4 %
Average Shares 11.50 11.50 -
EPS (Riyals) (0.89) 0.30 134.4 %

The profit was driven by higher gross profit resulting from increased turnover as well as improved profit margins of the parent company.

 

Meanwhile, the company saw a decline in expected credit losses provision on the application of IFRS 9. The profit was also triggered by higher realized and un-realized gains of investments at fair value and higher other revenue.

 

In Q3 2022, the company reported a net profit after Zakat and tax of SAR 2.3 million, from a loss of 3.4 million in Q3 2021.

 

Compared to Q2 2022, net profit rose 150% from SAR 890,000.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 54.93 62.51 13.8 %
Gross Income 5.94 10.78 81.4 %
Operating Income (1.60) 3.67 330.0 %
Net Income (3.44) 2.25 165.3 %
Average Shares 11.50 11.50 -
EPS (Riyals) (0.30) 0.20 165.3 %

Shareholders’ equity, no minority interest, rose to SAR 123.6 million as of Sept. 30, 2022, from SAR 118.5 million in the year-earlier period.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2020 46.51 8.0 % 8.60 268.4 % (2.54) 83.5 %
Q1 2021 48.54 0.4 % 8.21 (18.7 %) (0.53) (109.1 %)
Q2 2021 58.81 30.1 % 5.58 9.3 % (3.27) (72.3 %)
Q3 2021 54.93 32.4 % 5.94 7.9 % (1.60) (533.7 %)
Q4 2021 60.32 29.7 % 9.26 7.6 % 0.21 108.1 %
Q1 2022 62.88 29.6 % 8.63 5.1 % 0.58 209.3 %
Q2 2022 71.28 21.2 % 10.96 96.3 % 0.59 118.2 %
Q3 2022 62.51 13.8 % 10.78 81.4 % 3.67 330.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q4 2020 (0.85) 92.2 % (0.07) - (0.85) (0.07)
Q1 2021 (1.53) (136.5 %) (0.13) - (1.53) (0.13)
Q2 2021 (5.21) (55.3 %) (0.45) - (5.21) (0.45)
Q3 2021 (3.44) (16.9 %) (0.30) - (3.44) (0.30)
Q4 2021 1.12 231.4 % 0.10 - 1.12 0.10
Q1 2022 0.37 124.0 % 0.03 - 0.37 0.03
Q2 2022 0.89 117.1 % 0.08 - 0.89 0.08
Q3 2022 2.25 165.3 % 0.20 - 2.25 0.20

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2020 16.15 % 5.10 % (1.64 %)
Q1 2021 15.09 % 1.78 % (4.78 %)
Q2 2021 14.28 % 1.12 % (5.40 %)
Q3 2021 13.57 % 0.16 % (5.29 %)
Q4 2021 13.02 % 1.30 % (4.07 %)
Q1 2022 12.41 % 1.69 % (3.03 %)
Q2 2022 13.95 % 3.18 % (0.43 %)
Q3 2022 15.42 % 5.17 % 1.80 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2020 11.50 (0.26) (0.26) 11.19
Q1 2021 11.50 (0.76) (0.76) 11.06
Q2 2021 11.50 (0.92) (0.92) 10.61
Q3 2021 11.50 (0.96) (0.96) 10.31
Q4 2021 11.50 (0.79) (0.79) 10.44
Q1 2022 11.50 (0.62) (0.62) 10.47
Q2 2022 11.50 (0.09) (0.09) 10.55
Q3 2022 11.50 0.40 0.40 10.75

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2020 NEG NEG 5.35
Q1 2021 NEG NEG 5.89
Q2 2021 NEG NEG 6.70
Q3 2021 NEG NEG 6.40
Q4 2021 NEG NEG 5.05
Q1 2022 NEG NEG 5.17
Q2 2022 NEG NEG 3.96
Q3 2022 98.39 98.39 3.68

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
Q4 2020 35.87 10.64
Q1 2021 35.63 12.91
Q2 2021 47.08 11.73
Q3 2021 41.88 13.04
Q4 2021 48.34 11.98
Q1 2022 49.43 11.12
Q2 2022 51.70 19.57
Q3 2022 52.51 10.00


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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