FIPCO H1 net profit down 3% to SAR 1.2 mln; Q2 at SAR 59,000

13/08/2023 Argaam Exclusive

View other reports

Filling & Packing Materials Manufacturing Co. (FIPCO) reported a net profit of SAR 1.2 million in H1 2023, a decline of 3% from SAR 1.3 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	134.15	109.82	(18.1 %)
Gross Income	19.59	20.02	2.2 %
Operating Income	1.17	4.09	250.2 %
Net Income	1.26	1.22	(2.7 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	0.11	0.11	(2.7 %)

The profit decline was attributed to higher general and administrative expenses because of settling the offering expenses paid to the financial advisor that relates to increasing the company's capital through offering rights issues.

Lower gains of investments at fair value through profit or loss (FVPL) and decreased other revenues also weighed in the profit slump.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	71.28	45.93	(35.6 %)
Gross Income	10.96	9.27	(15.4 %)
Operating Income	0.59	1.11	87.2 %
Net Income	0.89	0.06	(93.4 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	0.08	0.01	(93.4 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	63.89	45.93	(28.1 %)
Gross Income	11.14	9.27	(16.8 %)
Operating Income	3.38	1.11	(67.1 %)
Net Income	1.54	0.06	(96.2 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	0.13	0.01	(96.2 %)

The company reported a net profit of SAR 59,000 in Q2 2023, down 93.4% from SAR 900,000 a year ago. This was due to lower gross profit amid squeezed sales due to a pullback in sales volumes on seasonality as a result of the holy month of Ramadan as well as Eid Al Fitr and Eid Al Adha holidays during the three-month period, despite lower provision for expected credit losses.

On a quarterly basis, Q2 net earnings fell 95% from SAR 1.2 million on a quarter-on-quarter (QoQ) drop in gross profit amid sluggish sales due to contracted sales volumes. This was offset by weaker selling and marketing expenses as a result of a decline in freight charges due to lower sales volumes, alongside a decrease in recruitment costs in Q2 2023 after the restructuring of some job roles.

Total shareholders’ equity, no minority interest, stood at SAR 133.3 million as of June 30, 2023, compared to SAR 121.3 million in the prior-year period.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	48.90	(13.4 %)	11.96	0.5 %	6.93	0.3 %	0.60
Q2 2014	45.27	(20.8 %)	11.01	(2.2 %)	6.54	(1.1 %)	0.57
Q3 2014	50.48	(2.9 %)	10.14	(8.0 %)	5.31	(7.9 %)	0.46
Q4 2014	59.90	22.9 %	10.67	3.2 %	5.49	(11.3 %)	0.48
2014	204.55	(4.6 %)	43.78	(1.7 %)	24.27	(4.7 %)	2.11
Q1 2015	50.37	3.0 %	7.14	(40.3 %)	2.51	(63.8 %)	0.22
Q2 2015	51.89	14.6 %	10.90	(1.0 %)	5.52	(15.6 %)	0.48
Q3 2015	47.83	(5.3 %)	9.94	(2.0 %)	4.71	(11.2 %)	0.41
Q4 2015	41.14	(31.3 %)	7.19	(32.6 %)	0.42	(92.4 %)	0.04
2015	191.24	(6.5 %)	35.17	(19.7 %)	13.15	(45.8 %)	1.14
Q1 2016	45.15	(10.4 %)	9.39	31.7 %	4.54	81.0 %	0.39
Q2 2016	44.36	(14.5 %)	9.40	(13.8 %)	3.90	(29.3 %)	0.34
Q3 2016	30.65	(35.9 %)	4.45	(55.3 %)	0.14	(97.0 %)	0.01
Q4 2016	44.92	9.2 %	6.59	(8.3 %)	2.60	521.0 %	0.23
2016	165.08	(13.7 %)	29.83	(15.2 %)	11.18	(15.0 %)	0.97
Q1 2017	41.19	(8.8 %)	7.74	(17.6 %)	3.18	(29.9 %)	0.28
Q2 2017	40.43	(8.9 %)	6.92	(26.3 %)	0.48	(87.7 %)	0.04
Q3 2017	34.59	12.9 %	6.01	35.2 %	0.51	265.0 %	0.04
Q4 2017	37.39	(16.8 %)	6.64	0.7 %	0.98	(62.3 %)	0.09
2017	153.60	(7.0 %)	27.11	(9.1 %)	5.16	(53.9 %)	0.45
Q1 2018	35.75	(13.2 %)	8.05	4.0 %	1.13	(64.5 %)	0.10
Q2 2018	43.83	8.4 %	8.28	19.6 %	0.70	44.8 %	0.06
Q3 2018	43.90	26.9 %	7.87	31.0 %	0.77	49.7 %	0.07
Q4 2018	40.06	7.1 %	5.08	(23.4 %)	(8.49)	(964.5 %)	(0.74)
2018	163.55	6.5 %	29.28	8.0 %	(5.90)	(214.4 %)	(0.51)
Q1 2019	36.71	2.7 %	5.78	(28.2 %)	(2.22)	(296.5 %)	(0.19)
Q2 2019	38.14	(13.0 %)	6.06	(26.7 %)	(4.77)	(786.6 %)	(0.41)
Q3 2019	46.23	5.3 %	6.46	(17.9 %)	(2.73)	(456.6 %)	(0.24)
Q4 2019	43.05	7.5 %	2.34	(54.1 %)	(10.94)	(28.9 %)	(0.95)
2019	164.14	0.4 %	20.64	(29.5 %)	(20.26)	(243.3 %)	(1.76)
Q1 2020	48.33	31.6 %	10.09	74.7 %	4.18	288.5 %	0.36
Q2 2020	45.20	18.5 %	5.11	(15.7 %)	(3.36)	29.6 %	(0.29)
Q3 2020	41.47	(10.3 %)	5.51	(14.8 %)	(2.95)	(8.0 %)	(0.26)
Q4 2020	46.51	8.0 %	8.60	268.4 %	(0.85)	92.2 %	(0.07)
2020	181.51	10.6 %	29.31	42.0 %	(2.98)	85.3 %	(0.26)
Q1 2021	48.54	0.4 %	8.21	(18.7 %)	(1.53)	(136.5 %)	(0.13)
Q2 2021	58.81	30.1 %	5.58	9.3 %	(5.21)	(55.3 %)	(0.45)
Q3 2021	54.93	32.4 %	5.94	7.9 %	(3.44)	(16.9 %)	(0.30)
Q4 2021	60.32	29.7 %	9.26	7.6 %	1.12	231.4 %	0.10
2021	222.59	22.6 %	28.99	(1.1 %)	(9.06)	(204.5 %)	(0.79)
Q1 2022	62.88	29.6 %	8.63	5.1 %	0.37	124.0 %	0.03
Q2 2022	71.28	21.2 %	10.96	96.3 %	0.89	117.1 %	0.08
Q3 2022	62.51	13.8 %	10.78	81.4 %	2.25	165.3 %	0.20
Q4 2022	63.99	6.1 %	11.84	28.0 %	6.29	460.4 %	0.55
2022	260.65	17.1 %	42.20	45.6 %	9.80	208.1 %	0.85
Q1 2023	63.89	1.6 %	11.14	29.2 %	1.54	321.2 %	0.13
Q2 2023	45.93	(35.6 %)	9.27	(15.4 %)	0.06	(93.4 %)	0.01

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	214.34	3.7 %	44.52	3.5 %	25.47	3.2 %	2.22
2014	204.55	(4.6 %)	43.78	(1.7 %)	24.27	(4.7 %)	2.11
2015	191.24	(6.5 %)	35.17	(19.7 %)	13.15	(45.8 %)	1.14
2016	165.08	(13.7 %)	29.83	(15.2 %)	11.18	(15.0 %)	0.97
2017	153.60	(7.0 %)	27.11	(9.1 %)	5.16	(53.9 %)	0.45
2018	163.55	6.5 %	29.28	8.0 %	(5.90)	(214.4 %)	(0.51)
2019	164.14	0.4 %	20.64	(29.5 %)	(20.26)	(243.3 %)	(1.76)
2020	181.51	10.6 %	29.31	42.0 %	(2.98)	85.3 %	(0.26)
2021	222.59	22.6 %	28.99	(1.1 %)	(9.06)	(204.5 %)	(0.79)
2022	260.65	17.1 %	42.20	45.6 %	9.80	208.1 %	0.85

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
2017	17.65 %	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 %)
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 %)
2019	12.57 %	(9.30 %)	(14.38 %)
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 %)
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 %)
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 %
Q4 2022	16.19 %	5.68 %	3.76 %
2022	16.19 %	5.68 %	3.76 %
Q1 2023	17.09 %	6.82 %	4.19 %
Q2 2023	18.21 %	7.75 %	4.29 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	20.77 %	17.38 %	11.88 %
2014	21.40 %	18.14 %	11.86 %
2015	18.39 %	14.15 %	7.66 %
2016	18.07 %	13.92 %	6.77 %
2017	17.65 %	7.83 %	3.36 %
2018	17.90 %	2.67 %	(3.61 %)
2019	12.57 %	(9.30 %)	(14.38 %)
2020	16.15 %	5.10 %	(1.64 %)
2021	13.02 %	1.30 %	(4.07 %)
2022	16.19 %	5.68 %	3.76 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	24.45 %	20.77 %	14.17 %
Q2 2014	24.32 %	20.14 %	14.45 %
Q3 2014	20.09 %	17.40 %	10.51 %
Q4 2014	17.81 %	15.11 %	9.17 %
Q1 2015	14.17 %	10.47 %	4.98 %
Q2 2015	21.01 %	16.43 %	10.63 %
Q3 2015	20.78 %	16.93 %	9.85 %
Q4 2015	17.48 %	12.54 %	4.66 %
Q1 2016	20.81 %	16.56 %	10.04 %
Q2 2016	21.18 %	16.28 %	8.79 %
Q3 2016	14.51 %	12.52 %	0.46 %
Q4 2016	14.68 %	9.89 %	5.79 %
Q1 2017	18.79 %	8.53 %	7.72 %
Q2 2017	17.13 %	5.83 %	1.19 %
Q3 2017	17.38 %	8.69 %	1.48 %
Q4 2017	17.76 %	8.44 %	2.63 %
Q1 2018	22.51 %	10.35 %	3.16 %
Q2 2018	18.88 %	8.34 %	1.59 %
Q3 2018	17.93 %	6.86 %	1.74 %
Q4 2018	12.69 %	(15.00 %)	(21.19 %)
Q1 2019	15.73 %	(2.79 %)	(6.04 %)
Q2 2019	15.90 %	(6.56 %)	(12.51 %)
Q3 2019	13.98 %	0.63 %	(5.90 %)
Q4 2019	5.42 %	(34.30 %)	(33.17 %)
Q1 2020	20.88 %	15.64 %	8.66 %
Q2 2020	11.30 %	(0.29 %)	(7.43 %)
Q3 2020	13.27 %	5.60 %	(7.11 %)
Q4 2020	18.49 %	(1.05 %)	(1.84 %)
Q1 2021	16.91 %	3.15 %	(3.15 %)
Q2 2021	9.49 %	(2.00 %)	(8.87 %)
Q3 2021	10.81 %	0.84 %	(6.27 %)
Q4 2021	15.34 %	3.45 %	1.86 %
Q1 2022	13.72 %	4.19 %	0.58 %
Q2 2022	15.38 %	3.88 %	1.25 %
Q3 2022	17.24 %	9.30 %	3.60 %
Q4 2022	18.51 %	5.63 %	9.83 %
Q1 2023	17.44 %	8.86 %	2.41 %
Q2 2023	20.19 %	7.03 %	0.13 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2022	11.50	0.85	0.85	11.48
Q1 2023	11.50	0.95	0.95	11.62
Q2 2023	11.50	0.88	0.88	11.59

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	11.50	2.22	2.22	15.14
2014	11.50	2.11	2.11	16.11
2015	11.50	1.14	1.27	16.13
2016	11.50	0.97	0.97	15.97
2017	11.50	0.45	0.45	15.96
2018	11.50	(0.51)	(0.51)	15.39
2019	11.50	(1.76)	(2.05)	13.70
2020	11.50	(0.26)	(0.26)	11.19
2021	11.50	(0.79)	(0.79)	10.44
2022	11.50	0.85	0.85	11.48

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2022	40.92	40.92	3.04
Q1 2023	40.88	40.88	3.36
Q2 2023	47.58	47.58	3.62

Period	P/E	Adjusted P/E	Price/book
2013	23.70	23.70	3.47
2014	21.83	21.83	2.86
2015	33.08	29.69	2.35
2016	36.66	36.66	2.23
2017	72.49	72.49	2.04
2018	NEG	NEG	2.26
2019	NEG	NEG	2.11
2020	NEG	NEG	5.35
2021	NEG	NEG	5.05
2022	40.92	40.92	3.04

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
Q4 2022	46.37	17.62
Q1 2023	43.31	20.59
Q2 2023	34.48	11.45

Period	Products of packing and packaging	Technical textiles
2019	151.22	12.92
2020	146.15	35.36
2021	172.93	49.66
2022	202.35	58.31

Financial Ratios

	Current
Market Cap (M Riyal)	578.45
Enterprise Value (EV) (M)	624.74
Shares Outstanding ((M))	11.50
EPS ( Riyal) (TTM)	1.12
Book Value (BV) ( Riyal)	12.67
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	45.01
P/E (TTM)	45.01
Price/book	3.97
Return on Average Assets (%) (TTM)	4.3
Return on Average Equity (%) (TTM)	9.2

Filing and Packing Materials Manufacturing Co. (FIPCO)

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

FIPCO H1 net profit down 3% to SAR 1.2 mln; Q2 at SAR 59,000

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Filing and Packing Materials Manufacturing Co. (FIPCO)

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

FIPCO H1 net profit down 3% to SAR 1.2 mln; Q2 at SAR 59,000

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Filing and Packing Materials Manufacturing Co. (FIPCO)

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Business Segments (Million)