FIPCO’s 9M net profit up 40% to SAR 4.9 mln; Q3 at SAR 3.7 mln

26/10/2023 Argaam Exclusive

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Filing and Packing Materials Manufacturing Co. (FIPCO) reported a net profit of SAR 4.9 million in the first nine-month period of 2023, an increase of 40% year-on-year (YoY) from SAR 3.5 million in a year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	196.66	170.90	(13.1 %)
Gross Income	30.36	33.26	9.5 %
Operating Income	4.84	8.09	67.2 %
Net Income	3.51	4.91	40.1 %
Average Shares	11.50	11.50	-
EPS (Riyals)	0.30	0.43	40.1 %

The company attributed the rise to an increase in gross profit, which resulted from the variation in product mix and improved profit margins. Sales, however, saw a slight decrease during the nine-month period.

FIPCO also cited lower selling and marketing expenses and decreased zakat provisions.

In the third quarter of 2023, net profit jumped 64% YoY to SAR 3.7 million from SAR 2.25 million.

The rise in Q3 2023 profits was driven by an increase in gross profit resulted from the variation in product mix and improved profit margins. Sales decreased slightly in the three-month period.

The company also cited lower banking charges and higher other income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	62.51	61.08	(2.3 %)
Gross Income	10.78	13.24	22.9 %
Operating Income	3.67	4.00	8.9 %
Net Income	2.25	3.69	63.9 %
Average Shares	11.50	11.50	-
EPS (Riyals)	0.20	0.32	63.9 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	45.93	61.08	33.0 %
Gross Income	9.27	13.24	42.8 %
Operating Income	1.11	4.00	259.6 %
Net Income	0.06	3.69	6185.2 %
Average Shares	11.50	11.50	-
EPS (Riyals)	0.01	0.32	6185.2 %

On a sequential basis, Q3 net profit soared from SAR 0.06 million.

Total shareholders’ equity, no minority interest, reached SAR 136.9 million as of Sept. 30, 2023, compared to SAR 123.6 million in a year-earlier 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
Q3 2023	61.08	(2.3 %)	13.24	22.9 %	3.69	63.9 %	0.32

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 %
Q3 2023	19.37 %	7.92 %	4.93 %

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 %
Q3 2023	21.68 %	10.00 %	6.04 %

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
Q3 2023	11.50	1.01	1.01	11.91

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
Q3 2023	52.74	52.74	4.46

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
Q3 2023	45.86	15.22

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)	566.95
Enterprise Value (EV) (M)	613.24
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)	44.12
P/E (TTM)	44.12
Price/book	3.89
Return on Average Assets (%) (TTM)	4.3
Return on Average Equity (%) (TTM)	9.2

Filing and Packing Materials Manufacturing Co. (FIPCO)

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FIPCO’s 9M net profit up 40% to SAR 4.9 mln; Q3 at SAR 3.7 mln

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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 Q3

Financial Ratios

Share Price

Filing and Packing Materials Manufacturing Co. (FIPCO)

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FIPCO’s 9M net profit up 40% to SAR 4.9 mln; Q3 at SAR 3.7 mln

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) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

Share Price

Filing and Packing Materials Manufacturing Co. (FIPCO)

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Business Segments (Million)