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

26/10/2023 Argaam Exclusive

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 196.66 181.00 (8.0 %)
Gross Income 30.36 35.40 16.6 %
Operating Income 4.84 10.30 112.8 %
Net Income 3.51 4.90 39.7 %
Average Shares 11.50 11.50 -
EPS (Riyals) 0.30 0.43 39.7 %

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 66.20 5.9 %
Gross Income 10.78 13.20 22.5 %
Operating Income 3.67 4.00 9.0 %
Net Income 2.25 3.70 64.4 %
Average Shares 11.50 11.50 -
EPS (Riyals) 0.20 0.32 64.4 %

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.

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Share Price

Filing and Packing Materials Manufacturing Co.
46.00
0.85 1.88 %

Filing and Packing Materials Manufacturing Co. (FIPCO)

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Financial Ratios
Current
Market Cap (M Riyal) 529.00
Enterprise Value (EV) (M) 586.20
Shares Outstanding ((M)) 11.50
EPS ( Riyal) (TTM) 0.91
Book Value (BV) ( Riyal) 12.79
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 3.60
Return on Average Assets (%) (TTM) 3.7
Return on Average Equity (%) (TTM) 7.4
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2022 63.99 6.1 % 11.84 28.0 % 1.43 592.0 %
Q1 2023 63.89 1.6 % 11.14 29.2 % 3.38 487.9 %
Q2 2023 45.93 (35.6 %) 9.67 (11.8 %) 1.51 154.0 %
Q3 2023 66.20 5.9 % 13.20 22.5 % 4.00 9.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2022 6.29 460.4 % 0.55 - 6.29 0.55
Q1 2023 1.54 321.2 % 0.13 - 1.54 0.13
Q2 2023 0.06 (93.4 %) 0.01 - 0.06 0.01
Q3 2023 3.70 64.4 % 0.32 - 3.70 0.32

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 %
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 %
Q4 2022 16.19 % 5.68 % 3.76 %
Q1 2023 17.09 % 6.82 % 4.19 %
Q2 2023 18.38 % 7.92 % 4.29 %
Q3 2023 19.11 % 7.92 % 4.83 %


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 11.90

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 52.69 52.69 4.46

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

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