FIPCO Announces the interim Financial Results for 9 Months Period

16/10/2012 13:46 AST

Filling & packaging materials Mfg. Co. Announces the interim Financial Results for the period ending 30/09/2012 (nine months).

1 - The net profit during the third quarter 5.28 Million Riyals compared to 0.42 Million for the same quarter of last year, with an increase of 1157% And against 7.20 Million for the previous quarter with a decrease of 26%.

2 - The gross profit during the third quarter 9.64 million Riyals compared to 4.62 Million for the corresponding quarter of previous year, with an increase of 108%

3 - The operating profit during the third quarter 5.99 Million Riyals compared to 1.45 Million for the corresponding quarter of previous year, with an increase of 313%

4- Net profit for the nine months 19.72 million Riyals compared to 10.85 million for the same period last year, with an increase of 82%

5 - Earnings per share during the first nine months is SR 1.72 Compared to SR 0.94 for the same period last year with an increase of 82%

6- Gross profit for the nine months 32.88 million Riyals compared to 22.27 million for the same period last year, with an increase of 47%

7 - The operating profit during the nine months 21.58 million Riyals compared to 12.40 million for the same period last year, with an increase of 74%

8 - The reason for increase in net profit for the current quarter comparing to same quarter of last year due to the commitment of the company during the corresponding quarter of last year with some contracts with customers with a very low gross margin and the involvement in some products which needs more labor .

9- The reason of increase in net profit for the current period comparing to the same period of last year due to increase in volume of sales and to the decrease in cost of sales (Raw materials) and to the improvement in production and operations efficiency.

10- The reason for the decrease in net profit during the current quarter comparing to previous quarter is due to decrease in sales and production due to the decrease in working hours in holy month of Ramadan and Eid holiday.

11- Certain comparatives have been reclassified to conform to the current period presentation.

Tadawul