Riyadh – Mubasher: The Filling and Packing Materials Manufacturing Company (FIPCO) reported SAR 4.2 million in net profit for the first quarter (Q1) of 2020, against losses of SAR 2.2 million in the same period of 2019, as shown by its consolidated interim financial results.
The company achieved the rise in profits due to an increase in sales by 31.6%, lower general and administrative expenses, a decrease in zakat expenses, and reversing credit losses provision, according to a statement to the Saudi Stock Exchange (Tadawul).
Revenues reached SAR 48.3 million in Q1-20, compared with SAR 36.7 million for Q1-19, while profit per share registered SAR 0.4, versus losses per share of SAR 0.2 for the corresponding period of the year before.
