FIPCO’s 2014 net profit slightly down to SAR 24.3 mln

20/01/2015 Argaam Exclusive

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Share Price

Filing and Packing Materials Manufacturing Co. (FIPCO)

Filing and Packaging Materials Manufacturing Company (FIBCO), a producer of Jumbo bags and other woven polypropylene packaging products, reported 2014’s net profit of SAR 24.3 million, compared to a net profit of SAR 25.5 million for the same period last year.

A net profit of SAR 5.5 million was reported for Q4-2014 compared to SAR 5.3 million for Q3.

Financials (M)

Item	2013	2014	Change‬
Revenues	214.34	204.55	(4.6 %)
Gross Income	44.52	43.78	(1.7 %)
Operating Income	28.27	27.27	(3.5 %)
Net Income	25.47	24.27	(4.7 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	2.22	2.11	(4.7 %)

The company attributed the decline of 2014’s net profit, compared to the same period last year, to the decrease of sales by 4.5% and the increase of Zakat provision by 19%.

The decline of Q4-2014’s net profits compared to the same period last year was attributed to the increase of the cost of sales by 3.8% and increase of general and marketing expenses and Zakat provision.

The increase of Q4-2014’s net profits compared to the previous period (Q3-2014) was attributed to the increase of sales by21%.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	48.75	59.90	22.9 %
Gross Income	10.34	10.67	3.2 %
Operating Income	6.72	6.49	(3.3 %)
Net Income	6.19	5.49	(11.3 %)
Average Shares	11.50	11.50	-
EPS (Riyals)	0.54	0.48	(11.3 %)

Item	Q3 2014	Q4 2014	Change‬
Revenues	50.48	59.90	18.7 %
Gross Income	10.14	10.67	5.2 %
Operating Income	6.20	6.49	4.7 %
Net Income	5.31	5.49	3.5 %
Average Shares	11.50	11.50	-
EPS (Riyals)	0.46	0.48	3.5 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	30.03	28.9 %	4.11	4.8 %	1.69	35.9 %	0.15
Q2 2005	30.04	29.9 %	4.24	14.0 %	2.32	18.4 %	0.20
Q3 2005	31.87	20.1 %	6.88	47.8 %	3.53	45.6 %	0.31
Q4 2005	29.57	6.7 %	3.79	2.3 %	2.18	86.9 %	0.19
2005	121.50	20.7 %	19.02	18.9 %	9.71	43.1 %	0.84
Q1 2006	31.94	6.4 %	5.27	28.3 %	2.96	75.6 %	0.26
Q2 2006	31.82	5.9 %	5.67	33.8 %	3.39	46.0 %	0.29
Q3 2006	33.57	5.4 %	5.65	(17.9 %)	2.72	(22.8 %)	0.24
Q4 2006	35.00	18.4 %	4.72	24.5 %	3.27	50.2 %	0.28
2006	132.33	8.9 %	21.32	12.1 %	12.35	27.1 %	1.07
Q1 2007	34.48	8.0 %	5.17	(2.0 %)	3.11	5.1 %	0.27
Q2 2007	38.18	20.0 %	6.83	20.5 %	4.53	33.5 %	0.39
Q3 2007	34.64	3.2 %	5.03	(11.1 %)	2.83	3.9 %	0.25
Q4 2007	37.76	7.9 %	6.07	28.6 %	4.05	23.9 %	0.35
2007	145.05	9.6 %	23.10	8.4 %	14.52	17.6 %	1.26
Q1 2008	40.50	17.5 %	6.55	26.7 %	4.40	41.2 %	0.38
Q2 2008	45.77	19.9 %	6.52	(4.5 %)	4.03	(10.9 %)	0.35
Q3 2008	50.73	46.4 %	9.49	88.8 %	6.91	144.4 %	0.60
Q4 2008	40.84	8.2 %	4.77	(21.5 %)	2.19	(46.0 %)	0.19
2008	177.84	22.6 %	27.33	18.3 %	17.53	20.7 %	1.52
Q1 2009	34.28	(15.4 %)	8.21	25.3 %	7.22	64.2 %	0.63
Q2 2009	31.43	(31.3 %)	6.08	(6.7 %)	4.05	0.4 %	0.35
Q3 2009	37.16	(26.7 %)	7.82	(17.6 %)	4.01	(41.9 %)	0.35
Q4 2009	37.73	(7.6 %)	8.29	73.8 %	4.51	106.2 %	0.39
2009	140.60	(20.9 %)	30.40	11.2 %	19.79	12.9 %	1.72
Q1 2010	43.53	27.0 %	9.48	15.5 %	6.28	(13.1 %)	0.55
Q2 2010	40.82	29.9 %	7.00	15.1 %	2.94	(27.3 %)	0.26
Q3 2010	44.90	20.8 %	8.72	11.5 %	5.98	49.0 %	0.52
Q4 2010	41.40	9.7 %	10.45	26.1 %	6.43	42.5 %	0.56
2010	170.65	21.4 %	35.65	17.3 %	21.63	9.3 %	1.88
Q1 2011	43.67	0.3 %	10.57	11.5 %	6.59	5.0 %	0.57
Q2 2011	54.33	33.1 %	7.08	1.1 %	3.84	30.3 %	0.33
Q3 2011	48.57	8.2 %	4.62	(47.0 %)	0.41	(93.2 %)	0.04
Q4 2011	59.27	43.2 %	9.72	(7.0 %)	4.88	(24.0 %)	0.42
2011	205.84	20.6 %	31.99	(10.3 %)	15.72	(27.3 %)	1.37
Q1 2012	52.58	20.4 %	11.62	9.9 %	7.22	9.4 %	0.63
Q2 2012	54.80	0.9 %	11.62	64.1 %	7.24	88.6 %	0.63
Q3 2012	51.69	6.4 %	9.64	108.7 %	5.28	1191.7 %	0.46
Q4 2012	47.58	(19.7 %)	10.15	4.4 %	4.96	1.6 %	0.43
2012	206.65	0.4 %	43.03	34.5 %	24.69	57.1 %	2.15
Q1 2013	56.46	7.4 %	11.90	2.4 %	6.91	(4.2 %)	0.60
Q2 2013	57.13	4.3 %	11.26	(3.1 %)	6.61	(8.6 %)	0.57
Q3 2013	52.00	0.6 %	11.02	14.3 %	5.76	9.0 %	0.50
Q4 2013	48.75	2.5 %	10.34	1.8 %	6.19	25.0 %	0.54
2013	214.34	3.7 %	44.52	3.5 %	25.47	3.2 %	2.22
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	121.50	20.7 %	19.02	18.9 %	9.71	43.1 %	0.84
2006	132.33	8.9 %	21.32	12.1 %	12.35	27.1 %	1.07
2007	145.05	9.6 %	23.10	8.4 %	14.52	17.6 %	1.26
2008	177.84	22.6 %	27.33	18.3 %	17.53	20.7 %	1.52
2009	140.60	(20.9 %)	30.40	11.2 %	19.79	12.9 %	1.72
2010	170.65	21.4 %	35.65	17.3 %	21.63	9.3 %	1.88
2011	205.84	20.6 %	31.99	(10.3 %)	15.72	(27.3 %)	1.37
2012	206.65	0.4 %	43.03	34.5 %	24.69	57.1 %	2.15
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	15.07 %	15.60 %	6.74 %
Q2 2005	14.62 %	14.90 %	6.64 %
Q3 2005	15.83 %	15.66 %	7.27 %
Q4 2005	15.65 %	16.37 %	7.99 %
2005	15.65 %	16.37 %	7.99 %
Q1 2006	16.36 %	17.31 %	8.90 %
Q2 2006	17.27 %	17.96 %	9.63 %
Q3 2006	16.06 %	17.00 %	8.87 %
Q4 2006	16.11 %	16.75 %	9.33 %
2006	16.11 %	16.75 %	9.33 %
Q1 2007	15.73 %	16.16 %	9.27 %
Q2 2007	15.84 %	15.17 %	9.65 %
Q3 2007	15.28 %	14.63 %	9.65 %
Q4 2007	15.92 %	14.88 %	10.01 %
2007	15.92 %	14.88 %	10.01 %
Q1 2008	16.20 %	14.76 %	10.46 %
Q2 2008	15.23 %	14.37 %	9.65 %
Q3 2008	16.38 %	15.30 %	11.10 %
Q4 2008	15.37 %	13.91 %	9.86 %
2008	15.37 %	13.91 %	9.86 %
Q1 2009	16.89 %	15.21 %	11.86 %
Q2 2009	18.15 %	16.36 %	12.95 %
Q3 2009	18.70 %	15.79 %	12.16 %
Q4 2009	21.62 %	18.53 %	14.08 %
2009	21.62 %	18.53 %	14.08 %
Q1 2010	21.13 %	18.10 %	12.58 %
Q2 2010	20.47 %	16.92 %	11.14 %
Q3 2010	20.06 %	17.15 %	11.81 %
Q4 2010	20.89 %	17.78 %	12.67 %
2010	20.89 %	17.78 %	12.67 %
Q1 2011	21.51 %	18.16 %	12.85 %
Q2 2011	19.98 %	16.82 %	12.39 %
Q3 2011	17.41 %	14.31 %	9.18 %
Q4 2011	15.54 %	12.44 %	7.64 %
2011	15.54 %	12.44 %	7.64 %
Q1 2012	15.39 %	12.20 %	7.61 %
Q2 2012	17.46 %	14.20 %	9.17 %
Q3 2012	19.51 %	16.14 %	11.27 %
Q4 2012	20.82 %	17.69 %	11.95 %
2012	20.82 %	17.69 %	11.95 %
Q1 2013	20.57 %	17.59 %	11.58 %
Q2 2013	20.18 %	17.26 %	11.16 %
Q3 2013	20.80 %	17.60 %	11.37 %
Q4 2013	20.77 %	17.38 %	11.88 %
2013	20.77 %	17.38 %	11.88 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	15.65 %	16.37 %	7.99 %
2006	16.11 %	16.75 %	9.33 %
2007	15.92 %	14.88 %	10.01 %
2008	15.37 %	13.91 %	9.86 %
2009	21.62 %	18.53 %	14.08 %
2010	20.89 %	17.78 %	12.67 %
2011	15.54 %	12.44 %	7.64 %
2012	20.82 %	17.69 %	11.95 %
2013	20.77 %	17.38 %	11.88 %
2014	21.40 %	18.14 %	11.86 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	13.68 %	13.47 %	5.62 %
Q2 2005	14.10 %	16.02 %	7.73 %
Q3 2005	21.60 %	19.69 %	11.07 %
Q4 2005	12.82 %	16.10 %	7.36 %
Q1 2006	16.51 %	17.28 %	9.28 %
Q2 2006	17.81 %	18.65 %	10.66 %
Q3 2006	16.84 %	15.95 %	8.11 %
Q4 2006	13.49 %	15.29 %	9.34 %
Q1 2007	14.99 %	14.94 %	9.03 %
Q2 2007	17.89 %	14.58 %	11.86 %
Q3 2007	14.51 %	13.72 %	8.16 %
Q4 2007	16.08 %	16.21 %	10.73 %
Q1 2008	16.17 %	14.46 %	10.86 %
Q2 2008	14.25 %	13.24 %	8.81 %
Q3 2008	18.71 %	17.15 %	13.63 %
Q4 2008	11.68 %	10.09 %	5.36 %
Q1 2009	23.95 %	21.09 %	21.07 %
Q2 2009	19.34 %	18.06 %	12.88 %
Q3 2009	21.04 %	15.24 %	10.80 %
Q4 2009	21.97 %	19.84 %	11.95 %
Q1 2010	21.78 %	19.05 %	14.43 %
Q2 2010	17.15 %	13.46 %	7.21 %
Q3 2010	19.42 %	16.42 %	13.32 %
Q4 2010	25.24 %	22.18 %	15.52 %
Q1 2011	24.20 %	20.52 %	15.10 %
Q2 2011	13.03 %	10.09 %	7.06 %
Q3 2011	9.51 %	6.73 %	0.84 %
Q4 2011	16.40 %	13.31 %	8.23 %
Q1 2012	22.10 %	18.18 %	13.72 %
Q2 2012	21.20 %	17.95 %	13.20 %
Q3 2012	18.66 %	15.41 %	10.22 %
Q4 2012	21.33 %	19.31 %	10.42 %
Q1 2013	21.08 %	17.78 %	12.24 %
Q2 2013	19.71 %	16.70 %	11.57 %
Q3 2013	21.19 %	16.80 %	11.08 %
Q4 2013	21.20 %	18.31 %	12.70 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	11.50	0.63	0.63	6.57
Q2 2005	11.50	0.66	0.66	6.77
Q3 2005	11.50	0.76	0.76	7.07
Q4 2005	11.50	0.84	0.84	6.55
Q1 2006	11.50	0.96	0.96	6.80
Q2 2006	11.50	1.05	1.05	7.10
Q3 2006	11.50	0.98	0.98	7.34
Q4 2006	11.50	1.07	1.07	6.90
Q1 2007	11.50	1.09	1.09	7.17
Q2 2007	11.50	1.19	1.19	7.57
Q3 2007	11.50	1.19	1.19	7.81
Q4 2007	11.50	1.26	1.26	7.84
Q1 2008	11.50	1.37	1.37	8.22
Q2 2008	11.50	1.33	1.33	8.57
Q3 2008	11.50	1.69	1.69	9.17
Q4 2008	11.50	1.52	1.52	9.27
Q1 2009	11.50	1.77	1.77	9.90
Q2 2009	11.50	1.77	1.77	10.25
Q3 2009	11.50	1.52	1.52	10.60
Q4 2009	11.50	1.72	1.72	10.99
Q1 2010	11.50	1.64	1.64	11.44
Q2 2010	11.50	1.54	1.54	11.70
Q3 2010	11.50	1.71	1.71	12.22
Q4 2010	11.50	1.88	1.88	12.76
Q1 2011	11.50	1.91	1.91	13.33
Q2 2011	11.50	1.99	1.99	12.59
Q3 2011	11.50	1.50	1.50	12.63
Q4 2011	11.50	1.37	1.37	13.05
Q1 2012	11.50	1.42	1.42	13.68
Q2 2012	11.50	1.72	1.72	13.17
Q3 2012	11.50	2.14	2.14	13.63
Q4 2012	11.50	2.15	2.15	14.06
Q1 2013	11.50	2.12	2.12	14.57
Q2 2013	11.50	2.07	2.07	14.14
Q3 2013	11.50	2.11	2.11	14.64
Q4 2013	11.50	2.22	2.22	15.14
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	11.50	0.84	0.84	6.55
2006	11.50	1.07	1.07	6.90
2007	11.50	1.26	1.26	7.84
2008	11.50	1.52	1.52	9.27
2009	11.50	1.72	1.72	10.99
2010	11.50	1.88	1.88	12.76
2011	11.50	1.37	1.37	13.05
2012	11.50	2.15	2.15	14.06
2013	11.50	2.22	2.22	15.14
2014	11.50	2.11	2.11	16.11

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	34.23	34.23	3.28
Q2 2005	52.89	52.89	5.16
Q3 2005	75.11	75.11	8.03
Q4 2005	More than 100	More than 100	13.26
Q1 2006	73.24	73.24	10.29
Q2 2006	More than 100	More than 100	15.50
Q3 2006	More than 100	More than 100	19.57
Q4 2006	36.77	36.77	5.72
Q1 2007	45.54	45.54	6.90
Q2 2007	38.46	38.46	6.03
Q3 2007	43.17	43.17	6.60
Q4 2007	41.33	41.33	6.66
Q1 2008	28.29	28.29	4.73
Q2 2008	29.99	29.99	4.66
Q3 2008	15.75	15.75	2.90
Q4 2008	17.27	17.27	2.84
Q1 2009	12.40	12.40	2.22
Q2 2009	18.40	18.40	3.18
Q3 2009	24.31	24.31	3.48
Q4 2009	24.23	24.23	3.79
Q1 2010	21.29	21.29	3.05
Q2 2010	17.04	17.04	2.25
Q3 2010	16.16	16.16	2.27
Q4 2010	15.37	15.37	2.26
Q1 2011	14.10	14.10	2.02
Q2 2011	17.02	17.02	2.68
Q3 2011	22.58	22.58	2.68
Q4 2011	36.58	36.58	3.83
Q1 2012	35.19	35.19	3.66
Q2 2012	21.32	21.32	2.78
Q3 2012	18.97	18.97	2.98
Q4 2012	21.52	21.52	3.29
Q1 2013	22.59	22.59	3.29
Q2 2013	22.36	22.36	3.27
Q3 2013	23.49	23.49	3.38
Q4 2013	23.70	23.70	3.47
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

Period	P/E	Adjusted P/E	Price/book
2005	More than 100	More than 100	13.26
2006	36.77	36.77	5.72
2007	41.33	41.33	6.66
2008	17.27	17.27	2.84
2009	24.23	24.23	3.79
2010	15.37	15.37	2.26
2011	36.58	36.58	3.83
2012	21.52	21.52	3.29
2013	23.70	23.70	3.47
2014	21.83	21.83	2.86

Financial Ratios

	Current
Market Cap (M Riyal)	596.85
Enterprise Value (EV) (M)	643.14
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)	46.45
P/E (TTM)	46.45
Price/book	4.10
Return on Average Assets (%) (TTM)	4.3
Return on Average Equity (%) (TTM)	9.2

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FIPCO’s 2014 net profit slightly down to SAR 24.3 mln

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Share Price

Filing and Packing Materials Manufacturing Co. (FIPCO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

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Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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FIPCO’s 2014 net profit slightly down to SAR 24.3 mln

View other reports

Share Price

Filing and Packing Materials Manufacturing Co. (FIPCO)

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

Financial Ratios

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