According to reports, FIPCO (Filling and Packing Materials Manufacturing Co) has turned to a net profit (after Zakat and tax) of SAR 400,000 million for the first quarter of 2022.
The Riyadh-based company is one of the largest producer in Middle East which provides jumbo bags and other woven polypropylene packaging products for industrial and agricultural uses.
The profit is said to have improved from a net loss of SAR 1.5 million in comparison to the previous-year. In comparison to the fourth quarter of 2021, FIPCO’s net profit fell 64.3% from SAR 1.12 million.
Reports state that the improvement in earnings was driven by a higher gross profit due to increased turnover. The company also noted lower general and administrative expenses and expected credit losses provision.
FIPCO’s manufacturing facilities are located in Riyadh and covers an area of 75,000 sq metres. The 31-year-old manufacturing company boasts a production capacity of over 3 million jumbo bags per year.