| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 163.5 | 153.6 | 6.445 | ||
| Total Profit (Loss) | 29 | 27.1 | 7.011 | ||
| Profit (Loss) Operational | -2.4 | 5.8 | - | ||
| Net Profit (Loss) after Zakat and Tax | -3.1 | 5.2 | - | ||
| Total Comprehensive Income | -4.2 | 5.1 | - | ||
| Total Share Holders Equity (after deducting minority equity) | 181.8 | 183.6 | -0.98 | ||
| Profit (Loss) per Share | -0.27 | 0.45 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current year compared to last year | The Consolidated loss Attributable to Shareholders for the fiscal year 2018 is SR 3.1 million compared to consolidated profits of SR 5.2 million for the fiscal year 2017, resulted from an increase in general and administrative expenses arising from FIPCO's pre-operating expenses for its subsidiary (FPC), which is required to be recognized as an expense in accordance with International Financial Reporting Standards (IFRS) amounting to SR 11.5 million for the fiscal year 2018, while it was SR 2.6 million for the fiscal year 2017 based on the project is still in the phase of trial production. In addition to the provisions for doubtful debts, which increased by SR 1.8 million during the year 2018 in line with the IFRS 9. FIPCO in addition has settled the consolidated costs of governmental fees during the fiscal year 2018. As well as a decrease in investment income and other income of SR 2.7 million as a result of non-recurring investments carried out by FIPCO during the fiscal year 2017 and the cessation of support programs in the Human Resources Development Fund (HRDF), however an increase of sales and gross profit as well as a decrease of banking charges and zakat provision. |
| Type of the external auditor's opinion | Unmodified opinion |
| Reclassifications in annual financial results | Certain Comparative figures have been reclassified to be consistent with the presentation of the current period presentation |
| Additional Information | - The figures indicate that the pre-operating expenses of FPC were reflected in the consolidated financial statements of FIPCO. The total expenses during the fiscal year 2018 amounted to SR 11.7 million compared to SR 2.9 million during the fiscal year 2017, based on the activities of establishment, purchasing the raw materials and other materials during the year 2018. These expenses were typical and fall under normal expenses, as the operational and positional structure of the company was completed at the end of 2018 in preparation for commercial operation. |
- FIPCO as a stand-alone has achieved net profits amounted to SR 6.2 million for the fiscal year 2018.
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