Riyadh-Mubasher: Filling and Packing Materials Manufacturing Co. (FIPCO) posted net earnings of SAR 420,000 for the fourth quarter of 2015, falling 92% compared with SAR 5.5 million in the same period a year ago.
The fourth-quarter profit decline was due to low sale prices and high general and administrative expenses, the company said.
Net earnings for the 12-month period also dropped 46% year-on-year from SAR 24 million to SAR 13 million.
The full-year profit decline was attributable to the fact that the company maintained a large inventory of raw materials at higher costs which declined later, FIPCO said.
