Riyadh – Mubasher: Filing and Packing Materials Manufacturing Company (FIPCO) on Thursday announced winning a SAR 32.63 million contract from the Saudi Grains Organization (SAGO).
Under the contract, FIPCO will produce and provide barley packing bags with a 50-kilogram capacity to SAGO, according to a statement to the Saudi Stock Exchange (Tadawul).
The bag supply will continue for nine months, starting from 15 March 2019.
The Saudi packing and manufacturing firm last reported a 30% year-on-year profit growth in the third quarter of 2018, logging SAR 7.8 million, compared to SAR 6 million.
During the first nine months of 2018, the company’s profits increased by 17% year-on-year to SAR 24 million, compared to SAR 20.5 million.
FIPCO’s stock levelled down 2% to close Thursday’s trading session at SAR 34.30.
