Riyadh – Mubasher: Filing and Packing Materials Manufacturing Company (FIPCO) has named Abdullah Muhammad Alharbi as its new CEO, according to a bourse filing.
Alharbi, who assumed his new role on 1 January 2023, holds a bachelor’s degree in marketing and a master’s degree in Business Administration (MBA).
With more than 12-year administrative experience, the new official assumed various senior management positions, including the Chairman of the governance committee and the investment committee member at FIPCO.
Last November, the Capital Market Authority (CMA) greenlighted FIPCO’s capital hike to SAR 230 million from SAR 115 million through a rights issue.
In the first nine months (9M) of 2022, the Tadawul-listed firm swung to net profits after Zakat and tax worth SAR 3.50 million, compared to net losses of SAR 10.20 million in the January-September 2021 period.
Revenues increased by 21.20% year-on-year (YoY) to SAR 196.70 million in 9M-22 from SAR 162.30 million.
The earnings per share (EPS) stood at SAR 0.30 in 9M-22, against a loss per share of SAR 0.89 in the year-ago period.
