57.2000
Change
-1.0000
Change %
1.7182%
Open
58.2000
Close
57.9000
High
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Low
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FIPCO assigned “BBB+” rating by Tasnif

2018-12-09 11:13:13 GMT (Economies.com)
 

Filling and Packing Materials Co. (FIPCO) announced, in a bourse filing it was assigned a “BBB+” rating, with Stable outlook, by SIMAH's Credit Rating Agency (Tasnif).

According to Tasnif, the rating was based on some positive fundamentals, including the well-established historical operation model for FIPCO in the field of filling and packing materials has strongly reflected on FIPCO strong market position and brand.

Furthermore, the rating was assigned due to efficiency, quality, competitive advantages and deep knowledge of the nature of its industry ensures that it will be able to obtain orders from customers in the market continuously and repeatedly to reach the largest market share, thus enhancing the chances of growth and sustainability.

FIPCO plans to export most of its main products in line with the ambitious vision of the Kingdom 2030, according to the company’s statement.

The company is marked by diversification in its income through investment in other industrial sectors related to its main areas of activity; thus it launched its latest project of technical textile through its subsidiary (FPC Industries Co.), which is expected to contribute in increasing FIPCO turnover, according to the statement.

The classification is the first of its kind in the Kingdom at the level of transforming industries companies, said Chairman Faisal Bin Mohammed Al Harbi, adding that the credit rating obtained by FIPCO is one of the best at the level of industrial companies based on the foresaid factors.

Al Harbi also added that this excellent rating reflects the strong financial position, assuring FIPCO's ability to obtain the required finance for any current or future strategic investments in a way that maximizes the market value of its shareholders.

 
 
 
  Symbol Last Change Chg.%
1.1917
0.0023
0.1938%
1.3383
0.0000
0.0011%
Tadawul
8688.76
21.04
0.24%
23.348
-0.698
2.903%
46.050
3.225
7.531%
48.91
1.02
2.13%
1807.225
-59.285
3.176%
 
 
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