RIYADH: Saudi Arabia’s Filling & Packing Materials MFG. Co., FIPCO, has turned into a profitable company after reporting a net profit of SR400,000 ($106,662) in the first quarter of 2022. This first-quarter net profit improved from a loss of SR1.5 million during the same quarter of the previous year following growth in gross profit of 4.8 percent, according to a bourse filing. Results were also attributed to lower general and administrative expenses, a reduction in credit loss provisions, and higher gains on the company investments. Incorporated in 1991, FIPCO is one of the largest producers of Woven Polypropylene packaging products for industrial and agricultural uses in the Middle East.