Fitaihi Announces its Annual Consolidated Financial Results for the Period Ending on 31-12-2021
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| ELEMENT LIST | CURRENT YEAR | PREVIOUS YEAR | %CHANGE |
|---|---|---|---|
| Sales/Revenue | 219,247,617 | 113,212,220 | 93.66 |
| Gross Profit (Loss) | 171,546,654 | 83,347,911 | 105.819 |
| Operational Profit (Loss) | 141,809,528 | 46,339,424 | 206.023 |
| Net Profit (Loss) after Zakat and Tax | 149,638,380 | 30,001,089 | 398.776 |
| Total Comprehensive Income | 181,030,654 | 29,713,973 | 509.244 |
| Total Share Holders Equity (after Deducting Minority Equity) | 507,531,970 | 626,251,316 | -18.957 |
| Profit (Loss) per Share | 3.23 | 0.55 | |
| All figures are in (Actual) Saudi Arabia, Riyals |
| ELEMENT LIST | EXPLANATION |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the increase in net profit during 2021, compared to the previous year, is mainly due to: 1- Achieve exceptional capital gains during 2021 from selling the shares of an associate company at 125.7 million SAR, compared to 32.1 million SAR, in addition to reversing the impairment in an associate company by an amount of 16 million SAR during the previous year. 2- The Company’s share in the results of the operations of associate companies during the year 2021 increased by 157.9%, reaching 24.5 million SAR, compared to 9.5 million SAR during the previous year. 3- An increase of 98.7% in dividends from equity instruments at fair value through comprehensive income during 2021, reaching 15.1 million SAR, compared to 7.6 million SAR during the previous year. 4- Achieve exceptional capital gains from selling unutilized properties amounting to 13.8 million SAR during 2021. 5- Record the profits of evaluating investments at fair value through profit or loss amounting to 1.2 million SAR during 2021. 6- A decrease in Zakat expense by 51.9% during 2021, reaching 5.2 million SAR, compared to 10.8 million SAR during 2020. 7- Selling, distribution, administrative, general expenses, and other expenses decreased by 16.7%, amounting to 30.5 million SAR in 2021, compared to 36.6 million SAR during the previous year, where a provision for stagnant and slow-moving inventory was recorded at 7.4 million SAR last year. 8- Achieve losses from discontinued operations during the previous year, amounting to 6.5 million SAR, resulting from the Group’s exit decision by selling its share in the capital of its subsidiary company, Luxury Goods Trading Company Ltd. This is despite the negative aspects during 2021, compared to the previous year: 1- A decrease in total sales profit by 72.5%, reaching 5 million SAR during 2021, compared to 18.2 million SAR during 2020, due to the recording of a decrease in the value of inventory by 17.9 million SAR during 2021, compared to 3.4 million SAR during 2020. This comes in the context of reducing obsolete inventory, despite an increase in sales by 9.8% during 2021, reaching 52.7 million SAR, compared to 48 million SAR in the last year. |
| Statement of the type of external auditor’s report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Not existing |
| Reclassification of Comparison Items | Certain prior-year figures have been reclassified to conform to the presentation of the current year. |
