19 May

Fitaihi announces its Consolidated Interim Financial Results for the period ending on 31-03-2022 (Three Months)

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ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE
Sales/Revenue32,449,894146,987,397-77.92320,747,09556.406
Gross Profit (Loss)14,139,780139,371,156-89.854-6,067,537–
Operational Profit (Loss)7,773,299131,574,514-94.092-12,668,471–
Net Profit (Loss) after Zakat and Tax7,652,522130,106,386-94.118-4,398,300–
Total Comprehensive Income-11,451,092137,811,397–-4,543,394152.038
All figures are in (Actual) Saudi Arabia, Riyals
ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE
Total Share Holders Equity (after Deducting Minority Equity)496,080,878753,062,713-34.124
Profit (Loss) per Share0.282.37
All figures are in (Actual) Saudi Arabia, Riyals
ELEMENT LISTEXPLANATION
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year isThe reason for the decrease in net profit during the first quarter of 2022, compared to a net profit during the first quarter of the year 2021, is mainly due to the following:
Achieve exceptional capital gains, amounting to 125.7 million SAR, in the first quarter of 2021, from selling the Group’s total stake in an associate Company.
Despite the following:
1)- The increase of the Company’s share in the results of the business of associates during the first quarter of 2022, by 10.38%, compared to the first quarter of 2021.
2- Receiving dividends amounting to 0.9 million SAR during the first quarter of 2022, compared to 32 thousand SAR during the first quarter of 2021.
3)- The increase in sales during the first quarter of 2022 by 70% compared to the first quarter of 2021, with a decrease in gross profit by 18% due to the different sales mix.
4)- The decrease in Total Selling and Administrative Expenses during the first quarter of 2022 by 22.8% compared to the first quarter of 2021.
5)- The decrease in Zakat expense during the first quarter of 2022 by 76% compared to the first quarter of 2021.
Worth mentioning that the Item of the Company’s Share in the Business Results of Associates, Gains from the Sale of Shares of an Associate, and Exceptional Gains from Selling Shares of an Associate, has been added to the Revenues Item, and accordingly, it has been included in the Gross Profit during the presented financial periods.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year isThe reason for the increase in net profit during the first quarter of 2022, compared to the net loss in the fourth quarter of the year 2021 (the previous quarter) is mainly due to the following:
1)- Record a decline of 17.9 million SAR in the Value of Inventory during the fourth quarter of 2021.
2)- The increase of the Company’s share in the results of the business of associates during the first quarter of 2022 by 59.9% compared to the fourth quarter of 2021.
3)- The decrease in Total Selling and Administrative Expenses in the first quarter of 2022, by 6.71%, compared to the fourth quarter of 2021.
4)- Receive dividends amounting to 0.9 million SAR during the first quarter of 2022.
5)- The decrease in Zakat expense during the first quarter of 2022, by 82.33%, compared to the fourth quarter of 2021.
6)- The increase in sales during the first quarter of 2022, by 49.6%, compared to the fourth quarter of 2021, with a decrease in gross profit, by 25.18%, due to the different sales mix.
Despite the following:
Achieve exceptional capital gains in the fourth quarter of 2021, amounting to 10 million SAR from selling unexploited properties.
Statement of the type of external auditor’s reportUnmodified conclusion
Reclassification of Comparison ItemsN/A

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