10 Nov

Fitaihi Group Announces its Consolidated Interim Financial Results for the Period Ending on 30-09-2022 (Nine Months)

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ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE
Sales/Revenue-10,005,45717,329,712–23,095,431–
Gross Profit (Loss)-14,039,07811,900,473–16,721,291–
Operational Profit (Loss)-19,942,4174,378,726–10,688,275–
Net Profit (Loss) after Zakat and Tax-20,771,7196,924,483–9,187,639–
Total Comprehensive Income-19,489,57813,881,612–-32,567,986-40.16
All figures are in (Actual) Saudi Arabia, Riyals
ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE
Sales/Revenue45,539,868198,500,522-77.06
Gross Profit (Loss)16,821,993177,614,191-90.53
Operational Profit (Loss)-1,480,843154,477,999–
Net Profit (Loss) after Zakat and Tax-3,931,558154,036,680–
Total Comprehensive Income-63,508,656185,574,048–
Total Share Holders Equity (after Deducting Minority Equity)444,023,314525,825,364-15.56
Profit (Loss) per Share-0.143.08
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 loss in Q3-2022, compared to a profit in Q3-2021, is mainly due to the following:
1- A decrease in the Company’s share in the results of an associate Company’s business amounting to SAR 18 million during Q3-2022, compared to a profit of SAR 7.6 million in Q3-2021.
2- Achieve exceptional capital gains, in Q3-2021, from selling a property amounting to SAR 3.8 million.
3- Achieve profits from the (Fair Value Investment Valuation Through Profit or Loss) amounting to SAR 0.3 million during Q3-2021.
4- A decrease in gross sales profit by 2.5%, reaching SAR 3.9 million during Q3-2022, compared to SAR 4 million during Q3-2021.
Despite the following:
1- A decrease of 25.6% in selling, distribution, administrative, general expenses, and other expenses, reaching SAR 5.8 million during Q3-2022, compared to SAR 7.8 million during Q3-2021.
2- There was a decrease in Zakat expense in Q3-2022 by 6.2%, reaching SAR 0.9 million, compared to SAR 0.96 million in Q3-2021.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year isThe reason for the loss in Q3-2022, compared to the net profit in Q2-2022 (the previous quarter) is mainly due to the following:
1- Realize a loss from the Company’s share in the business results of an associate amounting to SAR 18 million during Q3-2022, compared to a loss of SAR 4.1 million during Q2-2022.
2- Receive dividends from equity instruments at fair value amounting to SAR 14.4 million in Q2 2022, while no dividends were received in Q3-2022.
3- A decrease in sales gross profit by 39.1%, reaching SAR 3.9 million during Q3-2022, compared to SAR 6.4 million during Q2-2022.
Despite the following:
1- A decrease of 3.3% in sales, distribution, administrative, and other expenses amounting to SAR 5.8 million in Q3-2022, compared to SAR 6 million in Q2-2022.
2- A decrease in Zakat expense by 40% in Q3-2022, amounting to SAR 0.9 million, compared to SAR 1.5 million in Q2-2022.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year isThe reason for the loss during the current period of the year 2022, compared to the profit in the same period of last year, is mainly due to the following:
1- Achieve exceptional capital gains amounting to SAR 125.7 million in the same period of last year (2021) resulting from selling the shares of an associate.
2- A loss in the Company’s share in the business results of an associate amounting to SAR 13.8 million in the current period of the year 2022, compared to a profit amounting to SAR 19.4 million in the same period of last year.
3- Achieve profits from the (Fair Value Investment Valuation Through Profit or Loss) amounting to SAR 1.2 million during the same period of last year.
4- Achieve exceptional capital gains from selling a property amounting to SAR 3.8 million during the same period of last year.
5- A decrease in sales gross profit by 5.2%, reaching SAR 15.4 million during the current period of the year 2022, compared to SAR 16.2 million during the same period of last year.
Despite the following:
1- A decrease of 24.3% in sales, distribution, administrative, and other expenses amounting to SAR 18.1 million in the current period of the year 2022, compared to SAR 23.9 million during the same period of last year.
2- A decrease in Zakat expense by 22.9%, amounting to SAR 2.7 million in the current period of the year 2022, compared to SAR 3.5 million during the same period of last year.
Statement of the type of external auditor’s reportUnmodified conclusion
Reclassification of Comparison ItemsN/A

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