13 Jul

Fitaihi Holding Group announces the interim financial results for the period ending on 30-06-2014 (Six Months)

By Announcement
ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) 18,021,953 11,854,621 52.02 17,701,066 1.81
Gross profit (loss) 48,537,575 37,179,400 30.55 45,805,701 5.96
Operational profit (loss) 20,623,133 13,502,852 52.73 19,493,439 5.8
All figures are in Saudi Arabia, Riyals
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) 35,723,019 31,173,713 14.59
Gross profit (loss) 94,347,672 80,732,528 16.86
Operational profit (loss) 40,116,572 34,461,071 16.41
Earning or loss per share, Riyals 0.65 0.57 –
All figures are in Saudi Arabia, Riyals
ELEMENT EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The increase in net profit in the current quarter compared with the same quarter of last year is mainly due to the increase in investment earnings with an amount of 10.13 million SAR, by 543%. It is worth mentioning that Fitaihi Group achieved sales of 74,71 million SAR in the second quarter of 2014, compared with sales amounting to 64.39 million SAR achieved in the same quarter of last year, which represents an increase of 16%; and this had a positive impact on the improvement in gross profit of sales totaling 36,55 million SAR in the second quarter of 2014 compared with 35.32 million SAR achieved in the same quarter of last year, with an increase amounting to 1.23 million SAR; which helped the Group to reduce the passive influence of the increase in expenses, an amount of 4.24 million SAR, and the loss in exchange differences amounting to 1 million SAR, in the current quarter compared with the same quarter of last year.
Reasons of increase (decrease) for period compared with same period last year The increase in net profit in the first half of 2014 compared with the net profit of the first half of 2013, is mainly due to the increase in sales and the improved investment earnings. The Group has achieved sales totalling 149.48 million SAR during the first half of 2014 compared with 131.19 million SAR during the first half of 2013, which represents an increase of 14%, and this had a positive impact on the improvement in gross profit of sales amounting to 73.24 million SAR in the first half of 2014 compared with 68.06 million SAR in the first half of 2013, with an increase amounting to 5.18 million SAR; which had a positive impact, on reducing the passive influence of the increase in expenses with an amount of 7.96 million SAR, and the loss in exchange differences amounting to 1 million SAR, in the current half compared with the first half of 2013. In addition the investment earnings increased by 66.6%, with an amount of 8.44 million SAR during the cureent half compared with the first half of 2013.
Reasons of increase (decrease) for quarter compared with previous quarter The reason for the increase in net profit during the second quarter compared with the net profit in the first quarter of 2014 (previous quarter) is mainly due to the increase in investment earnings, an amount of 2.88 million SAR, during the second quarter compared with the first quarter of 2014 (previous quarter); where the Group achieved an increased gross profit totalling 48.54 million SAR during the second quarter of 2014, compared with an amount of 45.81 million SAR during the first quarter of 2014 (previous quarter), representing an increase amounting to 2.73 million SAR, which had a positive impact, that exceeded the passive influence of the increase in expenses, with an amount of 1.60 million SAR, and the loss in exchange differences amounting to 1 million SAR, in the current quarter compared with the first quarter of 2014 (previous quarter).
Reclassifications in quarterly financial results Certain comparative figures of the first half of 2013 have been reclassified to conform with the presentation of the first half of 2014.

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