09 May

Fitaihi announces its Consolidated Interim Financial Results for the period ending on 31-03-2021 (Three Months)

By Uncategorized
ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE
Sales/Revenue146,987,39720,183,537628.25336,997,132297.294
Gross Profit (Loss)139,371,15610,664,1001,206.91928,103,113395.927
Operational Profit (Loss)131,574,514-1,074,236–12,080,203989.174
Net Profit (Loss) after Zakat and Tax130,106,386-2,414,513–11,222,4011,059.345
Total Comprehensive Income137,811,397-21,861,157–21,954,292527.719
All figures are in (Actual) Saudi Arabia, Riyals
ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE
Total Share Holders Equity (after Deducting Minority Equity)753,062,713585,676,18628.58
Profit (Loss) per Share2.37-0.04
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 achieving net profit during the first quarter of the year 2021, compared to a net loss during the first quarter of the year 2020, is mainly due to the following:
1)- Achieving exceptional capital gains, amounting to 125.7 million SAR, from selling the Group’s total stake in an associate Company.
2)- The increase of the Company’s share in the results of the business of associates during the first quarter of 2021 compared to the first quarter of 2020 by 246.4%.
3)- The decrease in total selling and administrative expenses by 33.58%.
4)- The decrease of Zakat expense by 7.4%.This is despite a drop of 24% in sales.

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 the shares of an associate have been added to the Revenues Item, and accordingly, it has been included in the gross profit during the presented financial periods.
The comparative figures for the same quarter of the previous year include figures of the subsidiary, Luxury Goods Trading Company Ltd., which was sold during the fiscal year 2020.
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 the net profit for the first quarter of the year 2021, compared to the net profit for the fourth quarter of the year 2020 (the previous quarter) is mainly due to the following:
1)- Achieving exceptional capital gains, amounting to 125.7 million SAR, from selling the Group’s total stake in an associate Company.
2)- The increase of the Company’s share in the results of the business of associates during the first quarter of 2021 compared to the previous quarter by 102%.
3)- The decrease in total selling and administrative expenses in the first quarter of 2021 compared to the previous quarter by 9.8%.
4)- The decrease of Zakat expense by 16.8%.
5)- The formation of an inventory impairment provision during the previous quarter, amounting to 7.4 million SAR, while there was no need to form a provision for inventory impairment in the current quarter.
This is despite the sales decline in the first quarter of 2021 compared to the previous quarter by 14%, and the recorded profits, amounting to 15.95 million SAR, resulting from the reversed part of the impairment losses in the value of the investment in an associate, in the previous quarter.
Statement of the type of external auditor’s reportUnmodified conclusion
Reclassification of Comparison ItemsCertain prior period figures have been reclassified to conform with the presentation of the current period.

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