Fitaihi Group Announces its Annual Consolidated Financial Results for the Period Ending on 31-12-2023
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 59,709,114 | 29,199,614 | 104.48 | ||
| Gross Profit (Loss) | 34,744,347 | -4,723,065 | – | ||
| Operational Profit (Loss) | 8,228,355 | -28,559,778 | – | ||
| Net profit (Loss) | 5,207,720 | -31,865,495 | – | ||
| Total Comprehensive Income | 41,990,639 | -61,872,695 | – | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 476,649,914 | 445,659,275 | 6.95 | ||
| Profit (Loss) per Share | 0.02 | -0.12 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage Of The Capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | – | – | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The reason for the increase in sales/revenues in 2023 compared to the previous year is mainly due to:
1)- Achieve a profit from the Company’s share of results of an associate company in 2023 for 7.4 million SAR, compared to a loss of 39.4 million SAR during the previous year. 2)- An increase in sales profit, reaching 20.8 million SAR in 2023, compared to 19.4 million SAR during the previous year. This is despite the decrease in sales compared to the previous year, and this is due to the difference in the sales mix. 3)- Record a profit of 0.2 million SAR from Investment at Fair Value Through Profit or Loss during the year 2023, compared to not recording any profits during the previous year.
These results are despite the decrease of 6.4 million SAR in Dividends Received from Equity Instruments at Fair Value Through Comprehensive Income by 58.2% in 2023, compared to 15.3 million SAR in the previous year. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for achieving a profit during the fiscal year 2023 compared to a loss during the previous year is mainly due to:
1)- Achieve a profit from the Company’s share of results of an associate company in 2023 for 7.4 million SAR, compared to a loss of 39.4 million SAR during the previous year. 2)- An increase in sales profit, reaching 20.8 million SAR in 2023, compared to 19.4 million SAR during the previous year. This is despite the decrease in sales compared to the previous year, and this is due to the difference in the sales mix. 3)- Record a profit of 0.2 million SAR from Investment at Fair Value Through Profit or Loss during the year 2023, compared to not recording any profits during the previous year. 4)- Zakat’s expenses decreased by 17.6% in 2023, reaching 2.8 million SAR, compared to 3.4 million SAR in the previous year.
Despite the following: 1)- An increase in selling, distribution, administrative, general, and other expenses by 13.1%, reaching 26.8 million SAR in 2023, compared to 23.7 million SAR in the previous year. 2)- A decrease of 6.4 million SAR in Dividends Received from Equity Instruments at Fair Value Through Comprehensive Income by 58.2% in 2023, compared to 15.3 million SAR in the previous year. |
| Statement of the type of external auditor’s report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Other Matter
The Group’s consolidated financial statements for the year ended December 31, 2022 have been restated. During the year ended December 31, 2023 the Group re-issued its consolidated Financial statements on 16 November 2023 with un-modified Audit Opinion to adjust the Group’s share in the investment of the associate company due to the availability of the financial information of the associate company for the year ended on December 31, 2022, which was not available when the consolidated financial statements were previously issued on 29 March 2023 with a Modified Opinion, that resulted in an increase in the Group’s net loss for the year ended on December 31, 2022 by an amount of 14.6 million Saudi Riyals and a decrease in assets and equity by the same amount (for more details, refer to Note 29). |
| Reclassification of Comparison Items | N/A |
| Additional Information | – |
