19 May

Fitaihi Announces its Consolidated Interim Financial Results for the Period Ending on 31-03-2024 (Three Months)

By Uncategorized

4180

FITAIHI GROUP

-0.49 %

1445/11/11     19/05/2024 15:59:03

Element ListCurrent QuarterSimilar Quarter For Previous Year%ChangePrevious Quarter% Change
Sales/Revenue13,855,63019,396,460-28.56613,108,9735.695
Gross Profit (Loss)9,230,9759,523,400-3.077,902,62716.808
Operational Profit (Loss)2,930,9492,592,65313.0481,300,438125.381
Net profit (Loss)2,037,4071,620,06625.761,158,65275.842
Total Comprehensive Income-45,147,2156,172,619–14,440,035–
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar Period For Previous Year%Change
Total Share Holders Equity (After Deducting the Minority Equity)431,502,699451,831,894-4.499
Profit (Loss) per Share0.0070.006
All figures are in (Actual) Saudi Arabia, Riyals
Element ListPercentage Of The Capital (%)Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value––
All figures are in (Actual) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year isThe reason for the decrease in revenues during the current quarter compared to the same quarter of the previous year is due to:
1- Sales decreased by 51.5%, reaching 8.9 mln. SAR during Q1-2024, compared to 18.3 mln. SAR during Q1-2023.

2- Receiving dividends from equity instruments at fair value through comprehensive income during Q1-2023 an amount of 1.09 mln. SAR, compared to not receiving any dividends during Q1-2024.

3- Achieving profits from evaluating an investment at fair value through profit or loss amounting to 0.1 mln. SAR during Q1-2023, compared to not achieving profits during Q1-2024.
                                                                     
Despite the following:

1- Achieving a profit from the Company’s share of results of an associate company during Q1-2024 an amount of 5 mln. SAR, compared to achieving a loss of 0.06 mln. SAR during Q1-2023.
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 increase in net profit during Q1-2024, compared to a net profit during Q1-2023, is mainly due to the following:

1- Achieving a profit from the Company’s share of results of an associate company during Q1-2024, amounting to 5 mln. SAR, compared to a loss of 0.06 mln. SAR during Q1-2023.

2- Selling, distribution, administrative, general, and other expenses decreased by 9.28%, reaching an amount of 6.4 mln. SAR during Q1-2024, compared to 7 mln. SAR during Q1-2023.

3- Achieving profits from the sale of properties and equipment amounting to 0.06 mln. SAR during Q1-2024, compared to not recording any profits during Q1-2023.

Despite the following:

1- The decrease in sales by 51.1% recording 8.9 mln. SAR during Q1-2024, compared to 18.3 mln. SAR during Q1-2023.

2- Receiving dividends from equity instruments at fair value through comprehensive income amounting to 1.09 mln. SAR during Q1-2023, compared to not receiving any dividends during Q1-2024.

3- Achieving investment evaluation profits of fair value through profit or loss, amounting to 0.1 mln. SAR during Q1-2023, compared to not achieving any profits during Q1-2024.

The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one isThe reason for the increase in revenues during the current quarter compared to the previous quarter is due to the following:

1- The Company’s share of results of an associate company during Q1-2024 increased by 64.5%, reaching 5 mln. SAR, compared to 3 mln. SAR during Q4-2023.

Despite the following:

1- Sales decreased by 12%, recording 8.9 mln. SAR during Q1-2024, compared to 10.1 mln. SAR during Q4-2023.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one isThe reason for the increase in net profit during Q1-2024, compared to a net profit during Q4-2023 is mainly due to the following:

1- The Company’s share of results of an associate company during Q1-2024 increased by 64.5%, reaching 5 mln. SAR, compared to 3 mln. SAR during Q4-2023.

2- Selling, distribution, administrative, general, and other expenses decreased by 4.7%, reaching an amount of 6.4 mln. SAR during Q1-2024, compared to 6.7 mln. SAR during Q4-2023.

3- Achieving profits from the sale of properties and equipment amounting to 0.06 mln. SAR during Q1-2024, compared to not recording any profits during Q4-2023.

Despite the following:


1- Sales decreased by 12%, recording 8.9 mln. SAR during Q1-2024, compared to 10.1 mln. SAR during Q4-2023.

2- The increase of Zakat expense during Q1-2024, amounting to 0.9 mln. SAR, compared to 0.08 mln. SAR during Q4-2023.
Statement of the type of external auditor’s reportOther Matter
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 matters – comparative figures
The Group has adjusted the comparative numbers for the results of its business results for the period ending on March 31, 2023 AD, due to the impact of the results of the associate company’s business for that period, according to the financial statements for the period that were issued and which had not been finalized when issuing the group’s financial statements for the period ending on March 31, 2023 AD on 28-05-2023 (For more details, please see Note 17).
Reclassification of Comparison ItemsN/A
Additional Information–

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