Fitaihi Group Announces its Consolidated Interim Financial Results for the Period Ending on 30-06-2024 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 21,885,819 | 16,516,971 | 32.505 | 13,855,630 | 57.956 |
| Gross Profit (Loss) | 15,121,596 | 10,662,945 | 41.814 | 9,230,975 | 63.813 |
| Operational Profit (Loss) | 8,881,296 | 3,976,617 | 123.337 | 2,937,407 | 202.351 |
| Net profit (Loss) | 8,031,296 | 3,076,617 | 161.043 | 2,037,407 | 294.192 |
| Total Comprehensive Income | 37,942,639 | 17,316,710 | 119.109 | -45,147,215 | – |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 35,741,449 | 35,913,431 | -0.478 |
| Gross Profit (Loss) | 24,352,571 | 20,186,345 | 20.638 |
| Operational Profit (Loss) | 11,944,878 | 6,629,803 | 80.169 |
| Net profit (Loss) | 10,068,703 | 4,696,683 | 114.379 |
| Total Comprehensive Income | -7,204,576 | 23,489,329 | – |
| Total Shareholders Equity (after Deducting Minority Equity) | 469,445,338 | 458,148,711 | 2.465 |
| Profit (Loss) per Share | 0.04 | 0.02 | |
| 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 quarter compared to the same quarter of the last year is | The increase in revenues during the current quarter compared to the same quarter of the previous year is mainly due to the following: 1- An increase in the percentage of dividends received from equity instruments at fair value through comprehensive income by 49%, amounting to 7.9 million SR during the second quarter of 2024 compared to 5.3 million SR during the second quarter of 2023. 2- Achieving a profit from the Company’s share of results of an associate company during the second quarter of 2024, an amount of 3.2 million SR, compared to achieving a profit of 0.7 million SR during the second quarter of 2023. 3- An increase in sales by 3.3%,reaching 10.8 million SR during the second quarter of 2024 compared to 10.4 million SR during the second quarter of 2023. Despite the following: 1- Increase in the cost of sales due to the difference in the sales mix. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in net profit during the current quarter of 2024 compared to the net profit during the current quarter of 2023 is mainly due to the following: 1- An increase in the percentage of dividends received from equity instruments at fair value through comprehensive income by 49%, reaching 7.9 million SR during the second quarter of 2024, compared to 5.3 million SR during the second quarter of 2023. 2- Achieve a profit from the Company’s share of results of an associate company during the second quarter of 2024, an amount of 3.2 million SR, compared to achieving a profit of 0.7 million SR during the second quarter of 2023. 3- An increase in sales by 3.3%, reaching 10.8 million SR during the second quarter of 2024, compared to 10. 4 million SR during the second quarter of 2023.4- Selling, distribution, administrative, general, and other expenses decreased by 7.5% during the second quarter of 2024, reaching 6.2 million SR, compared to 6.7 million SR during the second quarter of 2023. 5- Zakat expense decreased by 5.6%, reaching 0.85 million SR during the second quarter of 2024, compared to 0.90 million SR during the second quarter of 2023. Despite the following: 1- Increase in the cost of sales due to the difference in sales mix. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The increase in revenues during the current quarter compared to the previous quarter is mainly due to the following: 1- Receive dividends from equity instruments at fair value through comprehensive income amounting to 7.9 SR million during the second quarter of 2024, compared to not receiving any dividends during the first quarter of 2024. 2- Sales increased by 21.3%, reaching 10.8 million SR during the second quarter of 2024, compared to 8.9 million SR during the first quarter of 2024. Despite the following: 1- Increase in the cost of sales due to the difference in sales mix.2- A decrease in the Company’s share of results of an associate company by 36%, reaching 3. 2 million SR during the second quarter of 2024, compared to 5 million SR during the first quarter of 2024. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The increase in net profit during the current quarter compared to the previous quarter is mainly due to the following: 1- Receive dividends from equity instruments at fair value through comprehensive income amounting to 7.9 million SR during the second quarter of 2024, compared to not receiving any dividends during the first quarter of 2024. 2- Sales increased by 21.3% reaching 10.8 million SR during the second quarter of 2024, compared to 8.9 million SR during the first quarter of 2024. 3- Selling, distribution, administrative, general, and other expenses decreased by 1.6% reaching 6.2 million SR during the second quarter of 2024, compared to 6.3 million SR during the first quarter of 2024. 4- Zakat expense decreased by 5.6% reaching 0.85 SR million during the second quarter of 2024, compared to 0.90 million SR during the first quarter of 2024. Despite the following: 1- Increase in the cost of sales due to the difference in sales mix. 2- Decrease in the Company’s share of results of an associate company by 36% reaching 3.2 million SR during the second quarter of 2024, compared to 5 million SR during the first quarter of 2024. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The decrease in revenues during the current period compared to the same period of the previous year is mainly due to the following: 1- Sales decreased by 31.7%, reaching 19.6 million SR during the first half of 2024, compared to 28.7 million SR during the first half of 2023. Despite the following: 1- An increased percentage of dividends received from equity instruments at fair value through comprehensive income by 23.4%, amounting to 7.9 million SR during the first half of 2024, compared to 6.4 million SR during the first half of 2023. 2- Achieve a profit from the Company’s share of results of an associate company amounting to 8.2 million SR during the first half of 2024, compared to a profit of 0.7 million SR during the first half of 2023. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reason for the increase in net profit during the current period compared to the same period of the previous year is mainly due to the following: 1- An increased percentage of dividends received from equity instruments at fair value through comprehensive income by 23.4%, amounting to 7.9 million SR during the first half of 2024, compared to 6.4 million SR during the first half of 2023. 2- Achieve a profit from the Company’s share of results of the business of an associate company during the first half of 2024, amounting to 8.2 million SR, compared to a profit of 0.7 million SR during the first half of 2023. 3- Selling, distribution, administrative, general, and other expenses decreased by 8%,reaching 12.6 million SR during the first half of 2024, compared to 13.7 million SR during the first half of 2023. 4- Zakat expense decreased by 2.8% to reach 1.75 million SR during the first half of 2024, compared to 1.8 million SR during the first half of 2023. Despite the following: 1- Sales decreased by 31.7% to reach 19.6 million SR during the first half of 2024, compared to 28.7 million SR during the first half of 2023. |
| Statement of the type of external auditor’s report | Other 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) | We issued a limited review report with a qualified conclusion dated 04 Safar 1445 AH, corresponding to August 20, 2023 G, on the interim condensed financial statements issued for the three-month and six-month periods ending on June 30, 2023. The Group has adjusted its share of the results of the operations of the associate investee company and the related balances in the condensed interim consolidated financial statements for the three and six-month periods ending on June 30, 2023, as the associate company has completed preparing its financial statements for both the year ending on December 31, 2022 and for the three periods. And the six months ending on June 30, 2023 (for more details, please see Note 17). |
| Reclassification of Comparison Items | N/A |
| Additional Information | – |
