Fitaihi announces its Consolidated Interim Financial Results for the period ending on 30-09-2020 (Nine Months)
| ELEMENT LIST | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | %CHANGE | PREVIOUS QUARTER | % CHANGE |
|---|---|---|---|---|---|
| Sales/Revenue | 55,644,594 | 18,518,646 | 200.478 | 5,624,255 | 889.368 |
| Gross Profit (Loss) | 50,567,306 | 12,656,507 | 299.536 | -2,904,701 | – |
| Operational Profit (Loss) | 44,180,872 | 3,982,382 | 1,009.408 | -9,469,959 | – |
| Net Profit (Loss) after Zakat and Tax | 38,060,860 | 2,180,141 | 1,645.798 | -16,867,659 | – |
| Total Comprehensive Income | 46,085,034 | 4,058,933 | 1,035.397 | -16,464,196 | – |
| All figures are in (Actual) Saudi Arabia, Riyals |
| ELEMENT LIST | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | %CHANGE |
|---|---|---|---|
| Sales/Revenue | 76,215,088 | 76,546,398 | -0.432 |
| Gross Profit (Loss) | 55,244,798 | 47,217,010 | 17.001 |
| Operational Profit (Loss) | 34,259,221 | 19,901,279 | 72.145 |
| Net Profit (Loss) after Zakat and Tax | 18,778,688 | 15,190,846 | 23.618 |
| Total Comprehensive Income | 7,759,681 | 20,336,490 | -61.843 |
| Total Share Holders Equity (after Deducting Minority Equity) | 615,297,024 | 628,056,076 | -2.031 |
| Profit (Loss) per Share | 0.34 | 0.28 | |
| All figures are in (Actual) Saudi Arabia, Riyals |
| ELEMENT LIST | EXPLANATION |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | The reason for achieving a net profit during the third quarter of the year 2020, compared to the third quarter of the year 2019, is mainly due to the following: 1- Receiving dividends from investment amounting to 7.1 million SAR in the third quarter of the year 2020, compared to not receiving dividends from investments in the third quarter of the year 2019. 2- An increase in the Company’s share in the business results of associates during the third quarter of the year 2020, by 6.9%, compared to the third quarter of the year 2019. 3- Achieving profits from selling shares of an associate Company amounting to 31.2 million SAR during the third quarter of the year 2020, compared to no profits achieved during the third quarter of the year 2019. 4- A decrease in total sales and administrative expenses by an amount of 2.3 million SAR during the third quarter of the year 2020, by 26.4%, compared to the third quarter of the year 2019. 5- Not achieving losses from discontinued operations during the third quarter of the year 2020, compared to losses amounting to 0.5 million SAR during the third quarter of the year 2019. This is despite the decrease in sales during the third quarter of the year 2020, by 14.2%, compared to the third quarter of the year 2019, in addition to the increase in Zakat expense during the third quarter of the year 2020, by an amount of 4.8 million SAR, which represents 401.9%, compared to the third quarter of the year 2019. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The reason for achieving net profits in the third quarter of the year 2020, compared to net losses in the second quarter of the year 2019 (the previous quarter) is due to the following: 1- An increase in sales during the third quarter of the year 2020, by 5.7%, compared to the second quarter of the year 2020. 2- An increase in the sales profit margin during the third quarter of the year 2020, to reach 48.8% compared to 9.1% during the second quarter of the year 2020. This reflects the impact of recording a decrease in the value of the inventory by 3.4 million SAR, for the sake of reducing the obsolete inventory during the second quarter of the year 2020. 3- Receiving dividends from investment amounting to 7.1 million SAR in the third quarter of the year 2020, compared to 5 thousand SAR received from investments in the second quarter of the year 2020. 4- Recording the Company’s profit share in the business results of associates during the third quarter of the year 2020, amounted to 7.4 million SAR, compared to a loss of 3.8 million SAR during the second quarter of the year 2020. 5- Achieving profits from selling shares of an associate Company amounting to 31.2 million SAR during the third quarter of the year 2020, compared to no profits achieved during the second quarter of the year 2020. 6- A decrease in total sales and administrative expenses by an amount of 178.8 thousand SAR during the third quarter of the year 2020, by 2.7%, compared to the second quarter of the year 2020. 7- Not achieving losses from discontinued operations during the third quarter of the year 2020, compared to losses amounting to 5.6 million SAR during the second quarter of the year 2020. This is despite the increase in Zakat expense during the third quarter of the year 2020, by an amount of 4 million SAR, which represents 197.3%, compared to the second quarter of the year 2020. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | The reason for achieving an increase in the net profit during the current period of the year 2020, compared to the same period of the previous year, is mainly due to the following: 1- Achieving profits from selling shares of an associate Company amounting to 31.2 million SAR during the first nine months of the year 2020, compared to no profits achieved during the same period of the previous year. 2- A decrease in total sales and administrative expenses by an amount of 6.3 million SAR during the first nine months of the year 2020, by 23.2%, compared to the same period of the previous year. This is despite the impact of the negative sides during the current period of the year 2020, compared to the same period of the previous year, as follow: 1- The decrease in sales during the current period of the year 2020, by 36.7%, compared to the same period of the previous year. 2- The decrease in dividends received from investments, by 9.4%, during the current period of the year 2020, compared to the same period of the previous year. 3- The decrease in the Company’s share in the business results of associates, by 67.7%, during the current quarter of the year 2020, compared to the same period of the previous year. 4- The increase in Zakat expense during the current period of the year 2020, by 156.9%, compared to the same period of the previous year. 5- The increase in net losses from discontinued operations during the current period of the year 2020, by 571%, compared to the same period of the previous year. |
| Basis of the External Auditor’s Opinion | Unmodified opinion |
| Reclassification of Comparison Items | Certain prior period figures have been reclassified to conform with the presentation of the current period. |
