Fitaihi Announces its Consolidated Interim Financial Results for the Period Ending on 31-03-2023 (Three Months)
4180FITAIHI GROUP-2.30 %1444/11/01 21/05/2023 16:11:11
| Element List | Current Quarter | Similar Quarter For Previous Year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 23,404,008 | 32,449,894 | -27.88 | -11,912,709 | – |
| Gross Profit (Loss) | 13,530,948 | 14,139,780 | -4.3 | -17,117,513 | – |
| Operational Profit (Loss) | 6,600,201 | 7,773,299 | -15.09 | -22,651,390 | – |
| Net Profit (Loss) after Zakat and Tax | 5,627,614 | 7,652,522 | -26.46 | -23,506,392 | – |
| Total Comprehensive Income | 12,833,743 | -11,451,092 | – | 6,067,855 | 111.5 |
| All figures are in (Actual) Saudi Arabia, Riyals |
| Element List | Current Period | Similar Period For Previous Year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 462,924,912 | 496,080,878 | -6.68 |
| Profit (Loss) per Share | 0.2 | 0.28 | |
| All figures are in (Actual) Saudi Arabia, Riyals |
| Element List | Explanation |
|---|---|
| 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 reason for the decrease in net profit during the first quarter of 2023, compared to a net profit during the first quarter of 2022, is mainly due to the following: 1- The Company’s share of the business results of an associate decreased by 53% during the first quarter of 2023, amounting to SAR 3.9 million, compared to SAR 8.3 million during the first quarter of 2022. It should be noted that profits from the Company’s share of the business results of an associate have been recorded based on the financial statements prepared by the management of the associate, according to the latest information available to date. Since the audited financial statements of the associate company for 2022 and the (unaudited) financial statements for the first quarter of 2023 have not been issued to date, the Company’s management is following up with the associate on the necessary procedures to complete the preparation of the financial statements of the associate as soon as possible. 2- Selling, distribution, administrative, general, and other expenses increased by 13.2%, reaching during the first quarter of 2023 the amount of SAR 7 million, compared to SAR 6.2 million during the first quarter of 2022. 3- The increase of zakat expense during the first quarter of 2023, reaching SAR 0.9 million, compared to SAR 0.3 million during the first quarter of 2022. Despite the following: 1- The increase of gross profit of sales during the first quarter of 2023 by 68.4% compared to the first quarter of 2022, despite the decrease in sales by 21.6% due to the change in sales mix. 2- Receiving dividends amounting to SAR 1.1 million during the first quarter of 2023, compared to SAR 0.9 million during the first quarter of 2022. 3- Achieving Investment evaluation profits of fair value through profit or loss, which amounted to SAR 0.1 million during the first quarter of 2023. Worth mentioning that the Item “The Company’s share of the results of an associate, received dividends, and profits of investment evaluation at fair value through profit or loss” has been added to the “Revenues” Item, and accordingly, it has been included in the Gross Profit during the presented financial periods. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The reason for the increase in net profit during the first quarter of 2023, compared to a net loss in the fourth quarter of the year 2022 (amended) is mainly due to the following: 1-The increase of total sales profit during the first quarter of 2023 by 106.6% compared to the fourth quarter of 2022, and the increase of sales during the first quarter of 2023 by 97% compared to the fourth quarter of 2022. 2- Achieving profits from the Company’s share of the business results of an associate, amounting to SAR 3.9 million during the first quarter of 2023, compared to achieving losses of SAR 21.1 million during the fourth quarter of 2022, as profits were recorded from the Company’s share of the business results of an associate based on the financial statements prepared by the management of the associate company, according to the latest available information, as the audited financial statements of the associate have not been issued to date. The Company’s management is following up with the associate the necessary procedures to complete the preparation of the (audited) financial statements. Worth mentioning that the Company’s share of the business results of the associate company has been amended from recording losses of SAR 11 million to SAR 21.1 million, based on updated data obtained from the associate, accordingly, the comparative figures have been amended (as per the attachment). 3- Receiving dividends from equity instruments at fair value during the first quarter of 2023 amounting to SAR 1.1 million, compared to not receiving dividends during the fourth quarter of 2022. 3- Achieving profits from evaluating an investment at fair value through profit or loss amounting to SAR 0.1 million during the first quarter of 2023. Despite the following: 1- The increase in selling, distribution, and other general and administrative expenses by 23.9%, amounting to SAR 7 million during the first quarter of 2023, compared to SAR 5.7 million during the fourth quarter of 2022. 2- The increase of Zakat expense during the first quarter of 2023, amounting to SAR 0.9 million, compared to SAR 0.7 million during the fourth quarter of 2022. |
| Statement of the type of external auditor’s report | Qualified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | The Basis for Qualified Conclusion As explained in Note No. (5) to the interim condensed consolidated financial statements, the investment balance in the associate company amounted to SAR 178,763,939, which is accounted for using the equity method in the consolidated statement of financial position as of March 31, 2023. The Group also included its share of the investee company’s business results an amount of SAR 3,945,112 for the three-month period ending on March 31, 2023. In addition to that, as shown in Note No. (18), the Group made amendments to the results of its share of the associate company for the year ending on December 31, 2022, with an amount of SAR 10,193,415 according to the internal financial statements of the associate company (unaudited – amended), we were not able to obtain sufficient and appropriate evidence to verify the validity of the amount of the investment balance for the associate company and the results of the three-month period ending on March 31, 2023, in addition to the amendments of the year ended on 31 December 2022, which were recognized according to the Group’s estimates and the unaudited financial statements of the associate company, due to the non-completion of the audit and review of the financial statement. Accordingly, we were unable to determine whether any amendments were necessary to these amounts and their impact on the financial statements as a whole for the current period and the comparative year. The Qualified Conclusion Except for the adjustments to the interim condensed consolidated financial statements detailed above in the “Basis for Qualified Conclusion,” based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34, as endorsed in the Kingdom of Saudi Arabia. |
| Reclassification of Comparison Items | Certain prior-year figures have been reclassified to conform to the presentation of the current period. |
| Attached Documents | Attachment |
