Fitaihi Holding Group announces its annual consolidated financial results for the period ending 31 December 2013 (Twelve Months)
| ELEMENT | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | % CHANGE CURRENT | PREVIOUS QUARTER | % CHANGE PREVIOUS |
|---|---|---|---|---|---|
| Net profit (loss) | -667,062 | -1,769,643 | 62.31 | 5,208,456 | – |
| Gross profit (loss) | 25,239,053 | 28,547,320 | -11.59 | 31,177,255 | -19.05 |
| Operational profit (loss) | 830,776 | 7,125,170 | -88.34 | 7,271,811 | -88.58 |
| All figures are in Saudi Arabia, Riyals | |||||
| ELEMENT | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | % CHANGE |
|---|---|---|---|
| Net profit (loss) | 35,715,107 | 34,081,196 | 4.79 |
| Gross profit (loss) | 136,281,031 | 132,676,414 | 2.72 |
| Operational profit (loss) | 42,563,658 | 48,827,829 | -12.83 |
| Earning or loss per share, Riyals | 0.65 | 0.62 | – |
| All figures are in Saudi Arabia, Riyals | |||
| ELEMENT | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The reason for the decrease in loss, during the fourth quarter of the Year 2013, is mainly due to the following: 1-The recognition of an impairment loss of investments available for sale, of SR. 6,032,261, in the Income Statement during the fourth quarter of the Year 2012. 2-Zakat expense decreased by 56% from SR. 3,032,794 in the fourth quarter of the Year 2012, to SR. 1,332,800 in the same period of the Year 2013. All of the above reasons, had a positive impact on reducing the effect of lower sales by 16.63% during the fourth quarter of the Year 2013 compared to the same period of the previous year. |
| Reasons of increase (decrease) for period compared with same period last year | The reason for the increased net profits is mainly due to the following: 1-The investment income increased, by 37.26%, to SR. 12,251,966 during the Year 2013, compared to SR. 8,926,272 in 2012. 2-The recognition of an impairment loss of investments available for sale, of SR. 6,032,261, in the Income Statement during the Year 2012. 3-The decrease in Zakat expense by 19.2%, from SR. 8,907,231 in 2012, to SR. 7,197,800 in 2013. All of the above reasons, had a positive impact on reducing the effect of the increased expenses by 11.77% from SR. 83,848,585 in the Year 2012, to SR. 93,717,373 in the Year 2013. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The reason for the loss in the current quarter compared to the profits of the previous quarter is mainly due to the decrease in sales by 12.98% from SR. 63,496,265 in the previous quarter to SR. 55,257,158 in the current quarter, in addition to the decrease in gross margin. |
| Reclassifications in quarterly financial results | Certain comparative figure have been reclassified to conform with the presentation in the current period |
