Fitaihi Holding Group announces its Annual Financial Consolidated Results for the Period Ending on 2020-12-31
| ELEMENT LIST | CURRENT YEAR | PREVIOUS YEAR | %CHANGE |
|---|---|---|---|
| Sales/Revenue | 113,212,220 | 73,822,390 | 53.357 |
| Gross Profit (Loss) | 83,347,911 | 31,988,575 | 160.555 |
| Operational Profit (Loss) | 46,339,424 | -3,795,447 | – |
| Net Profit (Loss) after Zakat and Tax | 30,001,089 | -9,542,757 | – |
| Total Comprehensive Income | 29,713,973 | -182,243 | – |
| Total Share Holders Equity (after Deducting Minority Equity) | 626,251,316 | 607,537,343 | 3.08 |
| Profit (Loss) per Share | 0.55 | -0.17 | |
| All figures are in (Actual) Saudi Arabia, Riyals |
| ELEMENT LIST | EXPLANATION |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for achieving a net profit during the fiscal year 2020, compared to a net loss during the previous year, is mainly due to the following: 1- Achieving profits from selling part of its stake in the share capital of an associate, Al-Jouf Agricultural Development Company, an amount of 32.1 million SAR during the year 2020, compared to the non-achievement of profits during the previous year, within the strategic plan of Fitaihi Holding Group, and according to the resolution of the Board of Directors of the Group to sell 5.01% of the capital of its associate, Al-Jouf Agricultural Development Company, as per the Fitaihi Holding Group’s announcement on Tadawul website on September 15, 2020. 2- Achieving profits from the reversed part of the impairment losses in the value of the investment in an associate, Al-Jouf Agricultural Development Company, during the financial year 2020, an amount of 16 million SAR, compared to a loss of 24.8 million SAR during the previous year. This is due to the improvement in the market value of the stock of Al-Jouf Agricultural Development Company and the absence of a justification for continuing to recognize the impairment in the investment after the stock price of Al-Jouf Agricultural Development Company rose above its previous book value before the decrease. 3- A decrease in total selling and administrative expenses by 6.2 million SAR during the year 2020, and by 17.2% for the previous year. This is despite the following negative aspects that occurred during the year 2020, compared to the previous year: 1- The decline in sales during the year 2020, by 32.6%, compared to the previous year. (Due to the complete closure of commercial centers from mid-March until the end of April 2020, then reducing the working hours in May and June 2020 as part of the preventive and precautionary measures in the KSA to address the COVID-19 pandemic, as well as due to the increase in the value-added tax to 15% as of 1 July 2020) 2- A decrease in the profits of dividends from the investment in equity instruments with fair value during the year 2020, by 3.2% compared to the previous year. 3- A decrease in the Company’s share of the business results of associated Companies during the year 2020, by 51.4%, compared to the previous year. 4- An increase in Zakat expenditure during the year 2020, by 153.7%, compared to the previous year. 5- The net loss from discontinued operations increased during 2020, by 308%, compared to the previous year. 6- The decrease in the sales profit margin during the year 2020 compared to the previous year due to a decrease in the inventory with the value of 3.3 million SAR, in addition to charging the expenses with an obsolete inventory provision of 7.4 million SAR, thus the total amount charged to the income statement for the year 2020 is 10.7 million SAR, in the context of reducing the obsolete stock. |
