Fitaihi Holding Group Announces its Consolidated Interim Financial Results for the Period Ending on 30-06-2022 (Six Months)
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| ELEMENT LIST | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | %CHANGE | PREVIOUS QUARTER | % CHANGE |
|---|---|---|---|---|---|
| Sales/Revenue | 27,200,424 | 34,183,413 | -20.43 | 32,449,894 | -16.18 |
| Gross Profit (Loss) | 20,826,284 | 26,342,562 | -20.94 | 14,139,780 | 47.29 |
| Operational Profit (Loss) | 14,793,268 | 18,524,759 | -20.14 | 7,773,299 | 90.31 |
| Net Profit (Loss) after Zakat and Tax | 13,292,632 | 17,005,811 | -21.83 | 7,652,522 | 73.7 |
| Total Comprehensive Income | -28,462,993 | 33,881,039 | – | -11,451,092 | 148.56 |
| All figures are in (Actual) Saudi Arabia, Riyals |
| ELEMENT LIST | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | %CHANGE |
|---|---|---|---|
| Sales/Revenue | 59,650,318 | 181,170,810 | -67.08 |
| Gross Profit (Loss) | 34,966,064 | 165,713,718 | -78.9 |
| Operational Profit (Loss) | 22,566,567 | 150,099,273 | -84.97 |
| Net Profit (Loss) after Zakat and Tax | 20,945,154 | 147,112,197 | -85.76 |
| Total Comprehensive Income | -39,914,085 | 171,692,436 | – |
| Total Share Holders Equity (after Deducting Minority Equity) | 467,617,885 | 786,943,752 | -40.58 |
| Profit (Loss) per Share | 0.76 | 2.67 | |
| 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 profits, during the second quarter of 2022, compared to the net profit of the second quarter of 2021, is mainly due to: 1- A decrease of 8.6% in sales, amounting to 12.8 million SAR during the second quarter of 2022, compared to 14 million SAR during the second quarter of 2021. 2- A gain from equity instruments at fair value decreased by 4.6%, during the second quarter of 2022, amounting to 14.4 million SAR, compared to a gain during the second quarter of 2021, amounting to 15.1 million SAR. 3- Achieve profits, amounting to 4.3 million SAR, from the Company’s share of results of associate companies during the second quarter of 2021, while no share of results of associate companies was recorded during the second quarter of the year 2022 as the financial statements of the associate companies, for the second quarter of 2022, have not been issued yet. 4- Achieve a gain from investment valuation at fair value through profit or loss amounting to 0.8 million SAR during the second quarter of 2021. 5- The increase in Zakat expense by 15.4% during the second quarter of 2022, reaching 1.5 million SAR, compared to 1.3 million SAR during the second quarter of 2021. Despite the following: 1- A decrease of 25.9% in selling, distribution, administrative, general expenses, and other expenses, reaching 6 million SAR during the second quarter of 2022, compared to 8.1 million SAR during the second quarter of 2021. 2- An increase in sales profit margin during the second quarter of 2022, compared to the second quarter of 2021. |
| 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 for the second quarter of 2022, compared to the net profit for the first quarter of 2022 (the previous quarter), is mainly due to: 1- The increase in gain from equity instruments at fair value during the second quarter of 2022, amounting to 14.4 million SAR, compared to a gain during the first quarter of 2022, which amounted to 0.9 million SAR. 2- The increase in sales profit margin during the second quarter of 2022, compared to the first quarter of 2022, is due to the difference in sales mix. 3- The decrease of 3.2% in selling, distribution, administrative and general expenses, and other expenses amounting to 6 million SAR, during the second quarter of 2022, compared to 6.2 million SAR, during the first quarter of 2022. Despite the following: 1- Sales decreased by 45.1% during the second quarter of 2022, reaching 12.8 million SAR, compared to 23.3 million SAR, during the first quarter of 2022. 2- Achieve profits, amounting to 8.3 million SAR, from the Company’s share of results of associate companies, during the first quarter of 2022, while no share of results of associate companies was recorded, during the second quarter of the year 2022 as the financial statements of the associate companies, for the second quarter of 2022, have not been issued yet. 3- An increase in Zakat expense reaching 1.5 million SAR, during the second quarter of 2022, compared to 0.3 million SAR during the first quarter of 2022. |
| 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 decrease in net profit during the first half of 2022, compared to the net profit of the first half of 2021, is mainly due to: 1- Achieve exceptional capital gains of 125.7 million SAR during the first half of 2021 (from the sale of the Group’s total share in the capital of an associate Company). 2- A decrease in profits from the Company’s share of results of the associate companies by 29.7% during the first half of 2022, reaching 8.3 million SAR, compared to profits in the first half of 2021, amounting to 11.8 million SAR, where the results of the first half of 2022 include the profits of only the first quarter of 2022 from the Company’s share of results of associate companies, as the financial statements of the associate companies, for the second quarter of 2022, have not been issued yet. 3- Achieve a gain from investment valuation at fair value through profit or loss, amounting to 0.9 million SAR during the first half of 2021. 4- A decrease in sales profit margin during the second half of 2022 compared to the second half of 2021. Despite the following: 1- An increase in gains from equity instruments at fair value during the first half of 2022, amounting to 15.3 million SAR, compared to a gain during the first half of 2021 amounting to 15.2 million SAR. 2- An increase of 30.3% in sales during the first half of 2022, reaching 36.1 million SAR, compared to 27.7 million SAR during the first half of 2021. 3- A decrease of 24.2% in selling, distribution, administrative and general expenses, and other expenses, amounting to 12.2 million SAR during the first half of 2022, compared to 16.1 million SAR during the first half of 2021. 4- A decrease of 28% in Zakat expense during the first half of 2022, reaching 1.8 million SAR, compared to 2.5 million SAR during the first half of 2021. |
| 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 | Basis for Qualified Conclusion: As explained in Note No. (5) to the interim condensed consolidated financial statements, the group did not record its share of the investee company’s business results for the three-months and the six-months period ended on June 30, 2022. and, the financial information of the investee company was not completed and provided to us. accordingly, we were unable to verify the results of the investee company’s business results and any amendments that might affect these interim condensed consolidated financial statements as a whole. Qualified Conclusion Except for the adjustments to the interim condensed consolidated financial statements that might gave become aware of had it not been for the matter situation described above, 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 | N/A |
