24 Oct

Fitaihi Holding Group Announces its Consolidated Interim Financial Results for the Period Ending on 30-06-2022 (Six Months) Reissued

By Uncategorized

Share this: Facebook Twitter LinkedIn

ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE
Sales/Revenue23,095,43134,183,413-32.4432,449,894-28.83
Gross Profit (Loss)16,721,29126,342,562-36.5214,139,78018.26
Operational Profit (Loss)10,688,27518,524,759-42.37,773,29937.5
Net Profit (Loss) after Zakat and Tax9,187,63917,005,811-45.977,652,52220.06
Total Comprehensive Income-32,567,98633,881,039–-11,451,092184.41
All figures are in (Actual) Saudi Arabia, Riyals
ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE
Sales/Revenue55,545,325181,170,810-69.34
Gross Profit (Loss)30,861,071165,713,718-81.38
Operational Profit (Loss)18,461,574150,099,273-87.7
Net Profit (Loss) after Zakat and Tax16,840,161147,112,197-88.55
Total Comprehensive Income-44,019,078171,692,436–
Total Share Holders Equity (after Deducting Minority Equity)463,512,892786,943,752-41.1
Profit (Loss) per Share0.612.67
All figures are in (Actual) Saudi Arabia, Riyals
ELEMENT LISTEXPLANATION
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year isThe 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 a loss amounting to 4.1 million SAR from the Company’s share of results of associate companies during the second quarter of 2022, compared to profits amounting to 4.3 million SAR during the second quarter of 2021.
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 isThe 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, 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.
3- Achieve a loss amounting to 4.1 million SAR from the Company’s share of results of associate companies during the second quarter of 2022, compared to profits amounting to 8.3 million SAR during the first quarter of 2022.
3- An increase in Zakat expenses 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 isThe 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 64.8% during the first half of 2022, reaching 4.2 million SAR, compared to profits in the first half of 2021, amounting to 11.8 million SAR.
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 reportUnmodified conclusion
Reclassification of Comparison ItemsN/A
Additional InformationOn 24/08/2022, Fitaihi Holding Group announced on the Tadawul website the interim consolidated financial results of Fitaihi Holding Group for the period ending on 30/06/2022 included a (Qualified Conclusion) from the Company’s external auditor as Fitaihi Holding Group did not record its share of the investee Company’s business results for the three-months and the six-month period ending on June 30, 2022, which were not completed at that time or provided to us.

After the investee company issued its financial statements, Fitaihi Holding Group was able to verify the investee Company’s business results and reissue its financial statements and results for the financial period ending on 30/06/2022.

Author