Fitaihi Announces its Consolidated Interim Financial Results for the Period Ending on 30-09-2023 (Nine Months)
FITAIHI GROUP
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1445/04/25 09/11/2023 16:10:45
| Element List | Current Quarter | Similar Quarter For Previous Year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 8,903,823 | -10,005,457 | – | 14,292,307 | -37.7 |
| Gross Profit (Loss) | 4,872,488 | -14,039,078 | – | 8,438,281 | -42.26 |
| Operational Profit (Loss) | -1,530,502 | -19,871,719 | -92.3 | 1,751,953 | – |
| Net Profit (Loss) after Zakat and Tax | -2,430,502 | -20,771,719 | -88.3 | 851,953 | – |
| Total Comprehensive Income | 3,136,191 | -19,489,578 | – | 11,580,667 | -72.92 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar Period For Previous Year | %Change |
|---|---|---|---|
| Sales/Revenue | 46,600,141 | 45,539,868 | 2.33 |
| Gross Profit (Loss) | 26,841,720 | 16,821,993 | 59.56 |
| Operational Profit (Loss) | 6,927,917 | -1,480,843 | – |
| Net Profit (Loss) after Zakat and Tax | 4,049,068 | -3,931,558 | – |
| Total Comprehensive Income | 27,550,604 | -63,508,656 | – |
| Total Share Holders Equity (after Deducting Minority Equity) | 462,209,879 | 444,023,314 | 4.09 |
| Profit (Loss) per Share | 0.01 | 0.01 | |
| 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 decreased loss in Q3-2023, compared to a profit in Q3-2022, is mainly due to the following: 1- Achieve profits from the Company’s share in the business results of an associate company amounting to SAR 2 mln. during Q3-2023, compared to a loss of SAR 18 mln. in Q3-2022. Despite the following: 1- An increase of 10.3% in selling, distribution, administrative, general and other expenses, amounting to SAR 6.4 mln. during Q3-2023 compared to SAR 5.8 mln. during Q3-2022. 2- A decrease of 25.64% in sales gross profit, reaching SAR 2.9 mln. during Q3-2023, compared to SAR 3.9 mln. during Q3-2022. |
| 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 loss in Q3-2023, compared to the net profit in Q2-2023 (the previous quarter) is mainly due to the following: 1- Receive dividends from equity instruments at fair value amounting to SAR 5.3 mln. in Q2 2023, while no dividends were received in Q3-2023. 2- Achieve profits from (Fair Value Investment Valuation Through Profit or Loss) amounting to SAR 0.07 mln. in Q2-2023. 3- A decrease in sales gross profit by 37%, reaching SAR 2.9 mln. during Q3-2023, compared to SAR 4.6 mln. in Q2-2023. Despite the following: 1- Achieve profits from the Company’s share in the business results of an associate company amounting to SAR 2 mln. during Q3-2023, compared to a loss of SAR 1.5 mln. in Q2-2023. 2- A decrease of 4.5% in sales, distribution, administrative, and other expenses amounting to SAR 6.4 mln. during Q3-2023, compared to SAR 6.7 mln. in Q2-2023. |
| 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 achieving profit during the current period of the year 2023, compared to a loss in the same period of last year, is mainly due to the following: 1- Achieve profits from the Company’s share in the business results of an associate company amounting to SAR 4.4 mln. during the current period of the year 2023 compared to a loss amounting to SAR 13.8 mln. in the same period of last year. 2- Achieving profits from (fair value investment evaluation through profit or loss) amounting to 0.18 million riyals. During the current period of the year 2023 compared to not achieving profits in the same period last year. 3- An increase in sales gross profit by 3.2%, reaching SAR 15.9 mln. during the current period of the year 2023 compared to SAR 15.4 mln. during the same period of last year. Despite the following: 1- An increase of 11.1% in sales, distribution, administrative, and other expenses amounting to SAR 20 mln. during the current period of the year 2023 compared to SAR 18 mln. in the same period of last year. 2- Receive dividends from equity instruments at fair value amounting to SAR 6.4 mln. during the current period of the year 2023 compared to SAR 15.3 mln. received in the same period of last year. |
| Statement of the type of external auditor’s report | Other Matter |
| Reclassification of Comparison Items | Certain prior-year figures have been reclassified to conform to the presentation of the current period. |
| Additional Information | Other Matter – Comparative Figures The Group’s consolidated financial statements have been re-issued for the financial year ended on December 31, 2022 in order to adjust the balance and the Group’s share results of investment in an associated company due to the availability of financial information for that associated company for the year ended on December 31, 2022, which was not available when the consolidated financial statements were issued previously, and that resulted in an increase in the Group’s net loss for the year ended on December 31, 2022 by an amount of 14.6 million Saudi Riyals and a decrease in assets and equity by the same amount (for more details, see Note 16). |
