14 Apr

Fitaihi Holding Group announces the interim financial results for the period ending on 31-03-2014 (Three Months)

By Announcement
ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) 17,701,066 19,319,092 -8.38 -667,062 –
Gross profit (loss) 45,805,701 43,553,128 5.17 22,532,599 103.29
Operational profit (loss) 19,493,439 20,958,219 -6.99 830,776 2,246.41
Earning or loss per share, Riyals 0.32 0.35 – – –
All figures are in Saudi Arabia, Riyals
ELEMENT EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The decline in net profits in the current quarter compared to the same quarter of last year is mainly due to the decrease, by 15.7%, in investment earnings, an amount of 1,7 million SAR. It is worth mentioning that Fitaihi Group achieved sales of 74,8 million SAR in the first quarter of 2014, compared with sales of 66.8 million SAR achieved in the same quarter of last year, which represents an increase of 12%; and had a positive impact on the improvement in gross profit of sales totaling 36,7 million SAR in the first quarter of 2014 compared with an amount of 32.7 million SAR in the same quarter of last year, and with an increase amounting to 4 million SAR; which helped the Group to cover the increase in expenses, an amount of 3.7 million SAR, in the current quarter compared with the same quarter of last year.
Reasons of increase (decrease) for quarter compared with previous quarter The reason for the achievement of net profit during the current quarter compared with a net loss in the fourth quarter of 2013 (previous quarter) is mainly due to the increase in sales, and improved investment revenues; where the Group achieved sales amounting to 74,8 million SAR in the first quarter of 2014 compared with sales amounting to 55,3 million SAR in the fourth quarter of 2013 (previous quarter) which represents an increase of 35%. All this, had a positive impact on the improvement in gross profit of sales totaling 36,7 million SAR in the first quarter of 2014 compared with 22,4 million SAR in the fourth quarter of 2013 (previous quarter) representing an increase of 14,3 million SAR, which had a positive impact that exceeded the passive influence of the increase in expenses, an amount of 4.6 million SAR, in the current quarter compared with the fourth quarter of 2013 (previous quarter). In addition to the increased earnings of investments, an amount of 8,96 million SAR, during the current quarter compared with the fourth quarter of 2013 (previous quarter).
Reclassifications in quarterly financial results Certain comparative figures of the first quarter of 2013 have been reclassified to conform with the presentation of the first quarter of 2014.

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