The financial statements of Fitaihi Holding Group showed a negative shift in the results of the company in the past year compared to 2018.

According to the company’s results for the Saudi market (Tadawul) today, last year’s losses amounted to 9.54 million riyals, compared to 2018’s profits of 7.77 million riyals.

The company said that last year's losses are due to the record loss of investment in an associate (Al-Jouf Agricultural Development) in 2019 in the amount of 24.8 million riyals.

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The losses were attributed to a 14.8% decrease in sales last year compared to 2018, which led to a decrease in the gross profit by 7.8 million riyals.

It stated that the losses of 2019 are also due to the decrease in the company's share of the results of the business of associate companies during the previous year compared to 2018, by 27.4%, and amounted to SR 7.4 million. < / p>

One of the positive aspects, according to the company statement, is the decrease in total sales and administrative expenses in the past year compared to 2018, by 24.5%, and by 16.9 million riyals.

It is also a plus, not to create a slow-moving inventory allowance during 2019 compared to creating a slow-moving inventory allowance during 2018 of 5 million riyals.

The company noted that net investment profits increased last year by 37.4% on an annual basis and by SR 2.1 million.

Zakat expense in the previous year compared to 2018 decreased by 9.2% and by 0.49 million riyals.

The Board of Directors of Fitaihi Holding recommended to the ordinary general public, not to distribute dividends to shareholders for the second half of the fiscal year 2019, due to insufficient balance of the retained earnings.