Fesh Fash profits decline to SAR 1.3 million during H1 by 38.9%

Fesh Fash Snack Food Production Co. announced a decline in net profit after zakat and tax during the first half to SAR 1.3 million, compared to SAR 2.2 million in the same half of last year, by 38.9%. This came after the announcement on Sunday of the interim financial results for the period ended on June 30 (six months).

The operating profit amounted to SAR 1.5 million in the first half, compared to SAR 2.3 million in the same half of the previous year, a decrease of 34.5%.

The total shareholders’ equity “without minority rights” amounted to SAR 13.9 million in the 6-month period, compared to SAR 15.1 million in the same period last year, a decline of 7.5%.

Earnings per share in the current period reached SAR 0.12, compared to SAR 0.2 in the same period last year.

The increase in Net Profit for Current Period Compared to Previous Period is Attributed to:

1- Increase in revenue over the comparative period by 8%

2- An increase in general and administrative expenses by 68% as a result of adjusting the settlement entries by adding the accrued expenses to an actual expense for the period, as the accrued expenses were charged at the end of the year once, such as the bounce for the employees, the board of directors and other committees.

3- Increase in operating costs by 8% due to an increase in the value of raw materials by 12% and operating expenses by 12%.

The nominal value of the share has been adjusted from (10) riyals to (1) riyals per share.