Fesh Fash Snack Food Production Co.’s 2021 net profit after Zakat and tax fell by 64% to SAR 1.4 million, compared to SAR 3.93 million a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 31.60 | 29.82 | (5.6 %) |
| Gross Income | 8.64 | 8.77 | 1.5 % |
| Operating Income | 3.99 | 1.57 | (60.7 %) |
| Net Income | 3.93 | 1.40 | (64.4 %) |
| Average Shares | 11.30 | 11.30 | - |
| EPS (Riyals) | 0.35 | 0.12 | (64.4 %) |
The profit drop came as the company’s management was forced to make offers. Accordingly, profit was lower amid an over 50% rise year-on-year (YoY) in production input costs.
It also incurred advisory expenses of SAR 935,626 on filing for direct listing.
In addition, some customers defaulted due to the COVID-19 pandemic, forcing the snack producer to file cases against them.
Accordingly, the company adopted IFRS at the time of the audit, which led to an increase of SAR 1100,000 in the calculation of the allocation of expected credit losses, weighing negatively on its final results
Shareholders’ equity, excluding minority interest, decreased to SAR 14.010 million as of Dec. 31, 2021, from SAR 16.004 million in 2020.
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