Fitaihi reissues H1 2022 results, net profit slumps 89% to SAR 16.8 mln

Fitaihi Holding Group re-issued its financial statements for the first half of 2022. It reported an 89% slump in net profit after Zakat and tax to SAR 16.8 million, compared to SAR 147.1 million in the year-earlier period.

The jewelry retailer recorded exceptional capital gains of SAR 125.7 million during the first half of 2021 on selling the group’s full stake in an associate. Fitaihi reported a decrease in its profit share from associate companies by 64.8% to SAR 4.2 million, compared to SAR 11.8 million in H1 2021.

It recorded a gain from investment valuation at fair value of SAR 900,000 during the first half of 2021, and was hit by a decline in sales profit margin during the second half of 2022.

The second-quarter net profit after Zakat and tax fell by 46% to SAR 9.2 million, from SAR 17 million in Q2 2021. Fitaihi reported a decrease of 8.6% in sales revenue to SAR 12.8 million, from SAR 14 million in Q2 2021.

The group’s gain from equity instruments at fair value decreased by 4.6% to SAR 14.4 million, compared to SAR 15.1 million in Q2 2021.

It recorded a loss of SAR 4.1 million from associate companies during the second quarter of 2022, against a profit of SAR 4.3 million in the year-earlier period. Fitaihi recorded a gain from investment valuation at fair value of SAR 800,000 during the second quarter of 2021.

Zakat expenses also increased by 15.4% year-on-year (YoY) to SAR 1.5 million in Q2 2022.

Compared to the previous quarter, net profit grew 20% from SAR 7.6 million.

Shareholders’ equity, no minority interest, fell by 41% to SAR 463.513 million as of Sept. 30, 2022, from SAR 786.944 million a year earlier.

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