Fitaihi Holding Group reported a 26% hike in Q1 2024 net earnings to SAR 2 million, versus SAR 1.6 million in the prior-year period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 18.26 | 8.86 | (51.5 %) |
| Gross Income | 8.39 | 4.24 | (49.5 %) |
| Operating Income | 1.46 | (2.07) | (241.9 %) |
| Net Income | 1.62 | 2.04 | 25.8 % |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | 0.01 | 0.01 | 25.8 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 10.07 | 8.86 | (12.0 %) |
| Gross Income | 4.87 | 4.24 | (13.0 %) |
| Operating Income | (1.74) | (2.07) | (18.9 %) |
| Net Income | 1.16 | 2.04 | 75.8 % |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | 0.00 | 0.01 | 75.8 % |
The company attributed the profit rise in Q1 to generating SAR 5 million from its share in financial results of an associate during the quarter, against logging SAR 0.06 million loss in prior-year period. Furthermore, the company saw a 9.28% decline in selling, distribution and general & administrative expenses in Q1 2024.
Meanwhile, sale declined by 51.5% to SAR 8.9 million in Q1 2024, compared to SAR 18.3 million in Q1 2023. Zakat expects rose to SAR 0.9 million in Q1.
Shareholders' equity (with no minority interest) amounted to SAR 431.503 million, compared to SAR 451.832 million in prior-year period.
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