Fitaihi incurs SAR 9.5 mln net loss in FY2019

25/03/2020 Argaam Exclusive

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Fitaihi Holding Group posted a net loss after Zakat and tax of SAR 9.5 million for fiscal year 2019, compared to a net profit of SAR 7.8 million a year earlier.

Financials (M)

Item	2018	2019	Change‬
Revenues	115.01	71.22	(38.1 %)
Gross Income	52.99	29.39	(44.5 %)
Operating Income	(21.01)	(6.39)	69.6 %
Net Income	7.77	(9.54)	(222.8 %)
Average Shares	275.00	275.00	-
EPS (Riyals)	0.03	(0.03)	(222.8 %)

The negative performance was attributed to the SAR 24.8 million impairment losses incurred by Fitaihi from its associate Al-Jouf Agricultural Development Co., a decline of 14.8% YoY in sales, and a 27.4% YoY decrease in profit share from associates.

The loss was partially offset by a 24.5% YoY decrease in total sales and administrative expenses, absence of slow-moving stock provision, higher net profit from investments, and lower Zakat expenses.

The company widened net losses by more than threefold to SAR 24.7 million in Q4 2019.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	29.47	20.55	(30.3 %)
Gross Income	13.43	8.04	(40.1 %)
Operating Income	(12.67)	(0.43)	96.6 %
Net Income	(7.20)	(24.73)	(243.5 %)
Average Shares	275.00	275.00	-
EPS (Riyals)	(0.03)	(0.09)	(243.5 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	11.57	20.55	77.6 %
Gross Income	5.71	8.04	40.9 %
Operating Income	(2.97)	(0.43)	85.6 %
Net Income	2.18	(24.73)	(1234.6 %)
Average Shares	275.00	275.00	-
EPS (Riyals)	0.01	(0.09)	(1234.6 %)

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