Financial Results : Fitaihi turns to SAR 2.4 mln net loss in Q1 2020

Fitaihi turns to SAR 2.4 mln net loss in Q1 2020

21/05/2020 Argaam Exclusive

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Fitaihi Holding Group incurred a net loss after Zakat and tax of SAR 2.4 million for Q1 2020, against a net profit of SAR 5.6 million a year earlier, due to a 34.4% YoY drop in sales and a 73.9% decline in the company’s profit share from associates.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 21.14 18.02 (14.7 %)
Gross Income 7.79 8.50 9.2 %
Operating Income (1.12) (3.24) (187.8 %)
Net Income 5.56 (2.42) (143.5 %)
Average Shares 275.00 275.00 -
EPS (Riyals) 0.02 (0.01) (143.5 %)

When compared to Q4 2019, the jewelry retailer trimmed net losses by 90.2% from SAR 24.7 million. Fitaihi recoded zero impairment losses from an associate, compared to impairment of SAR 24.8 million in Q1 2019.

 

In addition, the company reported a 37.6% rise in the profit share from associates.

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