Fitaihi swings to SAR 19.3 mln loss in H1 2020

25/08/2020 Argaam Exclusive

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Fitaihi Holding Group reported net loss after Zakat and tax of SAR 19.3 million for the first half of 2020, versus net profit of SAR 13 million in a prior-year period, driven by lower sales revenue, due to the lockdown measures, losses from associates, and lower profit margins.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	39.11	22.17	(43.3 %)
Gross Income	15.64	6.28	(59.9 %)
Operating Income	(3.00)	(8.32)	(177.6 %)
Net Income	13.01	(19.28)	(248.2 %)
Average Shares	275.00	275.00	-
EPS (Riyals)	0.05	(0.07)	(248.2 %)

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	17.97	9.38	(47.8 %)
Gross Income	7.85	0.86	(89.1 %)
Operating Income	(1.87)	(5.71)	(204.7 %)
Net Income	7.45	(16.87)	(326.3 %)
Average Shares	275.00	275.00	-
EPS (Riyals)	0.03	(0.06)	(326.3 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	18.02	9.38	(47.9 %)
Gross Income	8.50	0.86	(89.9 %)
Operating Income	(3.24)	(5.71)	(76.5 %)
Net Income	(2.42)	(16.87)	(598.5 %)
Average Shares	275.00	275.00	-
EPS (Riyals)	(0.01)	(0.06)	(598.5 %)

The company reported net loss after Zakat and tax of SAR 16.9 million for the second quarter, versus net profit of SAR 7.4 million in a year earlier period, due to lower sales, lower profit margins, and decreased dividend from investments.

On a quarter-on-quarter basis, losses widened by more than six-fold.

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