Fitaihi posts 24% profit rise to SAR 18.8 mln in 9M 2020

11/11/2020 Argaam Exclusive

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Fitaihi Holding Group reported a net profit after Zakat and tax of SAR 18.8 million for the first nine months of 2020, a 24% year-on-year (YoY) increase.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	50.68	32.09	(36.7 %)
Gross Income	21.35	11.12	(47.9 %)
Operating Income	(5.97)	(9.87)	(65.4 %)
Net Income	15.19	18.78	23.6 %
Average Shares	275.00	275.00	-
EPS (Riyals)	0.06	0.07	23.6 %

The company attributed the increase to lower sales and administrative expenses and SAR 31.2 million profits from selling shares of an associate company.

This was despite lower sales and dividends received from investments, and increase in Zakat expenses and net losses from discontinued operations.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	11.57	9.92	(14.3 %)
Gross Income	5.71	4.84	(15.1 %)
Operating Income	(2.97)	(1.54)	48.0 %
Net Income	2.18	38.06	1645.9 %
Average Shares	275.00	275.00	-
EPS (Riyals)	0.01	0.14	1645.9 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	9.38	9.92	5.7 %
Gross Income	0.86	4.84	466.4 %
Operating Income	(5.71)	(1.54)	73.0 %
Net Income	(16.87)	38.06	325.6 %
Average Shares	275.00	275.00	-
EPS (Riyals)	(0.06)	0.14	325.6 %

The company reported sharp YoY rise in net profit after Zakat and tax to SAR 38.1 million for Q3 2020 compared to SAR 2 million in Q3 2019, on higher share of affiliates’ profits, lower selling and administrative expenses, despite the decline in sales.

When compared to the previous quarter, the company turned to profits in Q3 2020 due to higher sales and profit margin.

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