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.
| 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.
| 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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