Fitaihi net profit surges to SAR 149.6 mln in 2021; Q4 loss at SAR 4.4 mln

27/03/2022 Argaam Exclusive

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Fitaihi Holding Group reported a net profit after Zakat and tax of SAR 149.6 million for 2021, a more than four-fold increase from SAR 30 million a year earlier.

This earnings hike was driven by a SAR 125.7 million non-recurring capital gains recorded year-on-year (YoY) from selling shares in an associate and a 157.9% YoY surge in profit share from associates.

The company also cited generating SAR 13.8 million YoY in one-off capital gains from selling unmonetized properties and a 16.7% decline YoY in selling, distribution, general and administrative expenses.

Financials (M)

Item	2020	2021	Change‬
Revenues	48.02	52.67	9.7 %
Gross Income	18.16	4.97	(72.6 %)
Operating Income	(11.47)	(24.77)	(115.9 %)
Net Income	30.00	149.64	398.8 %
Average Shares	275.00	275.00	-
EPS (Riyals)	0.11	0.54	398.8 %

Fitaihi incurred a net loss of SAR 4.4 million in Q4 2021, versus a net profit of SAR 11.22 million in Q4 2020.

Sequentially, the company swung to a loss in Q4 2021, against SAR 6.9 million earnings in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	15.93	15.57	(2.3 %)
Gross Income	7.04	(11.25)	(259.9 %)
Operating Income	(1.61)	(17.85)	(1,010.8 %)
Net Income	11.22	(4.40)	(139.2 %)
Average Shares	275.00	275.00	-
EPS (Riyals)	0.04	(0.02)	(139.2 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	9.45	15.57	64.7 %
Gross Income	4.02	(11.25)	(379.6 %)
Operating Income	(3.50)	(17.85)	(410.2 %)
Net Income	6.92	(4.40)	(163.5 %)
Average Shares	275.00	275.00	-
EPS (Riyals)	0.03	(0.02)	(163.5 %)

Total shareholders’ equity, excluding minority interest, dropped 18.96% to SAR 507.5 million in 2021, from SAR 626.3 million a year earlier.

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