Fitaihi Group net profit surges to SAR 154 mln in 9M 2021

07/11/2021 Argaam Exclusive

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Fitaihi Holding Group's net profit after Zakat and tax skyrocketed to SAR 154 million for the first nine months of 2021, from SAR 18.8 million in the same period last year.

The company attributed the increase in net the profit to realizing an exceptional capital gain of SAR 125.7 million on the sale of the group’s entire stake in an associate company, along with higher dividend received from equity instruments, an increase in profit share from associates and a rise in sales.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	32.09	37.11	15.6 %
Gross Income	11.12	16.22	45.9 %
Operating Income	(9.87)	(6.92)	29.9 %
Net Income	18.78	154.04	720.3 %
Average Shares	275.00	275.00	-
EPS (Riyals)	0.07	0.56	720.3 %

The company reported a net profit of SAR 6.9 million for Q3 2021, an 82% year-on-year (YoY) decline, on exceptional gains and dividend income during the same quarter last year, in addition to lower sales and higher sales and distribution expenses during the current period.

On a sequential basis, net profit fell 59.3% from SAR 17 million in Q2 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	9.92	9.45	(4.7 %)
Gross Income	4.84	4.02	(16.9 %)
Operating Income	(1.54)	(3.50)	(126.8 %)
Net Income	38.06	6.92	(81.8 %)
Average Shares	275.00	275.00	-
EPS (Riyals)	0.14	0.03	(81.8 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	13.95	9.45	(32.2 %)
Gross Income	6.11	4.02	(34.1 %)
Operating Income	(1.71)	(3.50)	(104.6 %)
Net Income	17.01	6.92	(59.3 %)
Average Shares	275.00	275.00	-
EPS (Riyals)	0.06	0.03	(59.3 %)

Shareholders’ equity, after minority interest, fell to SAR 525.825 million as of Sept. 30, 2021, from SAR 615.297 million a year earlier.

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