Fitaihi Holding Group swung to a net loss of SAR 17.2 million for 2022, against a net profit of SAR 149.6 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 52.67 | 53.35 | 1.3 % |
| Gross Income | 4.97 | 19.42 | 290.9 % |
| Operating Income | (24.77) | (4.41) | 82.2 % |
| Net Income | 149.64 | (31.87) | (121.3 %) |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | 0.54 | (0.12) | (121.3 %) |
The jewelry manufacturer incurred a loss from its share in an associate during 2022 at SAR 24.8 million, against a profit of SAR 24.5 million in 2021.
It also recorded one-off, non-recurring capital gains from selling shares of an associate at SAR 125.7 million in 2021, and one-off, non-recurring gains from selling unused property for SAR 13.8 million in 2021.
Fitaihi recorded SAR 1.2 million non-recurring gains from investment valuation at fair value through profit or loss in 2021.
On the other hand, gross profit from sales surged to SAR 19.4 million in 2022, from SAR 4.9 million a year earlier. Selling and distribution expenses, general and administrative expenses (G&A) and other charges dropped by 22.3% year-on-year in the 12-month period to SAR 23.7 million.
Zakat charges dropped 34.6% YoY to SAR 3.4 million in 2022. Fitaihi reported a rise of 0.7% YoY in dividends from equity instruments at fair value through comprehensive income during 2022, to SAR 15.3 million.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 15.57 | 9.27 | (40.5 %) |
| Gross Income | (11.25) | 4.06 | 136.1 % |
| Operating Income | (17.85) | (1.47) | 91.7 % |
| Net Income | (4.40) | (27.93) | (535.2 %) |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | (0.02) | (0.10) | (535.2 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 7.98 | 9.27 | 16.2 % |
| Gross Income | 3.94 | 4.06 | 3.0 % |
| Operating Income | (1.96) | (1.47) | 24.8 % |
| Net Income | (20.77) | (27.93) | (34.5 %) |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | (0.08) | (0.10) | (34.5 %) |
In Q4 2022, net loss widened to SAR 13.3 million, from SAR 4.40 million in Q4 2021.
The fourth-quarter net loss narrowed by 35.9% from SAR 20.77 million in Q3 2022.
Shareholders’ equity, no minority interest, dropped to SAR 460.28 million as of Dec. 31, 2022, from SAR 507.53 million a year earlier.
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