Fitaihi Holding Group reported a plunge of 94% in Q1 2022 net profit after Zakat and tax to SAR 7.7 million from SAR 130 million in the year-ago period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 13.71 | 23.29 | 69.9 % |
| Gross Income | 6.09 | 4.98 | (18.2 %) |
| Operating Income | (1.71) | (1.39) | 18.9 % |
| Net Income | 130.11 | 7.65 | (94.1 %) |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | 0.47 | 0.03 | (94.1 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 15.57 | 23.29 | 49.6 % |
| Gross Income | (11.25) | 4.98 | 144.3 % |
| Operating Income | (17.85) | (1.39) | 92.2 % |
| Net Income | (4.40) | 7.65 | 274.0 % |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | (0.02) | 0.03 | 274.0 % |
The profit slump came as the company recorded exceptional capital gains of SAR 125.7 million from selling its entire stake in an associate.
Sequentially, the jewelry retailer turned a profit from a net loss of SAR 4.4 million in Q4 2021.
Fitaihi recorded a decline of SAR 17.9 million in inventory impairment during the fourth quarter of 2021. It also reported a 59.9% quarter-on-quarter rise in its profit share from an associate.
The company reported a decrease in total selling and administrative expenses in the first quarter of 2022, by 6.71 year-on-year (YoY). It received dividends of SAR 0.9 million and recorded lower Zakat charges in Q1 2022.
Shareholders’ equity, after minority interest, fell to SAR 496.080 million as of March 31, 2022, from SAR 753.062 million a year earlier.
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