Financial Results : Fitaihi reissues H1 2022 results, net profit slumps 89% to SAR 16.8 mln

Fitaihi reissues H1 2022 results, net profit slumps 89% to SAR 16.8 mln

24/10/2022 Argaam Exclusive

View other reports

Fitaihi Holding Group re-issued its financial statements for the first half of 2022. It reported an 89% slump in net profit after Zakat and tax to SAR 16.8 million, compared to SAR 147.1 million in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 27.65 36.11 30.6 %
Gross Income 12.20 11.42 (6.3 %)
Operating Income (3.42) (0.98) 71.4 %
Net Income 147.11 16.84 (88.6 %)
Average Shares 275.00 275.00 -
EPS (Riyals) 0.53 0.06 (88.6 %)

The jewelry retailer recorded exceptional capital gains of SAR 125.7 million during the first half of 2021 on selling the group’s full stake in an associate. Fitaihi reported a decrease in its profit share from associate companies by 64.8% to SAR 4.2 million, compared to SAR 11.8 million in H1 2021.

 

It recorded a gain from investment valuation at fair value of SAR 900,000 during the first half of 2021, and was hit by a decline in sales profit margin during the second half of 2022.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 13.95 12.82 (8.1 %)
Gross Income 6.11 6.44 5.5 %
Operating Income (1.71) 0.41 123.9 %
Net Income 17.01 9.19 (46.0 %)
Average Shares 275.00 275.00 -
EPS (Riyals) 0.06 0.03 (46.0 %)

The second-quarter net profit after Zakat and tax fell by 46% to SAR 9.2 million, from SAR 17 million in Q2 2021. Fitaihi reported a decrease of 8.6% in sales revenue to SAR 12.8 million, from SAR 14 million in Q2 2021.

 

The group’s gain from equity instruments at fair value decreased by 4.6% to SAR 14.4 million, compared to SAR 15.1 million in Q2 2021.

 

It recorded a loss of SAR 4.1 million from associate companies during the second quarter of 2022, against a profit of SAR 4.3 million in the year-earlier period. Fitaihi recorded a gain from investment valuation at fair value of SAR 800,000 during the second quarter of 2021.

 

Zakat expenses also increased by 15.4% year-on-year (YoY) to SAR 1.5 million in Q2 2022.

 

Compared to the previous quarter, net profit grew 20% from SAR 7.6 million.

 

Shareholders’ equity, no minority interest, fell by 41% to SAR 463.513 million as of Sept. 30, 2022, from SAR 786.944 million a year earlier.

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.