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.
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.
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 %) |
Item | Q1 2022 | Q2 2022 | Change |
---|---|---|---|
Revenues | 23.29 | 12.82 | (45.0 %) |
Gross Income | 4.98 | 6.44 | 29.4 % |
Operating Income | (1.39) | 0.41 | 129.5 % |
Net Income | 7.65 | 9.19 | 20.1 % |
Average Shares | 275.00 | 275.00 | - |
EPS (Riyals) | 0.03 | 0.03 | 20.1 % |
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.
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