Fitaihi turns to net loss of SAR 3.9 mln in 9M 2022; Q3 at SAR 20.8 mln

Fitaihi Holding Group swung to a net loss after Zakat and tax of SAR 3.9 million for the first nine months of 2022, against a net profit of SAR 154 million a year earlier.

The company recorded exceptional capital gains of SAR 125.7 million in the same period of 2021, on selling the shares of an associate. Fitaihi reported a loss share of SAR 13.8 million from an associate amounting, against a profit of SAR 19.4 million in the same period of 2021.

Moreover, Fitaihi generated profits from fair value investment valuation through profit or loss of SAR 1.2 million during the nine-month period of 2021, alongside SAR 3.8 million one-off capital gains from selling a property during the same period of last year. A decline of 5.2% year-on-year (YoY) in sales gross profit also weighed on the company’s results.

In Q3 2022, the jewelry retailer swung to a net loss after Zakat and tax of SAR 20.8 million, against a net profit of SAR 6.92 million a year earlier. Fitaihi reported a loss of SAR 18 million from an associate in Q3 2022, against a net profit of SAR 7.6 million in Q3 2021. It also recorded one-off capital gains of SAR 3.8 million from selling a property.

Fitaihi reported a net profit of SAR 9.19 million in Q2 2022.

Total shareholders’ equity, no minority interest, dropped to SAR 444.023 million by the end of the nine-month period, from SAR 525.825 million a year earlier.

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