Fitaihi earns SAR 5.2M in 2023, SAR 1.2M in Q4

31/03/2024 Argaam Exclusive

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Fitaihi Holding Group swung to a net profit of SAR 5.2 million in 2023, from a net loss of SAR 31.9 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	53.35	45.72	(14.3 %)
Gross Income	19.42	20.76	6.9 %
Operating Income	(4.41)	(5.76)	(30.5 %)
Net Income	(31.87)	5.21	116.3 %
Average Shares	275.00	275.00	-
EPS (Riyals)	(0.12)	0.02	116.3 %

The jewelry retailer achieved a profit share of SAR 7.4 million from an associate company in 2023, compared to a loss of SAR 39.4 million in the previous year.

Sales profits increased to SAR 20.8 million in 2023, from SAR 19.4 million in the previous year.

Fitaihi recorded profits of SAR 0.2 million from investments at fair value through profit or loss in 2023, compared to zero earnings in 2022.

Zakat charges also dropped by 17.6% to SAR 2.8 million last year from SAR 3.4 million in 2022.

The company swung to a net profit of SAR 1.2 million in Q4 2023, against a net loss of SAR 27.9 million in the year-earlier period.

It sustained a net loss of SAR 2.4 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	9.27	10.07	8.7 %
Gross Income	4.06	4.87	19.9 %
Operating Income	(1.47)	(1.74)	(17.8 %)
Net Income	(27.93)	1.16	104.1 %
Average Shares	275.00	275.00	-
EPS (Riyals)	(0.10)	0.00	104.1 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	6.95	10.07	44.9 %
Gross Income	2.92	4.87	66.8 %
Operating Income	(3.44)	(1.74)	49.5 %
Net Income	(2.43)	1.16	147.7 %
Average Shares	275.00	275.00	-
EPS (Riyals)	(0.01)	0.00	147.7 %

Shareholders’ equity, no minority interest, reached SAR 476.64 million as of Dec. 31, 2023, compared to SAR 445.65 million a year earlier.

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