Financial Results : Fitaihi profit falls 26% to SAR 5.6 mln in Q1 2023

Fitaihi profit falls 26% to SAR 5.6 mln in Q1 2023

21/05/2023 Argaam Exclusive

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Fitaihi Holding Group reported a drop of 26% in Q1 2023 net profit to SAR 5.6 million from SAR 7.7 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 23.29 18.26 (21.6 %)
Gross Income 4.98 8.39 68.4 %
Operating Income (1.39) 1.46 205.0 %
Net Income 7.65 1.62 (78.8 %)
Average Shares 275.00 275.00 -
EPS (Riyals) 0.03 0.01 (78.8 %)

The company’s share of an associate's earnings fell by 53% to SAR 3.9 million in Q1 2023, compared to SAR 8.3 million a year earlier.

 

Selling, distribution, administrative, general, and other expenses increased by 13.2% year-on-year (YoY) to SAR 7 million in Q1 2023.

 

Zakat expenses climbed to SAR 900,000, compared to SAR 300,000 a year before.

 

This was despite a 68.4% YoY leap in gross profit, in addition to receiving dividends reaching SAR 1.1 million in Q1 2023.

 

On a quarter-on-quarter basis (QoQ), the jewelry retailer turned to profit from a loss of SAR 23.51 million in Q4 2022.

 

The improved quarterly performance was mainly due to the QoQ increase in gross profit and sales of 106.6% and 97%, respectively.

 

Shareholders’ equity, no minority interest, fell to SAR 462.92 million as of March 31, 2023, from SAR 496.08 million a year earlier.

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