Fitaihi H1 profit down 62% to SAR 6.5 mln; Q2 at SAR 852,000

13/08/2023 Argaam Exclusive

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Fitaihi Holding Group reported a net profit of SAR 6.5 million in H1 2023, a decline of 62% from SAR 16.8 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	36.11	28.70	(20.5 %)
Gross Income	11.42	12.97	13.6 %
Operating Income	(0.98)	(0.58)	40.4 %
Net Income	16.84	4.70	(72.1 %)
Average Shares	275.00	275.00	-
EPS (Riyals)	0.06	0.02	(72.1 %)

The profit decline was attributed to decline in dividends received from equity instruments at fair value, lower profit share from an associate and higher sales, distribution, administrative, and other expenses.

However, the sales profit margin increased during the period.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	12.82	10.44	(18.5 %)
Gross Income	6.44	4.59	(28.8 %)
Operating Income	0.41	(2.04)	(598.3 %)
Net Income	9.19	3.08	(66.5 %)
Average Shares	275.00	275.00	-
EPS (Riyals)	0.03	0.01	(66.5 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	18.26	10.44	(42.8 %)
Gross Income	8.39	4.59	(45.3 %)
Operating Income	1.46	(2.04)	(240.1 %)
Net Income	1.62	3.08	89.9 %
Average Shares	275.00	275.00	-
EPS (Riyals)	0.01	0.01	89.9 %

The company reported a net profit of SAR 852,000 in Q2 2023, down 91% from SAR 9.19 million a year earlier.

On a quarterly basis, net earnings fell 84.9% from SAR 5.63 million in Q1 2023, on higher profit margins.

Total shareholders’ equity, no minority interest, stood at SAR 463.50 million as of June 30, 2023, compared to SAR 463.51 million in a prior-year period.

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