Fitaihi turns to SAR 4.1 mln profit in 9M 2023; Q3 losses at SAR 2.4 mln

09/11/2023 Argaam Exclusive

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Fitaihi Holding Group Co. turned to a net profit of SAR 4.1 million for the first nine months of 2023, against a net loss of SAR 3.9 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	44.08	35.65	(19.1 %)
Gross Income	15.36	15.89	3.4 %
Operating Income	(2.94)	(4.02)	(36.9 %)
Net Income	(3.93)	4.05	203.0 %
Average Shares	275.00	275.00	-
EPS (Riyals)	(0.01)	0.01	203.0 %

The positive performance was primarily driven by a higher profit share from an associate company’s business worth SAR 4.4 million during the current nine-month period, compared to SAR 13.8 million losses in the year before. This is besides realizing profits from fair value through statement of income (FVSI) investment through profit or loss, and a year-on-year (YoY) increase in gross sales profit.

This was partially offset by an 11.1% YoY uptick in selling, distribution, administrative, general and other expenses to SAR 20 million by the end of the first nine months of 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	7.98	6.95	(12.9 %)
Gross Income	3.94	2.92	(26.0 %)
Operating Income	(1.96)	(3.44)	(75.4 %)
Net Income	(20.77)	(2.43)	88.3 %
Average Shares	275.00	275.00	-
EPS (Riyals)	(0.08)	(0.01)	88.3 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	10.44	6.95	(33.5 %)
Gross Income	4.59	2.92	(36.4 %)
Operating Income	(2.04)	(3.44)	(68.8 %)
Net Income	3.08	(2.43)	(179.0 %)
Average Shares	275.00	275.00	-
EPS (Riyals)	0.01	(0.01)	(179.0 %)

The company narrowed its losses to SAR 2.4 million in Q3 2023, from SAR 20.8 million in Q3 2022.

Sequentially, Fitaihi turned to losses against a profit of SAR 850,000 in Q2 2023.

Shareholders’ equity, no minority interest, climbed to SAR 462.21 million as of Sept. 30, 2023, from SAR 444.02 million a year earlier.

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