Fitaihi's H1 2024 net profit spikes to SAR 10.1M; Q2 at SAR 8M

08/08/2024 Argaam Exclusive

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Fitaihi Holding Group posted SAR 10.06 million net profit for H1 2024, a rise of 114% compared to SAR 4.69 million in the prior-year period, according to a statement to Tadawul.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	28.70	19.65	(31.5 %)
Gross Income	12.97	8.26	(36.3 %)
Operating Income	(0.58)	(4.15)	(611.6 %)
Net Income	4.70	10.07	114.4 %
Average Shares	275.00	275.00	-
EPS (Riyals)	0.02	0.04	114.4 %

The company's Q2 net profit amounted to SAR 8.03 million, up 161% year-on-year from SAR 3.07 million.

The company attributed the profit rise to an increase in dividend distributions from equity instruments at fair value, coupled with generating profit from the results of an associate by SAR 8.2 million, as well as a decline in selling, distribution, general & administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	10.44	10.79	3.3 %
Gross Income	4.59	4.02	(12.3 %)
Operating Income	(2.04)	(2.08)	(2.2 %)
Net Income	3.08	8.03	161.0 %
Average Shares	275.00	275.00	-
EPS (Riyals)	0.01	0.03	161.0 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	8.86	10.79	21.8 %
Gross Income	4.24	4.02	(5.0 %)
Operating Income	(2.07)	(2.08)	(0.9 %)
Net Income	2.04	8.03	294.2 %
Average Shares	275.00	275.00	-
EPS (Riyals)	0.01	0.03	294.2 %

Shareholders' equity (no minority interest) amounted to SAR 469.445 million, compared to SAR 458.148 million in the same period a year ago.

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