Fitaihi earnings surge to SAR 11M in 9M 2024, SAR 910,000 in Q3

05/11/2024 Argaam Exclusive

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Fitaihi Holding Group Co. posted a net profit of SAR 11 million for the first nine months of 2024, soaring 171% from SAR 4 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	35.65	27.91	(21.7 %)
Gross Income	15.89	11.47	(27.8 %)
Operating Income	(4.02)	(6.90)	(71.4 %)
Net Income	4.05	10.97	171.0 %
Average Shares	275.00	275.00	-
EPS (Riyals)	0.01	0.04	171.0 %

The annual profit hike came as the company's share of an associate’s income leapt by 188.6% year-on-year (YoY) to SAR 12.7 million in the nine-month period.

The ratio of dividends to equity instruments at fair value through comprehensive income rose by 23.4% YoY to SAR 7.9 million for the same period.

Selling, distribution, administrative, general, and other expenses decreased by 7.5% YoY to SAR 18.6 million in 9M 2024.

However, sales dropped 21.6% YoY to SAR 27.9 million in the first nine months of 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	6.95	8.26	18.9 %
Gross Income	2.92	3.21	10.0 %
Operating Income	(3.44)	(2.75)	20.1 %
Net Income	(2.43)	0.91	137.3 %
Average Shares	275.00	275.00	-
EPS (Riyals)	(0.01)	0.00	137.3 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	10.79	8.26	(23.4 %)
Gross Income	4.02	3.21	(20.3 %)
Operating Income	(2.08)	(2.75)	(31.9 %)
Net Income	8.03	0.91	(88.7 %)
Average Shares	275.00	275.00	-
EPS (Riyals)	0.03	0.00	(88.7 %)

In Q3 2024, the company turned to net earnings of SAR 910,000, against losses of SAR 2.43 million a year earlier.

Sequentially, net earnings fell 88.7% from SAR 8.03 million in Q2 2024.

Shareholders’ equity, no minority interest, climbed to SAR 470.2 million as of Sept. 30, 2024, up from SAR 462.2 million a year earlier.

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