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Fitaihi Group net profit surges to SAR 154 mln in 9M 2021
Fitaihi Holding Group's net profit after Zakat and tax skyrocketed to SAR 154 million for the first nine months of 2021, from SAR 18.8 million in the same period last year.
The company attributed the increase in net the profit to realizing an exceptional capital gain of SAR 125.7 million on the sale of the group’s entire stake in an associate company, along with higher dividend received from equity instruments, an increase in profit share from associates and a rise in sales.
Financials (M)
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 32.09 | 37.11 | 15.6 % |
| Gross Income | 11.12 | 16.22 | 45.9 % |
| Operating Income | (9.87) | (6.92) | 29.9 % |
| Net Income | 18.78 | 154.04 | 720.3 % |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | 0.68 | 5.60 | 720.3 % |
The company reported a net profit of SAR 6.9 million for Q3 2021, an 82% year-on-year (YoY) decline, on exceptional gains and dividend income during the same quarter last year, in addition to lower sales and higher sales and distribution expenses during the current period.
On a sequential basis, net profit fell 59.3% from SAR 17 million in Q2 2021.
Current Quarter Comparison (M)
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 9.92 | 9.45 | (4.7 %) |
| Gross Income | 4.84 | 4.02 | (16.9 %) |
| Operating Income | (1.54) | (3.50) | (126.8 %) |
| Net Income | 38.06 | 6.92 | (81.8 %) |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | 1.38 | 0.25 | (81.8 %) |
Shareholders’ equity, after minority interest, fell to SAR 525.825 million as of Sept. 30, 2021, from SAR 615.297 million a year earlier.
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Share Price
Fitaihi Holding Group (Fitaihi Group)
| Current | |
| Market Cap (M Riyal) | 947.38 |
| Enterprise Value (EV) (M) | 931.67 |
| Shares Outstanding ((M)) | 27.50 |
| EPS ( Riyal) (TTM) | 0.99 |
| Book Value (BV) ( Riyal) | 18.04 |
| Adjusted P/E (Last12) | 40.49 |
| P/E (TTM) | 34.85 |
| Price/book | 1.91 |
| Return on Average Assets (%) (TTM) | 4.2 |
| Return on Average Equity (%) (TTM) | 4.4 |
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