Fitaihi Holding Group reported a drop of 26% in Q1 2023 net profit to SAR 5.6 million from SAR 7.7 million in the year-ago period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 23.29 | 18.26 | (21.6 %) |
| Gross Income | 4.98 | 8.39 | 68.4 % |
| Operating Income | (1.39) | 1.46 | 205.0 % |
| Net Income | 7.65 | 5.63 | (26.5 %) |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | 0.03 | 0.02 | (26.5 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 9.27 | 18.26 | 97.1 % |
| Gross Income | 4.06 | 8.39 | 106.6 % |
| Operating Income | (1.47) | 1.46 | 198.7 % |
| Net Income | (27.93) | 5.63 | 120.1 % |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | (0.10) | 0.02 | 120.1 % |
The company’s share of an associate's earnings fell by 53% to SAR 3.9 million in Q1 2023, compared to SAR 8.3 million a year earlier.
Selling, distribution, administrative, general, and other expenses increased by 13.2% year-on-year (YoY) to SAR 7 million in Q1 2023.
Zakat expenses climbed to SAR 900,000, compared to SAR 300,000 a year before.
This was despite a 68.4% YoY leap in gross profit, in addition to receiving dividends reaching SAR 1.1 million in Q1 2023.
On a quarter-on-quarter basis (QoQ), the jewelry retailer turned to profit from a loss of SAR 23.51 million in Q4 2022.
The improved quarterly performance was mainly due to the QoQ increase in gross profit and sales of 106.6% and 97%, respectively.
Shareholders’ equity, no minority interest, fell to SAR 462.92 million as of March 31, 2023, from SAR 496.08 million a year earlier.
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