Fitaihi reissues H1 2022 results, net profit slumps 89% to SAR 16.8 mln

Fitaihi reissues H1 2022 results, net profit slumps 89% to SAR 16.8 mln

24/10/2022 Argaam Exclusive

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Fitaihi Holding Group re-issued its financial statements for the first half of 2022. It reported an 89% slump in net profit after Zakat and tax to SAR 16.8 million, compared to SAR 147.1 million in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 27.65 36.11 30.6 %
Gross Income 12.20 11.42 (6.3 %)
Operating Income (3.42) (0.98) 71.4 %
Net Income 147.11 16.84 (88.6 %)
Average Shares 275.00 275.00 -
EPS (Riyals) 0.53 0.06 (88.6 %)

The jewelry retailer recorded exceptional capital gains of SAR 125.7 million during the first half of 2021 on selling the group’s full stake in an associate. Fitaihi reported a decrease in its profit share from associate companies by 64.8% to SAR 4.2 million, compared to SAR 11.8 million in H1 2021.

 

It recorded a gain from investment valuation at fair value of SAR 900,000 during the first half of 2021, and was hit by a decline in sales profit margin during the second half of 2022.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 13.95 12.82 (8.1 %)
Gross Income 6.11 6.44 5.5 %
Operating Income (1.71) 0.41 123.9 %
Net Income 17.01 9.19 (46.0 %)
Average Shares 275.00 275.00 -
EPS (Riyals) 0.06 0.03 (46.0 %)

The second-quarter net profit after Zakat and tax fell by 46% to SAR 9.2 million, from SAR 17 million in Q2 2021. Fitaihi reported a decrease of 8.6% in sales revenue to SAR 12.8 million, from SAR 14 million in Q2 2021.

 

The group’s gain from equity instruments at fair value decreased by 4.6% to SAR 14.4 million, compared to SAR 15.1 million in Q2 2021.

 

It recorded a loss of SAR 4.1 million from associate companies during the second quarter of 2022, against a profit of SAR 4.3 million in the year-earlier period. Fitaihi recorded a gain from investment valuation at fair value of SAR 800,000 during the second quarter of 2021.

 

Zakat expenses also increased by 15.4% year-on-year (YoY) to SAR 1.5 million in Q2 2022.

 

Compared to the previous quarter, net profit grew 20% from SAR 7.6 million.

 

Shareholders’ equity, no minority interest, fell by 41% to SAR 463.513 million as of Sept. 30, 2022, from SAR 786.944 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2013 66.80 (1.9 %) 32.75 (6.4 %) 19.32 8.9 % 0.07
Q2 2013 64.40 4.4 % 35.32 8.2 % 11.86 1.5 % 0.04
Q3 2013 63.50 9.6 % 33.59 13.9 % 5.21 (19.1 %) 0.02
Q4 2013 54.70 (17.5 %) 21.82 (18.1 %) (0.67) 62.4 % 0.00
Q1 2014 74.78 11.9 % 36.69 12.1 % 24.13 24.9 % 0.09
Q2 2014 74.71 16.0 % 36.54 3.5 % 24.45 106.2 % 0.09
Q3 2014 77.36 21.8 % 37.59 11.9 % 12.83 146.4 % 0.05
Q4 2014 71.61 30.9 % 32.08 47.0 % 8.73 1411.3 % 0.03
Q1 2015 68.94 (7.8 %) 33.65 (8.3 %) 16.79 (30.4 %) 0.06
Q2 2015 72.01 (3.6 %) 35.82 (2.0 %) 21.54 (11.9 %) 0.08
Q3 2015 56.72 (26.7 %) 27.80 (26.0 %) 9.72 (24.3 %) 0.04
Q4 2015 65.89 (8.0 %) 30.15 (6.0 %) (7.49) (185.7 %) (0.03)
Q1 2016 48.34 (29.9 %) 24.29 (27.8 %) (30.20) (279.8 %) (0.11)
Q2 2016 61.36 (14.8 %) 28.73 (19.8 %) 26.31 22.1 % 0.10
Q3 2016 37.24 (34.3 %) 18.57 (33.2 %) 3.14 (67.7 %) 0.01
Q4 2016 48.42 (26.5 %) 18.63 (38.2 %) (17.85) (138.4 %) (0.06)
Q1 2017 51.08 5.7 % 21.23 (12.6 %) 11.94 139.5 % 0.04
Q2 2017 50.50 (17.7 %) 22.66 (21.1 %) 13.11 (50.2 %) 0.05
Q3 2017 19.30 (48.2 %) 9.51 (48.8 %) (4.62) (246.9 %) (0.02)
Q4 2017 33.97 (29.9 %) 15.42 (17.2 %) (19.73) (10.5 %) (0.07)
Q1 2018 28.78 (43.7 %) 12.51 (41.1 %) 1.50 (87.5 %) 0.01
Q2 2018 36.80 (27.1 %) 17.20 (24.1 %) 13.63 3.9 % 0.05
Q3 2018 19.97 3.5 % 9.86 3.6 % (0.15) 96.7 % 0.00
Q4 2018 29.47 (13.2 %) 13.43 (12.9 %) (7.20) 63.5 % (0.03)
Q1 2019 21.14 (26.6 %) 7.79 (37.7 %) 5.56 271.5 % 0.02
Q2 2019 17.97 (51.2 %) 7.85 (54.3 %) 7.45 (45.3 %) 0.03
Q3 2019 11.57 (42.1 %) 5.71 (42.1 %) 2.18 1515.6 % 0.01
Q4 2019 20.55 (30.3 %) 8.04 (40.1 %) (24.73) (243.5 %) (0.09)
Q1 2020 18.02 (14.7 %) 8.50 9.2 % (2.42) (143.5 %) (0.01)
Q2 2020 9.38 (47.8 %) 0.86 (89.1 %) (16.87) (326.3 %) (0.06)
Q3 2020 9.92 (14.3 %) 4.84 (15.1 %) 38.06 1645.9 % 0.14
Q4 2020 15.93 (22.5 %) 7.04 (12.5 %) 11.22 145.4 % 0.04
Q1 2021 13.71 (24.0 %) 6.09 (28.4 %) 130.11 5487.4 % 0.47
Q2 2021 13.95 48.6 % 6.11 614.3 % 17.01 200.8 % 0.06
Q3 2021 9.45 (4.7 %) 4.02 (16.9 %) 6.92 (81.8 %) 0.03
Q4 2021 15.57 (2.3 %) (11.25) (259.9 %) (4.40) (139.2 %) (0.02)
Q1 2022 23.29 69.9 % 4.98 (18.2 %) 7.65 (94.1 %) 0.03
Q2 2022 12.82 (8.1 %) 6.44 5.5 % 9.19 (46.0 %) 0.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 48.08 % 18.62 % 16.57 %
Q2 2013 48.63 % 18.83 % 16.46 %
Q3 2013 49.16 % 18.46 % 15.64 %
Q4 2013 49.51 % 16.17 % 12.06 %
Q1 2014 49.51 % 15.89 % 13.49 %
Q2 2014 48.06 % 14.32 % 12.62 %
Q3 2014 47.12 % 13.07 % 13.81 %
Q4 2014 47.88 % 14.12 % 18.06 %
Q1 2015 47.80 % 13.64 % 15.97 %
Q2 2015 47.99 % 13.73 % 19.78 %
Q3 2015 48.03 % 10.77 % 21.09 %
Q4 2015 48.34 % 9.88 % 19.79 %
Q1 2016 48.59 % 6.73 % 15.43 %
Q2 2016 47.77 % 4.01 % 26.04 %
Q3 2016 47.80 % 4.48 % 26.41 %
Q4 2016 46.18 % (1.77 %) 17.54 %
Q1 2017 44.00 % (0.59 %) 20.48 %
Q2 2017 43.31 % (0.96 %) 4.51 %
Q3 2017 42.55 % (3.80 %) (1.13 %)
Q4 2017 44.44 % (5.68 %) (2.47 %)
Q1 2018 45.34 % (10.05 %) (8.13 %)
Q2 2018 45.98 % (11.61 %) (8.06 %)
Q3 2018 46.01 % (8.52 %) (4.01 %)
Q4 2018 46.08 % (2.88 %) 6.76 %
Q1 2019 44.96 % (0.17 %) 11.02 %
Q2 2019 43.96 % (2.18 %) 6.39 %
Q3 2019 43.39 % 1.53 % 9.97 %
Q4 2019 41.26 % 11.05 % 21.48 %
Q1 2020 44.20 % 7.19 % 11.77 %
Q2 2020 38.82 % 0.52 % (18.46 %)
Q3 2020 38.43 % (1.33 %) (10.88 %)
Q4 2020 39.88 % 9.90 % (8.78 %)
Q1 2021 38.46 % 11.06 % 2.96 %
Q2 2021 45.00 % 14.48 % 56.07 %
Q3 2021 43.85 % 10.82 % 49.54 %
Q4 2021 9.43 % (37.21 %) 19.27 %
Q1 2022 6.20 % (32.20 %) 21.52 %
Q2 2022 6.86 % (30.54 %) 9.13 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 275.00 0.13 0.15 2.30
Q2 2013 275.00 0.13 0.15 2.33
Q3 2013 275.00 0.13 0.15 2.47
Q4 2013 275.00 0.13 0.11 2.55
Q1 2014 275.00 0.15 0.13 2.56
Q2 2014 275.00 0.19 0.12 2.64
Q3 2014 275.00 0.22 0.14 2.70
Q4 2014 275.00 0.26 0.20 2.74
Q1 2015 275.00 0.23 0.17 2.69
Q2 2015 275.00 0.22 0.21 2.79
Q3 2015 275.00 0.21 0.21 2.78
Q4 2015 275.00 0.15 0.19 2.70
Q1 2016 275.00 (0.02) 0.14 2.38
Q2 2016 275.00 (0.01) 0.22 2.46
Q3 2016 275.00 (0.03) 0.20 2.54
Q4 2016 275.00 (0.07) 0.12 2.48
Q1 2017 275.00 0.09 0.15 2.61
Q2 2017 275.00 0.04 0.03 2.64
Q3 2017 275.00 0.01 (0.01) 2.64
Q4 2017 275.00 0.00 (0.01) 2.49
Q1 2018 275.00 (0.04) (0.04) 2.49
Q2 2018 275.00 (0.03) (0.03) 2.38
Q3 2018 275.00 (0.02) (0.02) 2.34
Q4 2018 275.00 0.03 0.03 2.30
Q1 2019 275.00 0.04 0.04 2.35
Q2 2019 275.00 0.02 0.02 2.31
Q3 2019 275.00 0.03 0.03 2.28
Q4 2019 275.00 (0.03) 0.06 2.21
Q1 2020 275.00 (0.06) 0.03 2.13
Q2 2020 275.00 (0.15) (0.04) 2.07
Q3 2020 275.00 (0.02) (0.02) 2.24
Q4 2020 275.00 0.11 (0.02) 2.28
Q1 2021 275.00 0.59 0.01 2.74
Q2 2021 275.00 0.71 0.11 2.86
Q3 2021 275.00 0.60 0.10 1.91
Q4 2021 275.00 0.54 0.04 1.85
Q1 2022 275.00 0.10 0.05 1.80
Q2 2022 275.00 0.07 0.02 1.69

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 20.35 17.33 1.15
Q2 2013 19.79 16.87 1.11
Q3 2013 20.97 17.78 1.07
Q4 2013 21.90 26.00 1.12
Q1 2014 21.84 25.49 1.26
Q2 2014 19.69 30.97 1.44
Q3 2014 19.40 30.32 1.59
Q4 2014 13.87 18.04 1.29
Q1 2015 18.14 24.38 1.54
Q2 2015 19.35 20.21 1.51
Q3 2015 15.01 15.01 1.11
Q4 2015 17.35 13.50 0.95
Q1 2016 NEG 17.84 1.02
Q2 2016 NEG 12.36 1.11
Q3 2016 NEG 8.95 0.72
Q4 2016 NEG 17.98 0.90
Q1 2017 25.15 14.59 0.82
Q2 2017 56.47 69.10 0.80
Q3 2017 More than 100 NEG 0.86
Q4 2017 More than 100 NEG 0.86
Q1 2018 NEG NEG 0.81
Q2 2018 NEG NEG 0.88
Q3 2018 NEG NEG 0.85
Q4 2018 65.32 65.32 0.80
Q1 2019 44.32 44.32 0.81
Q2 2019 92.87 92.87 0.83
Q3 2019 65.75 65.75 0.84
Q4 2019 NEG 35.21 0.89
Q1 2020 NEG 53.92 0.74
Q2 2020 NEG NEG 0.85
Q3 2020 NEG NEG 1.51
Q4 2020 27.75 NEG 1.33
Q1 2021 9.02 More than 100 1.95
Q2 2021 8.52 55.80 2.13
Q3 2021 8.95 56.31 2.81
Q4 2021 7.49 More than 100 2.21
Q1 2022 40.72 82.61 2.23
Q2 2022 42.74 More than 100 1.79

Business Segments (Million)

Compared With The
Period Business Activities Investment activity


Financial Ratios
Current
Market Cap (M Riyal) 1,039.50
Enterprise Value (EV) (M) 1,036.91
Shares Outstanding ((M)) 275.00
EPS ( Riyal) (TTM) 0.01
Book Value (BV) ( Riyal) 1.57
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 2.41
Return on Average Assets (%) (TTM) 0.3
Return on Average Equity (%) (TTM) 0.4
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Share Price

Fitaihi Holding Group
3.77
0.01 0.27 %

Fitaihi Holding Group (FITAIHI GROUP)

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