Fitaihi incurs SAR 9.5 mln net loss in FY2019

Fitaihi incurs SAR 9.5 mln net loss in FY2019

25/03/2020 Argaam Exclusive

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Fitaihi Holding Group posted a net loss after Zakat and tax of SAR 9.5 million for fiscal year 2019, compared to a net profit of SAR 7.8 million a year earlier.



Financials (M)

Item 2018 2019 Change‬
Revenues 115.01 71.22 (38.1 %)
Gross Income 52.99 29.39 (44.5 %)
Operating Income (21.01) (6.39) 69.6 %
Net Income 7.77 (9.54) (222.8 %)
Average Shares 275.00 275.00 -
EPS (Riyals) 0.03 (0.03) (222.8 %)

The negative performance was attributed to the SAR 24.8 million impairment losses incurred by Fitaihi from its associate Al-Jouf Agricultural Development Co., a decline of 14.8% YoY in sales, and a 27.4% YoY decrease in profit share from associates.  

 

The loss was partially offset by a 24.5% YoY decrease in total sales and administrative expenses, absence of slow-moving stock provision, higher net profit from investments, and lower Zakat expenses.

 

The company widened net losses by more than threefold to SAR 24.7 million in Q4 2019.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 29.47 20.55 (30.3 %)
Gross Income 13.43 8.04 (40.1 %)
Operating Income (12.67) (0.43) 96.6 %
Net Income (7.20) (24.73) (243.5 %)
Average Shares 275.00 275.00 -
EPS (Riyals) (0.03) (0.09) (243.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 36.05 (2.1 %) 17.29 1.6 % 12.70 99.8 % 0.05
Q2 2010 36.13 (10.1 %) 17.30 (3.4 %) 2.08 (56.9 %) 0.01
Q3 2010 46.52 14.2 % 21.05 17.6 % 2.48 56.1 % 0.01
Q4 2010 47.47 38.4 % 22.22 40.1 % 4.50 284.0 % 0.02
Q1 2011 49.57 37.5 % 23.48 35.8 % 13.20 3.9 % 0.05
Q2 2011 61.55 70.4 % 29.59 71.1 % 9.80 372.0 % 0.04
Q3 2011 48.85 5.0 % 26.09 24.0 % 5.34 115.3 % 0.02
Q4 2011 46.85 (1.3 %) 23.60 6.2 % (74.60) (1758.4 %) (0.27)
Q1 2012 68.09 37.4 % 34.99 49.0 % 17.73 34.4 % 0.06
Q2 2012 61.68 0.2 % 32.63 10.2 % 11.68 19.2 % 0.04
Q3 2012 57.95 18.6 % 29.49 13.0 % 6.44 20.6 % 0.02
Q4 2012 66.28 41.5 % 26.65 12.9 % (1.77) 97.6 % (0.01)
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)
2019 71.22 (38.1 %) 29.39 (44.5 %) (9.54) (222.8 %) (0.03)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 45.59 % 13.99 % 10.04 %
Q2 2010 46.43 % 11.96 % 9.46 %
Q3 2010 46.73 % 12.84 % 9.68 %
Q4 2010 46.86 % 15.75 % 13.09 %
Q1 2011 46.78 % 17.10 % 13.20 %
Q2 2011 46.97 % 18.34 % 14.61 %
Q3 2011 48.87 % 19.12 % 15.83 %
Q4 2011 49.69 % 15.62 % 8.73 %
Q1 2012 50.71 % 17.72 % 10.03 %
Q2 2012 52.03 % 18.71 % 10.86 %
Q3 2012 51.46 % 18.63 % 10.91 %
Q4 2012 48.72 % 20.58 % 15.86 %
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 %
2019 41.26 % 11.05 % 21.48 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 275.00 0.06 0.06 2.35
Q2 2010 275.00 0.05 0.05 2.30
Q3 2010 275.00 0.05 0.05 2.37
Q4 2010 275.00 0.08 0.08 2.40
Q1 2011 275.00 0.08 0.09 2.40
Q2 2011 275.00 0.11 0.11 2.39
Q3 2011 275.00 0.12 0.12 2.37
Q4 2011 275.00 (0.17) 0.07 2.31
Q1 2012 275.00 (0.15) 0.08 2.30
Q2 2012 275.00 (0.14) 0.09 2.28
Q3 2012 275.00 (0.14) 0.09 2.39
Q4 2012 275.00 0.12 0.15 2.41
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 35.79 39.23 0.92
Q2 2010 38.39 38.39 0.85
Q3 2010 33.77 33.77 0.77
Q4 2010 24.07 24.07 0.79
Q1 2011 21.15 19.85 0.71
Q2 2011 17.69 17.69 0.81
Q3 2011 15.49 15.49 0.78
Q4 2011 NEG 32.05 0.91
Q1 2012 NEG 42.48 1.52
Q2 2012 NEG 24.87 0.97
Q3 2012 NEG 29.56 1.15
Q4 2012 20.54 17.38 1.06
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

Business Segments (Million)

Compared With The
Period Business Activities Investment activity


Financial Ratios
Current
Market Cap (M Riyal) 1,006.50
Enterprise Value (EV) (M) 1,003.91
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 2.33
Return on Average Assets (%) (TTM) 0.3
Return on Average Equity (%) (TTM) 0.4
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Share Price

Fitaihi Holding Group
3.66
(0.07) (1.88 %)

Fitaihi Holding Group (FITAIHI GROUP)

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