Fitaihi H1 profit down 62% to SAR 6.5 mln; Q2 at SAR 852,000

Fitaihi H1 profit down 62% to SAR 6.5 mln; Q2 at SAR 852,000

13/08/2023 Argaam Exclusive

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Fitaihi Holding Group reported a net profit of SAR 6.5 million in H1 2023, a decline of 62% from SAR 16.8 million in the year-earlier period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 36.11 28.70 (20.5 %)
Gross Income 11.42 12.97 13.6 %
Operating Income (0.98) (0.58) 40.4 %
Net Income 16.84 4.70 (72.1 %)
Average Shares 275.00 275.00 -
EPS (Riyals) 0.06 0.02 (72.1 %)

The profit decline was attributed to decline in dividends received from equity instruments at fair value, lower profit share from an associate and higher sales, distribution, administrative, and other expenses.

 

However, the sales profit margin increased during the period. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 12.82 10.44 (18.5 %)
Gross Income 6.44 4.59 (28.8 %)
Operating Income 0.41 (2.04) (598.3 %)
Net Income 9.19 3.08 (66.5 %)
Average Shares 275.00 275.00 -
EPS (Riyals) 0.03 0.01 (66.5 %)

The company reported a net profit of SAR 852,000 in Q2 2023, down 91% from SAR 9.19 million a year earlier. 

 

On a quarterly basis, net earnings fell 84.9% from SAR 5.63 million in Q1 2023, on higher profit margins. 

 

Total shareholders’ equity, no minority interest, stood at SAR 463.50 million as of June 30, 2023, compared to SAR 463.51 million in a prior-year period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 74.78 11.9 % 36.69 12.1 % 10.38 2.2 %
Q2 2014 74.71 16.0 % 36.54 3.5 % 8.63 (25.9 %)
Q3 2014 77.36 21.8 % 37.59 11.9 % 6.16 (21.4 %)
Q4 2014 71.61 30.9 % 32.08 47.0 % 3.28 2629.2 %
Q1 2015 68.94 (7.8 %) 33.65 (8.3 %) 7.00 (32.5 %)
Q2 2015 72.01 (3.6 %) 35.82 (2.0 %) 8.17 (5.4 %)
Q3 2015 56.72 (26.7 %) 27.80 (26.0 %) (4.47) (172.6 %)
Q4 2015 65.89 (8.0 %) 30.15 (6.0 %) (0.01) (100.3 %)
Q1 2016 48.34 (29.9 %) 24.29 (27.8 %) (2.08) (129.7 %)
Q2 2016 61.36 (14.8 %) 28.73 (19.8 %) 1.07 (86.9 %)
Q3 2016 37.24 (34.3 %) 18.57 (33.2 %) (5.12) (14.4 %)
Q4 2016 48.42 (26.5 %) 18.63 (38.2 %) (16.69) (166,810.0 %)
Q1 2017 51.08 5.7 % 21.23 (12.6 %) (0.01) 99.3 %
Q2 2017 50.50 (17.7 %) 22.66 (21.1 %) 0.26 (75.8 %)
Q3 2017 19.30 (48.2 %) 9.51 (48.8 %) (9.56) (86.8 %)
Q4 2017 33.97 (29.9 %) 15.42 (17.2 %) (23.08) (38.3 %)
Q1 2018 28.78 (43.7 %) 12.51 (41.1 %) (3.04) (21,642.9 %)
Q2 2018 36.80 (27.1 %) 17.20 (24.1 %) (0.84) (423.8 %)
Q3 2018 19.97 3.5 % 9.86 3.6 % (4.45) 53.4 %
Q4 2018 29.47 (13.2 %) 13.43 (12.9 %) (12.67) 45.1 %
Q1 2019 21.14 (26.6 %) 7.79 (37.7 %) (1.12) 63.1 %
Q2 2019 17.97 (51.2 %) 7.85 (54.3 %) (1.87) (122.6 %)
Q3 2019 11.57 (42.1 %) 5.71 (42.1 %) (2.97) 33.3 %
Q4 2019 20.55 (30.3 %) 8.04 (40.1 %) (0.43) 96.6 %
Q1 2020 18.02 (14.7 %) 8.50 9.2 % (3.24) (187.8 %)
Q2 2020 9.38 (47.8 %) 0.86 (89.1 %) (5.71) (204.7 %)
Q3 2020 9.92 (14.3 %) 4.84 (15.1 %) (1.54) 48.0 %
Q4 2020 15.93 (22.5 %) 7.04 (12.5 %) (1.61) (275.5 %)
Q1 2021 13.71 (24.0 %) 6.09 (28.4 %) (1.71) 47.2 %
Q2 2021 13.95 48.6 % 6.11 614.3 % (1.71) 70.1 %
Q3 2021 9.45 (4.7 %) 4.02 (16.9 %) (3.50) (126.8 %)
Q4 2021 15.57 (2.3 %) (11.25) (259.9 %) (17.85) (1,010.8 %)
Q1 2022 23.29 69.9 % 4.98 (18.2 %) (1.39) 18.9 %
Q2 2022 12.82 (8.1 %) 6.44 5.5 % 0.41 123.9 %
Q3 2022 7.98 (15.6 %) 3.94 (2.0 %) (1.96) 44.0 %
Q4 2022 9.27 (40.5 %) 4.06 136.1 % (1.47) 91.7 %
Q1 2023 18.26 (21.6 %) 8.39 68.4 % 1.46 205.0 %
Q2 2023 10.44 (18.5 %) 4.59 (28.8 %) (2.04) (598.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 24.13 24.9 % 0.09 0.17 23.96 0.09
Q2 2014 24.45 106.2 % 0.09 13.54 10.92 0.04
Q3 2014 12.83 146.4 % 0.05 2.53 10.30 0.04
Q4 2014 8.73 1411.3 % 0.03 - 8.73 0.03
Q1 2015 16.79 (30.4 %) 0.06 - 16.79 0.06
Q2 2015 21.54 (11.9 %) 0.08 - 21.54 0.08
Q3 2015 9.72 (24.3 %) 0.04 - 9.72 0.04
Q4 2015 (7.49) (185.7 %) (0.03) (11.59) 4.10 0.01
Q1 2016 (30.20) (279.8 %) (0.11) (32.32) 2.12 0.01
Q2 2016 26.31 22.1 % 0.10 (18.26) 44.56 0.16
Q3 2016 3.14 (67.7 %) 0.01 (2.28) 5.43 0.02
Q4 2016 (17.85) (138.4 %) (0.06) - (17.85) (0.06)
Q1 2017 11.94 139.5 % 0.04 3.50 8.44 0.03
Q2 2017 13.11 (50.2 %) 0.05 0.68 12.43 0.05
Q3 2017 (4.62) (246.9 %) (0.02) 0.32 (4.94) (0.02)
Q4 2017 (19.73) (10.5 %) (0.07) 0.03 (19.76) (0.07)
Q1 2018 1.50 (87.5 %) 0.01 - 1.50 0.01
Q2 2018 13.63 3.9 % 0.05 - 13.63 0.05
Q3 2018 (0.15) 96.7 % 0.00 - (0.15) 0.00
Q4 2018 (7.20) 63.5 % (0.03) - (7.20) (0.03)
Q1 2019 5.56 271.5 % 0.02 - 5.56 0.02
Q2 2019 7.45 (45.3 %) 0.03 - 7.45 0.03
Q3 2019 2.18 1515.6 % 0.01 - 2.18 0.01
Q4 2019 (24.73) (243.5 %) (0.09) (24.84) 0.11 0.00
Q1 2020 (2.42) (143.5 %) (0.01) (0.69) (1.72) (0.01)
Q2 2020 (16.87) (326.3 %) (0.06) (5.32) (11.55) (0.04)
Q3 2020 38.06 1645.9 % 0.14 31.20 6.87 0.02
Q4 2020 11.22 145.4 % 0.04 9.50 1.73 0.01
Q1 2021 130.11 5487.4 % 0.47 125.70 4.40 0.02
Q2 2021 17.01 200.8 % 0.06 - 17.01 0.06
Q3 2021 6.92 (81.8 %) 0.03 3.79 3.14 0.01
Q4 2021 (4.40) (139.2 %) (0.02) 10.00 (14.40) (0.05)
Q1 2022 7.65 (94.1 %) 0.03 - 7.65 0.03
Q2 2022 9.19 (46.0 %) 0.03 - 9.19 0.03
Q3 2022 (20.77) (400.0 %) (0.08) - (20.77) (0.08)
Q4 2022 (27.93) (535.2 %) (0.10) - (27.93) (0.10)
Q1 2023 1.62 (78.8 %) 0.01 - 1.62 0.01
Q2 2023 3.08 (66.5 %) 0.01 - 3.08 0.01

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2022 6.90 % (29.88 %) (30.73 %)
Q4 2022 36.41 % (3.65 %) (59.73 %)
Q1 2023 47.25 % 1.90 % (78.44 %)
Q2 2023 45.66 % (3.27 %) (95.79 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 275.00 (0.03) (0.07) 1.61
Q4 2022 275.00 (0.12) (0.12) 1.62
Q1 2023 275.00 (0.14) (0.14) 1.64
Q2 2023 275.00 (0.16) (0.16) 1.67

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 NEG NEG 1.94
Q4 2022 NEG NEG 1.84
Q1 2023 NEG NEG 1.78
Q2 2023 NEG NEG 2.30

Business Segments (Million)

Compared With The
Period Business Activities Investment activity


Financial Ratios
Current
Market Cap (M Riyal) 1,119.25
Enterprise Value (EV) (M) 1,113.27
Shares Outstanding ((M)) 275.00
EPS ( Riyal) (TTM) 0.04
Book Value (BV) ( Riyal) 1.71
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 2.38
Return on Average Assets (%) (TTM) 2.5
Return on Average Equity (%) (TTM) 2.6
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Share Price

Fitaihi Holding Group
4.07
(0.02) (0.49 %)

Fitaihi Holding Group (FITAIHI GROUP)

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