Fitaihi turns to SAR 4.1 mln profit in 9M 2023; Q3 losses at SAR 2.4 mln

09/11/2023 Argaam Exclusive

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Fitaihi Holding Group Co. turned to a net profit of SAR 4.1 million for the first nine months of 2023, against a net loss of SAR 3.9 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	44.08	35.65	(19.1 %)
Gross Income	15.36	15.89	3.4 %
Operating Income	(2.94)	(4.02)	(36.9 %)
Net Income	(3.93)	4.05	203.0 %
Average Shares	275.00	275.00	-
EPS (Riyals)	(0.01)	0.01	203.0 %

The positive performance was primarily driven by a higher profit share from an associate company’s business worth SAR 4.4 million during the current nine-month period, compared to SAR 13.8 million losses in the year before. This is besides realizing profits from fair value through statement of income (FVSI) investment through profit or loss, and a year-on-year (YoY) increase in gross sales profit.

This was partially offset by an 11.1% YoY uptick in selling, distribution, administrative, general and other expenses to SAR 20 million by the end of the first nine months of 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	7.98	6.95	(12.9 %)
Gross Income	3.94	2.92	(26.0 %)
Operating Income	(1.96)	(3.44)	(75.4 %)
Net Income	(20.77)	(2.43)	88.3 %
Average Shares	275.00	275.00	-
EPS (Riyals)	(0.08)	(0.01)	88.3 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	10.44	6.95	(33.5 %)
Gross Income	4.59	2.92	(36.4 %)
Operating Income	(2.04)	(3.44)	(68.8 %)
Net Income	0.85	(2.43)	(385.3 %)
Average Shares	275.00	275.00	-
EPS (Riyals)	0.00	(0.01)	(385.3 %)

The company narrowed its losses to SAR 2.4 million in Q3 2023, from SAR 20.8 million in Q3 2022.

Sequentially, Fitaihi turned to losses against a profit of SAR 850,000 in Q2 2023.

Shareholders’ equity, no minority interest, climbed to SAR 462.21 million as of Sept. 30, 2023, from SAR 444.02 million a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2014	298.45	19.7 %	142.90	15.7 %	70.15	96.4 %	0.26
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)
2015	263.56	(11.7 %)	127.41	(10.8 %)	40.56	(42.2 %)	0.15
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)
2016	195.36	(25.9 %)	90.22	(29.2 %)	(18.60)	(145.9 %)	(0.07)
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)
2017	154.85	(20.7 %)	68.82	(23.7 %)	0.70	103.8 %	0.00
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)
2018	115.01	(25.7 %)	52.99	(23.0 %)	7.77	1007.0 %	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)
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
2020	48.02	(32.6 %)	18.16	(38.2 %)	30.00	414.4 %	0.11
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)
2021	52.67	9.7 %	4.97	(72.6 %)	149.64	398.8 %	0.54
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
Q3 2022	7.98	(15.6 %)	3.94	(2.0 %)	(20.77)	(400.0 %)	(0.08)
Q4 2022	9.27	(40.5 %)	4.06	136.1 %	(27.93)	(535.2 %)	(0.10)
2022	53.35	1.3 %	19.42	290.9 %	(31.87)	(121.3 %)	(0.12)
Q1 2023	18.26	(21.6 %)	8.39	68.4 %	1.62	(78.8 %)	0.01
Q2 2023	10.44	(18.5 %)	4.59	(28.8 %)	0.85	(90.7 %)	0.00
Q3 2023	6.95	(12.9 %)	2.92	(26.0 %)	(2.43)	88.3 %	(0.01)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	249.38	(1.8 %)	123.47	(0.2 %)	35.72	4.8 %	0.13
2014	298.45	19.7 %	142.90	15.7 %	70.15	96.4 %	0.26
2015	263.56	(11.7 %)	127.41	(10.8 %)	40.56	(42.2 %)	0.15
2016	195.36	(25.9 %)	90.22	(29.2 %)	(18.60)	(145.9 %)	(0.07)
2017	154.85	(20.7 %)	68.82	(23.7 %)	0.70	103.8 %	0.00
2018	115.01	(25.7 %)	52.99	(23.0 %)	7.77	1007.0 %	0.03
2019	71.22	(38.1 %)	29.39	(44.5 %)	(9.54)	(222.8 %)	(0.03)
2020	48.02	(32.6 %)	18.16	(38.2 %)	30.00	414.4 %	0.11
2021	52.67	9.7 %	4.97	(72.6 %)	149.64	398.8 %	0.54
2022	53.35	1.3 %	19.42	290.9 %	(31.87)	(121.3 %)	(0.12)

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 %
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 %
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 %
2016	46.18 %	(1.77 %)	2.81 %
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 %)
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 %
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 %
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 %)
2020	37.81 %	(2.55 %)	(8.80 %)
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 %
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 %)
2022	36.41 %	(3.65 %)	(59.73 %)
Q1 2023	47.25 %	1.90 %	(78.44 %)
Q2 2023	45.66 %	(3.27 %)	(100.63 %)
Q3 2023	44.42 %	(6.47 %)	(62.10 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	49.51 %	16.17 %	12.06 %
2014	47.88 %	14.12 %	18.06 %
2015	48.34 %	9.88 %	19.79 %
2016	46.18 %	(1.77 %)	2.81 %
2017	44.44 %	(5.68 %)	(2.47 %)
2018	46.08 %	(2.88 %)	6.76 %
2019	41.26 %	11.05 %	21.48 %
2020	37.81 %	(2.55 %)	(8.80 %)
2021	9.43 %	(37.21 %)	19.27 %
2022	36.41 %	(3.65 %)	(59.73 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	49.07 %	18.13 %	32.05 %
Q2 2014	48.92 %	15.96 %	14.61 %
Q3 2014	48.59 %	12.02 %	13.31 %
Q4 2014	44.79 %	10.31 %	12.20 %
Q1 2015	48.81 %	16.39 %	24.36 %
Q2 2015	49.74 %	16.40 %	29.91 %
Q3 2015	49.02 %	(2.66 %)	17.14 %
Q4 2015	45.76 %	6.73 %	6.23 %
Q1 2016	50.24 %	3.36 %	4.39 %
Q2 2016	46.83 %	7.77 %	72.62 %
Q3 2016	49.86 %	(3.44 %)	14.57 %
Q4 2016	38.47 %	(17.68 %)	(36.87 %)
Q1 2017	41.56 %	7.65 %	16.53 %
Q2 2017	44.87 %	8.18 %	24.62 %
Q3 2017	49.28 %	(30.65 %)	(25.60 %)
Q4 2017	45.39 %	(32.14 %)	(58.18 %)
Q1 2018	43.47 %	(2.16 %)	5.20 %
Q2 2018	46.74 %	9.92 %	37.04 %
Q3 2018	49.37 %	(11.49 %)	(0.77 %)
Q4 2018	45.56 %	(13.74 %)	(24.43 %)
Q1 2019	36.85 %	11.90 %	26.29 %
Q2 2019	43.70 %	10.58 %	41.47 %
Q3 2019	49.32 %	7.41 %	18.84 %
Q4 2019	39.14 %	12.65 %	0.51 %
Q1 2020	47.18 %	(2.56 %)	(9.55 %)
Q2 2020	9.11 %	(28.61 %)	(123.06 %)
Q3 2020	48.82 %	(2.26 %)	69.21 %
Q4 2020	44.17 %	54.24 %	10.83 %
Q1 2021	44.42 %	(2.33 %)	32.13 %
Q2 2021	43.78 %	(2.52 %)	121.92 %
Q3 2021	42.56 %	(23.61 %)	33.19 %
Q4 2021	(72.28 %)	(107.26 %)	(92.50 %)
Q1 2022	21.38 %	(3.29 %)	32.86 %
Q2 2022	50.27 %	8.01 %	71.69 %
Q3 2022	49.42 %	(17.39 %)	(260.43 %)
Q4 2022	43.82 %	(8.84 %)	(301.50 %)
Q1 2023	45.93 %	11.48 %	8.87 %
Q2 2023	43.94 %	(13.34 %)	8.16 %
Q3 2023	41.98 %	(40.18 %)	(34.98 %)

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	(0.17)	(0.17)	1.69
Q3 2023	275.00	(0.10)	(0.10)	1.68

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	275.00	0.13	0.11	2.55
2014	275.00	0.26	0.20	2.74
2015	275.00	0.15	0.19	2.70
2016	275.00	(0.07)	0.02	2.48
2017	275.00	0.00	(0.01)	2.49
2018	275.00	0.03	0.03	2.30
2019	275.00	(0.03)	0.06	2.21
2020	275.00	0.11	(0.02)	2.28
2021	275.00	0.54	0.04	1.85
2022	275.00	(0.12)	(0.12)	1.62

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	2.27
Q3 2023	NEG	NEG	1.89

Period	P/E	Adjusted P/E	Price/book
2013	21.90	26.00	1.12
2014	13.87	18.04	1.29
2015	17.35	13.50	0.95
2016	NEG	More than 100	0.90
2017	More than 100	NEG	0.86
2018	65.32	65.32	0.80
2019	NEG	35.21	0.89
2020	27.75	NEG	1.33
2021	7.49	More than 100	2.21
2022	NEG	NEG	1.84

Business Segments (Million)

Compared With The

Period	Business Activities	Investment activity

Period	Business Activities	Investment activity
2013	249.38	12.25
2014	298.45	49.36
2015	263.56	38.30
2016	195.36	10.68
2017	154.85	39.54
2018	115.01	32.71
2019	71.22	2.60
2020	48.02	65.19
2021	52.67	166.58
2022	53.35	(24.15)

Financial Ratios

	Current
Market Cap (M Riyal)	1,031.25
Enterprise Value (EV) (M)	1,028.66
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	2.39
Return on Average Assets (%) (TTM)	0.3
Return on Average Equity (%) (TTM)	0.4

Fitaihi Holding Group (FITAIHI GROUP)

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Fitaihi turns to SAR 4.1 mln profit in 9M 2023; Q3 losses at SAR 2.4 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

Share Price

Fitaihi Holding Group (FITAIHI GROUP)

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Fitaihi turns to SAR 4.1 mln profit in 9M 2023; Q3 losses at SAR 2.4 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) 2023

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

Share Price

Fitaihi Holding Group (FITAIHI GROUP)

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Business Segments (Million)