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.
| 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.
| 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 %) |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 11.57 | 20.55 | 77.6 % |
| Gross Income | 5.71 | 8.04 | 40.9 % |
| Operating Income | (2.97) | (0.43) | 85.6 % |
| Net Income | 2.18 | (24.73) | (1234.6 %) |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | 0.01 | (0.09) | (1234.6 %) |
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