Fitaihi Holding Group reported a net profit after Zakat and tax of SAR 149.6 million for 2021, a more than four-fold increase from SAR 30 million a year earlier.
This earnings hike was driven by a SAR 125.7 million non-recurring capital gains recorded year-on-year (YoY) from selling shares in an associate and a 157.9% YoY surge in profit share from associates.
The company also cited generating SAR 13.8 million YoY in one-off capital gains from selling unmonetized properties and a 16.7% decline YoY in selling, distribution, general and administrative expenses.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 48.02 | 52.67 | 9.7 % |
| Gross Income | 18.16 | 4.97 | (72.6 %) |
| Operating Income | (11.47) | (24.77) | (115.9 %) |
| Net Income | 30.00 | 149.64 | 398.8 % |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | 0.11 | 0.54 | 398.8 % |
Fitaihi incurred a net loss of SAR 4.4 million in Q4 2021, versus a net profit of SAR 11.22 million in Q4 2020.
Sequentially, the company swung to a loss in Q4 2021, against SAR 6.9 million earnings in Q3 2021.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 15.93 | 15.57 | (2.3 %) |
| Gross Income | 7.04 | (11.25) | (259.9 %) |
| Operating Income | (1.61) | (17.85) | (1,010.8 %) |
| Net Income | 11.22 | (4.40) | (139.2 %) |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | 0.04 | (0.02) | (139.2 %) |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 9.45 | 15.57 | 64.7 % |
| Gross Income | 4.02 | (11.25) | (379.6 %) |
| Operating Income | (3.50) | (17.85) | (410.2 %) |
| Net Income | 6.92 | (4.40) | (163.5 %) |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | 0.03 | (0.02) | (163.5 %) |
Total shareholders’ equity, excluding minority interest, dropped 18.96% to SAR 507.5 million in 2021, from SAR 626.3 million a year earlier.
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