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Fitaihi Holding Group Q2 profit falls YOY

Fitaihi Holding Group said its second-quarter normalized net income amounted to 14 halalas per share, a decrease of 27.3% from 19 halalas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.6 million riyals, a decrease of 27.3% from 10.5 million riyals in the prior-year period.

The normalized profit margin declined to 10.6% from 14.6% in the year-earlier period.

Total revenue decreased 14.8% year over year to 61.4 million riyals from 72.0 million riyals, and total operating expenses fell 5.6% from the prior-year period to 60.3 million riyals from 63.8 million riyals.

Reported net income totaled a loss of 5.0 million riyals, or a loss of 9 halalas per share, compared to income of 21.5 million riyals, or 39 halalas per share, in the prior-year period.

As of Aug. 22, US$1 was equivalent to 3.75 Saudi Arabian riyals.