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Fitaihi Holding Group Q2 profit falls YOY

Fitaihi Holding Group said its second-quarter normalized net income was 25 halalas per share, a decrease of 17.8% from 30 halalas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.5 million riyals, a decline of 17.8% from 16.5 million riyals in the year-earlier period.

The normalized profit margin dropped to 14.6% from 22.0% in the year-earlier period.

Total revenue fell on an annual basis to 72.0 million riyals from 74.7 million riyals, and total operating expenses declined from the prior-year period to 63.8 million riyals from 66.1 million riyals.

Reported net income decreased 18.2% from the prior-year period to 20.0 million riyals, or 36 halalas per share, from 24.5 million riyals, or 44 halalas per share.

As of July 15, US$1 was equivalent to 3.75 Saudi Arabian riyals.