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Fitaihi Holding Group Q3 profit falls YOY

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Fitaihi Holding Group Q3 profit falls YOY

Fitaihi Holding Group said its normalized net income for the third quarter came to 7 halalas per share, a decrease of 49.4% from 13 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 3.7 million riyals, a decline of 48.5% from 7.2 million riyals in the prior-year period.

The normalized profit margin declined to 9.6% from 12.6% in the year-earlier period.

Total revenue declined 34.3% year over year to 37.2 million riyals from 56.7 million riyals, and total operating expenses fell 30.8% from the prior-year period to 42.4 million riyals from 61.2 million riyals.

Reported net income declined 65.9% on an annual basis to 3.3 million riyals, or 6 halalas per share, from 9.7 million riyals, or 18 halalas per share.

As of Oct. 21, US$1 was equivalent to 3.75 Saudi Arabian riyals.