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Fitaihi Holding Group Q1 profit falls YOY

Fitaihi Holding Group said its first-quarter normalized net income amounted to 4 halalas per share, a decrease of 77.7% 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 2.3 million riyals, a decline of 77.7% from 10.4 million riyals in the year-earlier period.

The normalized profit margin dropped to 4.8% from 15.1% in the year-earlier period.

Total revenue fell 29.9% year over year to 48.3 million riyals from 68.9 million riyals, and total operating expenses decreased 18.6% from the prior-year period to 50.4 million riyals from 61.9 million riyals.

Reported net income totaled a loss of 30.2 million riyals, or a loss of 55 halalas per share, compared to income of 16.8 million riyals, or 31 halalas per share, in the year-earlier period.

As of April 25, US$1 was equivalent to 3.75 Saudi Arabian riyals.