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Fitaihi Holding Group Q1 profit falls YOY

Fitaihi Holding Group said its first-quarter normalized net income was 23 halalas per share, a decrease of 22.8% from 30 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 12.5 million riyals, a decrease of 22.8% from 16.3 million riyals in the prior-year period.

The normalized profit margin declined to 15.1% from 21.7% in the year-earlier period.

Total revenue fell 7.8% year over year to 68.9 million riyals from 74.8 million riyals, and total operating expenses decreased year over year to 61.9 million riyals from 64.4 million riyals.

Reported net income decreased 23.3% on an annual basis to 18.5 million riyals, or 34 halalas per share, from 24.1 million riyals, or 44 halalas per share.

As of April 23, US$1 was equivalent to 3.75 Saudi Arabian riyals.