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Fitaihi Holding Group Q4 loss narrows YOY

Fitaihi Holding Group said its fourth-quarter normalized net income amounted to a loss of 10 halalas per share, compared with a loss of 15 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 a loss of 5.3 million riyals, compared with a loss of 8.4 million riyals in the year-earlier period.

The normalized profit margin climbed to negative 5.7% from negative 11.8% in the year-earlier period.

Total revenue fell 8.0% year over year to 65.9 million riyals from 71.6 million riyals, and total operating expenses decreased 5.2% on an annual basis to 65.9 million riyals from 69.5 million riyals.

Reported net income totaled a loss of 38.6 million riyals, or a loss of 70 halalas per share, compared to income of 8.7 million riyals, or 16 halalas per share, in the year-earlier period.

For the year, the company's normalized net income totaled 46 halalas per share, a decline of 23.7% from 61 halalas per share in the prior year.

Normalized net income was 25.5 million riyals, a fall of 23.7% from 33.4 million riyals in the prior year.

Full-year total revenue decreased 11.7% from the prior-year period to 263.6 million riyals from 298.4 million riyals, and total operating expenses declined 6.8% on an annual basis to 252.9 million riyals from 271.2 million riyals.

The company said reported net income declined 91.8% year over year to 5.7 million riyals, or 10 halalas per share, in the full year, from 70.1 million riyals, or 1.28 riyals per share.

As of Feb. 9, US$1 was equivalent to 3.75 Saudi Arabian riyals.