The quarterly profits of the Fitaihi Group drop 82% to 6.9 million riyals

Fitaihi Holding Group’s preliminary balance sheet showed that earnings for the third quarter of 2021 fell by 81.8% to 6.92 million riyals, compared to profits of 38 million riyals in the corresponding period last year.

The group’s profits decreased by 59% in the third quarter, compared to the profits achieved in the previous quarter of 17 million riyals.

During the first nine months of 2021, the company’s profits increased 720% to 154.03 million riyals, compared to 18.77 million riyals in the same period last year.

The company stated in a statement to “Tadawul Saudi Arabia” today, Sunday, that the reason for the decrease in net profit during the third quarter of 2021 is mainly due to the achievement of exceptional capital gains from the sale of part of the shares held in an associated company, which amounted to 31.2 million riyals in the third quarter, from 2020, due to the lack of profits from the sale of shares in associated companies in the quarter in course.

The company indicated that it received dividends from equity instruments at fair value during the third quarter of 2020, amounting to 7.1 million riyals, compared to no dividends received in the quarter in course.

Total sales profit also decreased by 16.7%, reaching 4 million riyals in the third quarter of 2021, compared to 4.8 million riyals in the third quarter of 2020.

The company pointed out that sales and distribution expenses, administrative and general expenses and other expenses increased by 20%, reaching 7.8 million riyals in the third quarter, compared to 6.5 million riyals in the third quarter. of 2020.

Dividends from equity instruments at fair value in 2021 were collected in the second quarter of the year for 15.1 million riyals.

In a separate press release, Fitaihi Holding Group announced the Board of Directors’ decision to distribute dividends cash to shareholders for the first half of 2021, equal to 13.75 million riyals, equal to 5% of the capital, distributed on 27.5 million shares, and the distribution share is 50 halala.

The distributions are scheduled for Sunday 14 November, provided that the shareholders holding shares at maturity are entitled to them and are registered in the company’s shareholders’ register at the Deposit Center at the end of the second trading day following the maturity, while the distribution starts November 30, 2021.

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