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Fitaihi says 2018 profits soar 1006% on lower expenses
2019-03-21 14:30:39 GMT
(Economies.com)
Fitaihi Holding company on Thursday posted a 1006% increase in net profit for the fiscal year ended on December 31, 2018.
The company generated SAR 7.8 million net profit, compared with SAR 702,100 net profit a year earlier.
Fitaihi attributed the profit rise to lower sale and distribution expenses by 18%, as well as a decrease in general and administrative expenses by 23%.
Fitaihi earlier posted a 96.7% decline in loss for the third quarter of 2018 to SAR 154,400, from net loss of SAR 4.6 million in the same period a year ago.
Financial results for the first nine months of 2018 showed SAR 14.97 million profit, compared with SAR 20.4 million net profit in the corresponding period of 2017.
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20.087
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-0.209
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1.030%
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88.538
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5.473%
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94.37
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-0.51
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0.54%
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1776.070
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5.770
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0.326%
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