Fitaihi Holding swings to profits in 2020; mulls capital cut

Riyadh – Mubasher: Fitaihi Holding Group turned profitable in the fiscal year (FY) ended on 31 December 2020, achieving SAR 30 million in net profits, against net losses of SAR 9.5 million a year earlier.

Revenues jumped by 53.4% on an annual basis last year to reach SAR 113.2 million, according to a bourse filing on Sunday.

Meanwhile, the company’s board approved distributing SAR 11 million or 2% of the share’s nominal value in cash dividends to shareholders for the second half (H2) of 2020.

In addition, it proposed reducing the company’s capital by 50% to SAR 275 million as it exceeds needs.

The capital cut process will be funded from the company’s cash balance surplus and is expected to reflect positively on its performance and profitability indicators.

Mubasher Contribution Time: 07-Mar-2021 06:21 (GMT)
Mubasher Last Update Time: 07-Mar-2021 06:23 (GMT)