Riyadh – Mubasher: Fitaihi Holding Group’s third-quarter net earnings surged by 1,645% on a year-on-year (YoY) basis to SAR 38.1 million, compared with SAR 2.2 million last year.

Revenue for the quarter ended on 30 September 2020 climbed by 200.5% YoY to reach SAR 55.6 million, according to a stock exchange filing on Wednesday.

During the quarter, the company’s share from results of associates increased by 6.9%. Moreover, the group received dividends of SAR 7.1 million from an investment and gained profits of SAR 31.2 million from selling shares of an associate company.

Meanwhile, total sales and administrative expenses declined by SAR 2.3 million.

Over the first nine months of 2020, the group’s profits grew by 23.6% annually to SAR 18.8 million.

In a separate filing, the company said its board recommended distributing cash dividends of SAR 11 million to shareholders for the first half (H1) of 2020.

Eligibility of dividends will be to the shareholders on 17 November 2020, as per the registered shareholders in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the due date.

The distributions will be paid on 7 December 2020.