Taiba’s net profit rises 11% in 9M 2019

03/11/2019 Argaam Exclusive

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Share Price

Taiba Investments Co. (TAIBA)

Taiba for Investment Co. reported a net profit of SAR 148.38 million for the first nine months of 2019, a 10.9 percent year-on-year increase.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	344.41	340.35	(1.2 %)
Gross Income	211.55	200.81	(5.1 %)
Operating Income	172.09	153.24	(11.0 %)
Net Income	133.80	148.38	10.9 %
Average Shares	150.00	157.84	5.2 %
EPS (Riyals)	0.89	0.94	5.4 %

The increase is attributed to higher return from short-term investments, lower Zakat expenses in addition to completing the acquisition of a non-controlling interest of Alaqeeq company and of Arac company, which resulted in increasing the net profit for the company’s shareholders.

The company reported a net profit of SAR 67.85 million for Q3 2019, a 12.9 percent year-on-year increase.

When compared to the previous quarter, net profit rose 37.8 percent due to revenue increase, and decrease in marketing and general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	134.57	137.53	2.2 %
Gross Income	86.06	85.44	(0.7 %)
Operating Income	73.91	72.32	(2.1 %)
Net Income	60.11	67.85	12.9 %
Average Shares	150.00	157.84	5.2 %
EPS (Riyals)	0.40	0.43	7.3 %

Item	Q2 2019	Q3 2019	Change‬
Revenues	108.29	137.53	27.0 %
Gross Income	63.63	85.44	34.3 %
Operating Income	42.87	72.32	68.7 %
Net Income	49.24	67.85	37.8 %
Average Shares	157.84	157.84	-
EPS (Riyals)	0.31	0.43	37.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	40.12	(17.3 %)	19.51	(15.9 %)	14.34	3.2 %	0.10
Q2 2010	44.93	(8.7 %)	20.24	(5.5 %)	16.54	(4.8 %)	0.11
Q3 2010	64.31	33.8 %	31.64	55.4 %	19.26	27.5 %	0.13
Q4 2010	98.31	23.3 %	64.33	29.4 %	41.97	184.5 %	0.28
2010	247.66	9.8 %	135.72	18.3 %	92.10	50.7 %	0.61
Q1 2011	63.16	57.4 %	36.42	86.7 %	38.90	171.3 %	0.26
Q2 2011	65.48	45.7 %	46.07	127.6 %	32.24	95.0 %	0.21
Q3 2011	151.81	136.0 %	117.77	272.2 %	88.72	360.7 %	0.59
Q4 2011	113.33	15.3 %	85.92	33.6 %	76.88	83.2 %	0.51
2011	393.78	59.0 %	286.19	110.9 %	236.74	157.1 %	1.58
Q1 2012	199.06	215.2 %	109.88	201.7 %	267.87	588.6 %	1.79
Q2 2012	77.33	18.1 %	63.74	38.4 %	44.02	36.5 %	0.29
Q3 2012	83.66	(44.9 %)	54.53	(53.7 %)	55.04	(38.0 %)	0.37
Q4 2012	86.54	(23.6 %)	59.06	(31.3 %)	39.51	(48.6 %)	0.26
2012	446.59	13.4 %	287.21	0.4 %	406.44	71.7 %	2.71
Q1 2013	94.20	(52.7 %)	66.75	(39.3 %)	73.06	(72.7 %)	0.49
Q2 2013	88.73	14.7 %	58.08	(8.9 %)	63.56	44.4 %	0.42
Q3 2013	90.47	8.1 %	56.12	2.9 %	62.93	14.3 %	0.42
Q4 2013	104.91	21.2 %	67.12	13.6 %	64.47	63.2 %	0.43
2013	379.40	(15.0 %)	247.76	(13.7 %)	264.02	(35.0 %)	1.76
Q1 2014	115.88	23.0 %	75.86	13.6 %	59.50	(18.6 %)	0.40
Q2 2014	116.76	31.6 %	58.90	1.4 %	59.18	(6.9 %)	0.39
Q3 2014	157.34	73.9 %	95.10	69.4 %	817.17	1198.5 %	5.45
Q4 2014	111.08	5.9 %	50.42	(24.9 %)	278.38	331.8 %	1.86
2014	501.05	32.1 %	280.28	13.1 %	1,214.23	359.9 %	8.09
Q1 2015	118.58	2.3 %	73.91	(2.6 %)	202.30	240.0 %	1.35
Q2 2015	115.00	(1.5 %)	63.96	8.6 %	57.00	(3.7 %)	0.38
Q3 2015	136.45	(13.3 %)	82.86	(12.9 %)	102.14	(87.5 %)	0.68
Q4 2015	106.12	(4.5 %)	59.60	18.2 %	75.48	(72.9 %)	0.50
2015	476.15	(5.0 %)	280.34	0.0 %	436.92	(64.0 %)	2.91
Q1 2016	118.12	(0.4 %)	69.94	(5.4 %)	49.22	(75.7 %)	0.33
Q2 2016	156.21	35.8 %	71.54	11.9 %	68.02	19.3 %	0.45
Q3 2016	138.80	1.7 %	85.27	2.9 %	74.98	(26.6 %)	0.50
Q4 2016	110.08	3.7 %	60.81	2.0 %	54.95	(27.2 %)	0.37
2016	523.21	9.9 %	289.30	3.2 %	242.95	(44.4 %)	1.62
Q1 2017	106.19	(10.1 %)	63.20	(9.6 %)	52.53	6.7 %	0.35
Q2 2017	118.26	(24.3 %)	67.68	(5.4 %)	49.18	(27.7 %)	0.33
Q3 2017	131.40	(5.3 %)	82.10	(3.7 %)	61.99	(17.3 %)	0.41
Q4 2017	101.21	(8.1 %)	59.09	(2.8 %)	(17.67)	(132.1 %)	(0.12)
2017	457.06	(12.6 %)	272.05	(6.0 %)	146.03	(39.9 %)	0.97
Q1 2018	102.26	(3.7 %)	60.96	(3.5 %)	27.21	(48.2 %)	0.18
Q2 2018	107.58	(9.0 %)	64.53	(4.6 %)	46.48	(5.5 %)	0.31
Q3 2018	134.57	2.4 %	86.06	4.8 %	60.11	(3.0 %)	0.40
Q4 2018	61.87	(38.9 %)	45.83	(22.4 %)	(69.45)	(293.1 %)	(0.46)
2018	406.28	(11.1 %)	257.39	(5.4 %)	64.35	(55.9 %)	0.43
Q1 2019	94.53	(7.6 %)	51.74	(15.1 %)	31.29	15.0 %	0.20
Q2 2019	108.29	0.7 %	63.63	(1.4 %)	49.24	5.9 %	0.31
Q3 2019	137.53	2.2 %	85.44	(0.7 %)	67.85	12.9 %	0.43

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	225.51	(18.6 %)	114.69	(37.3 %)	61.11	(61.8 %)	0.41
2010	247.66	9.8 %	135.72	18.3 %	92.10	50.7 %	0.61
2011	393.78	59.0 %	286.19	110.9 %	236.74	157.1 %	1.58
2012	446.59	13.4 %	287.21	0.4 %	406.44	71.7 %	2.71
2013	379.40	(15.0 %)	247.76	(13.7 %)	264.02	(35.0 %)	1.76
2014	501.05	32.1 %	280.28	13.1 %	1,214.23	359.9 %	8.09
2015	476.15	(5.0 %)	280.34	0.0 %	436.92	(64.0 %)	2.91
2016	523.21	9.9 %	289.30	3.2 %	242.95	(44.4 %)	1.62
2017	457.06	(12.6 %)	272.05	(6.0 %)	146.03	(39.9 %)	0.97
2018	406.28	(11.1 %)	257.39	(5.4 %)	64.35	(55.9 %)	0.43

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	51.13 %	39.58 %	28.35 %
Q2 2010	51.60 %	34.38 %	28.53 %
Q3 2010	52.87 %	37.76 %	28.33 %
Q4 2010	54.80 %	44.50 %	37.19 %
2010	54.80 %	44.50 %	37.19 %
Q1 2011	56.38 %	45.01 %	36.08 %
Q2 2011	61.27 %	51.92 %	38.92 %
Q3 2011	69.86 %	63.57 %	53.24 %
Q4 2011	72.68 %	68.27 %	60.07 %
2011	72.68 %	68.27 %	60.07 %
Q1 2012	67.90 %	65.78 %	61.52 %
Q2 2012	69.68 %	67.60 %	61.96 %
Q3 2012	66.35 %	63.04 %	59.79 %
Q4 2012	64.31 %	60.44 %	46.11 %
2012	64.31 %	60.44 %	46.11 %
Q1 2013	71.43 %	64.48 %	49.68 %
Q2 2013	67.52 %	60.76 %	54.21 %
Q3 2013	66.68 %	60.74 %	55.38 %
Q4 2013	65.57 %	62.76 %	69.79 %
2013	65.30 %	63.00 %	69.59 %
Q1 2014	64.30 %	61.26 %	62.62 %
Q2 2014	60.28 %	59.24 %	57.49 %
Q3 2014	60.01 %	59.16 %	35.20 %
Q4 2014	55.94 %	56.98 %	24.95 %
2014	55.94 %	56.98 %	24.95 %
Q1 2015	55.25 %	57.44 %	27.24 %
Q2 2015	56.45 %	57.78 %	26.35 %
Q3 2015	56.36 %	57.51 %	50.60 %
Q4 2015	58.88 %	57.89 %	63.76 %
2015	58.88 %	57.89 %	63.76 %
Q1 2016	58.10 %	55.83 %	59.09 %
Q2 2016	54.93 %	52.81 %	57.05 %
Q3 2016	55.15 %	53.30 %	51.56 %
Q4 2016	54.96 %	52.77 %	47.24 %
2016	55.29 %	51.89 %	46.43 %
Q1 2017	54.92 %	53.82 %	48.99 %
Q2 2017	58.51 %	57.27 %	48.94 %
Q3 2017	58.76 %	55.99 %	46.93 %
Q4 2017	59.52 %	56.18 %	31.95 %
2017	59.52 %	55.64 %	31.95 %
Q1 2018	59.55 %	56.16 %	27.52 %
Q2 2018	60.27 %	55.30 %	27.58 %
Q3 2018	60.73 %	56.89 %	27.87 %
Q4 2018	63.35 %	59.02 %	34.55 %
2018	63.35 %	59.02 %	34.55 %
Q1 2019	62.27 %	56.89 %	35.24 %
Q2 2019	61.93 %	54.76 %	35.87 %
Q3 2019	61.32 %	53.33 %	36.52 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	50.86 %	38.16 %	27.10 %
2010	54.80 %	44.50 %	37.19 %
2011	72.68 %	68.27 %	60.07 %
2012	64.31 %	60.44 %	46.11 %
2013	65.30 %	63.00 %	69.59 %
2014	55.94 %	56.98 %	24.95 %
2015	58.88 %	57.89 %	63.76 %
2016	55.29 %	51.89 %	46.43 %
2017	59.52 %	55.64 %	31.95 %
2018	63.35 %	59.02 %	34.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	48.62 %	48.49 %	35.73 %
Q2 2010	45.06 %	31.61 %	36.81 %
Q3 2010	49.20 %	45.79 %	29.94 %
Q4 2010	65.44 %	47.92 %	42.69 %
Q1 2011	57.66 %	49.23 %	31.51 %
Q2 2011	70.36 %	66.54 %	49.24 %
Q3 2011	77.58 %	78.39 %	70.83 %
Q4 2011	75.82 %	66.31 %	67.83 %
Q1 2012	55.20 %	55.61 %	54.86 %
Q2 2012	82.44 %	79.19 %	54.17 %
Q3 2012	65.18 %	61.38 %	65.80 %
Q4 2012	68.25 %	53.92 %	(0.27 %)
Q1 2013	70.86 %	64.87 %	77.56 %
Q2 2013	65.46 %	62.48 %	71.63 %
Q3 2013	62.04 %	61.24 %	69.56 %
Q4 2013	63.97 %	62.42 %	61.45 %
Q1 2014	65.47 %	59.29 %	51.35 %
Q2 2014	50.45 %	54.78 %	50.69 %
Q3 2014	60.44 %	60.15 %	(5.70 %)
Q4 2014	45.39 %	52.41 %	13.76 %
Q1 2015	62.33 %	61.18 %	60.49 %
Q2 2015	55.61 %	56.23 %	47.18 %
Q3 2015	60.73 %	59.54 %	74.86 %
Q4 2015	56.17 %	53.90 %	71.13 %
Q1 2016	59.21 %	52.90 %	41.67 %
Q2 2016	45.80 %	46.12 %	43.55 %
Q3 2016	61.43 %	61.27 %	54.02 %
Q4 2016	55.25 %	51.36 %	49.92 %
Q1 2017	59.51 %	57.97 %	49.47 %
Q2 2017	57.23 %	57.43 %	41.59 %
Q3 2017	62.48 %	56.98 %	47.18 %
Q4 2017	58.38 %	51.82 %	(17.46 %)
Q1 2018	59.61 %	57.92 %	30.52 %
Q2 2018	59.99 %	54.02 %	43.20 %
Q3 2018	63.95 %	62.20 %	47.69 %
Q4 2018	74.08 %	62.61 %	(2.42 %)
Q1 2019	54.73 %	48.86 %	33.10 %
Q2 2019	58.76 %	46.18 %	45.47 %
Q3 2019	62.12 %	57.86 %	49.33 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	150.00	0.41	0.41	18.76
Q2 2010	150.00	0.40	0.40	18.27
Q3 2010	150.00	0.43	0.43	18.39
Q4 2010	150.00	0.61	0.61	19.17
Q1 2011	150.00	0.78	0.65	19.53
Q2 2011	150.00	0.88	0.76	19.10
Q3 2011	150.00	1.35	1.34	19.55
Q4 2011	150.00	1.58	1.58	20.23
Q1 2012	150.00	3.10	2.17	22.59
Q2 2012	150.00	3.18	2.24	21.67
Q3 2012	150.00	2.96	1.89	22.01
Q4 2012	150.00	2.71	1.37	22.42
Q1 2013	150.00	1.41	1.13	22.50
Q2 2013	150.00	1.54	1.28	22.54
Q3 2013	150.00	1.59	1.33	22.38
Q4 2013	150.00	1.76	1.76	23.24
Q1 2014	150.00	1.67	1.67	23.58
Q2 2014	150.00	1.64	1.64	23.15
Q3 2014	150.00	6.67	1.16	27.49
Q4 2014	150.00	8.09	0.83	26.65
Q1 2015	150.00	9.05	0.91	28.77
Q2 2015	150.00	9.03	0.88	28.21
Q3 2015	150.00	4.27	1.62	25.82
Q4 2015	150.00	2.91	2.02	25.68
Q1 2016	150.00	1.89	1.87	24.02
Q2 2016	150.00	1.97	1.97	23.59
Q3 2016	150.00	1.78	1.78	23.91
Q4 2016	150.00	1.65	1.65	25.37
Q1 2017	150.00	1.67	1.67	25.53
Q2 2017	150.00	1.54	1.54	24.74
Q3 2017	150.00	1.46	1.46	24.08
Q4 2017	150.00	0.97	0.97	23.90
Q1 2018	150.00	0.80	0.83	24.30
Q2 2018	150.00	0.79	0.81	24.13
Q3 2018	150.00	0.77	0.83	25.11
Q4 2018	150.00	0.43	0.94	23.86
Q1 2019	157.84	0.43	0.89	23.77
Q2 2019	157.84	0.45	0.91	23.72
Q3 2019	157.84	0.50	0.93	23.31

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	150.00	0.41	0.41	18.78
2010	150.00	0.61	0.61	19.17
2011	150.00	1.58	1.58	20.23
2012	150.00	2.71	1.37	22.42
2013	150.00	1.76	1.76	23.24
2014	150.00	8.09	0.83	26.65
2015	150.00	2.91	2.02	25.68
2016	150.00	1.62	1.62	25.37
2017	150.00	0.97	0.97	23.90
2018	150.00	0.43	0.94	23.86

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	More than 50	More than 50	1.62
Q2 2010	More than 50	More than 50	1.52
Q3 2010	More than 50	More than 50	1.49
Q4 2010	43.69	43.69	1.40
Q1 2011	39.74	47.47	1.58
Q2 2011	31.78	37.10	1.47
Q3 2011	21.81	21.83	1.50
Q4 2011	21.18	21.20	1.65
Q1 2012	14.21	20.30	1.95
Q2 2012	10.50	14.94	1.54
Q3 2012	13.79	21.63	1.85
Q4 2012	15.92	31.43	1.92
Q1 2013	37.41	46.64	2.35
Q2 2013	38.31	46.26	2.62
Q3 2013	46.52	More than 50	3.31
Q4 2013	38.87	38.87	2.94
Q1 2014	46.17	46.17	3.27
Q2 2014	45.23	45.23	3.21
Q3 2014	12.05	More than 50	2.92
Q4 2014	8.73	More than 50	2.65
Q1 2015	8.21	More than 50	2.58
Q2 2015	8.50	More than 50	2.72
Q3 2015	14.50	38.11	2.40
Q4 2015	22.06	31.75	2.50
Q1 2016	30.91	31.22	2.44
Q2 2016	29.33	29.33	2.44
Q3 2016	33.63	33.63	2.51
Q4 2016	42.34	42.34	2.75
Q1 2017	46.14	46.14	3.02
Q2 2017	47.64	47.64	2.97
Q3 2017	49.66	49.66	3.01
Q4 2017	More than 50	More than 50	2.53
Q1 2018	More than 50	More than 50	2.21
Q2 2018	More than 50	More than 50	2.26
Q3 2018	More than 50	More than 50	1.99
Q4 2018	More than 50	More than 50	2.21
Q1 2019	More than 50	More than 50	2.10
Q2 2019	More than 50	More than 50	1.94
Q3 2019	More than 50	More than 50	2.01

Period	P/E	Adjusted P/E	Price/book
2009	More than 50	More than 50	1.55
2010	43.69	43.69	1.40
2011	21.18	21.20	1.65
2012	15.92	31.43	1.92
2013	38.87	38.87	2.94
2014	8.73	More than 50	2.65
2015	22.06	31.75	2.50
2016	43.08	43.08	2.75
2017	More than 50	More than 50	2.53
2018	More than 50	More than 50	2.21

Business Segments (Million)

Compared With The

Period	Tourism Activity	Investment properties sector	Maintenance & Management sector	Adjustments	Agricultural Activity	Marketing	Consultancy , Training & Information System
Q1 2016	13.64	96.46	-	-	0.84	-	-
Q2 2016	44.59	122.26	-	(4.57)	1.11	-	-
Q3 2016	14.38	127.34	-	(3.29)	0.38	-	-
Q4 2016	9.71	100.26	-	-	0.10	-	-
Q1 2017	7.25	96.93	-	-	2.01	-	-
Q2 2017	10.57	107.65	-	(1.63)	1.67	-	-
Q3 2017	11.79	118.72	-	-	0.89	-	-
Q4 2017	2.86	95.81	-	-	0.91	-	-
Q1 2018	28.88	63.66	13.16	(4.32)	0.88	-	-
Q2 2018	32.36	65.61	13.86	(5.46)	1.21	-	-
Q3 2018	56.10	68.50	13.62	(5.21)	1.57	-	-
Q1 2019	31.48	52.33	14.71	(5.57)	1.57	-	-
Q2 2019	37.94	54.98	19.03	(5.33)	1.67	-	-
Q3 2019	69.11	53.66	20.59	(7.44)	1.60	-	-

Period	Tourism Activity	Investment properties sector	Maintenance & Management sector	Adjustments	Agricultural Activity	Marketing	Consultancy , Training & Information System
2009	28.31	178.75	-	-	5.77	-	12.68
2010	43.75	191.32	-	-	4.43	-	8.16
2011	59.41	325.00	-	-	5.75	-	3.61
2012	43.37	400.83	-	-	2.39	-	-
2013	56.60	315.82	-	-	6.98	-	-
2014	120.05	225.82	-	-	3.53	-	-
2015	60.04	413.90	-	-	2.22	-	-
2016	82.32	446.31	-	(7.86)	2.44	-	-
2017	32.47	419.11	-	-	5.48	-	-
2018	170.02	232.44	-	(8.16)	4.85	7.13	-

Analysts Estimates (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change‬
Average	59.00	67.85	15.00 %

Estimates vs Actual (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change
SNB Capital	59.00	67.85	15.0 %

Financial Ratios

	Current
Market Cap (M Riyal)	10,678.86
Enterprise Value (EV) (M)	11,795.01
Shares Outstanding ((M))	260.46
EPS ( Riyal) (TTM)	0.61
Book Value (BV) ( Riyal)	26.14
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	35.83
P/E (TTM)	More than 50
Price/book	1.57
Return on Average Assets (%) (TTM)	2.2
Return on Average Equity (%) (TTM)	3.0

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Taiba’s net profit rises 11% in 9M 2019

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Share Price

Taiba Investments Co. (TAIBA)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Taiba’s net profit rises 11% in 9M 2019

View other reports

Share Price

Taiba Investments Co. (TAIBA)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2019

Revenue by Business Segment (Latest) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)