Taiba Investments Co. (Taiba) reported a net profit after Zakat and tax of SAR 50.6 million for the first quarter of 2020, a 62% year-on-year (YoY) rise, compared to SAR 31.3 million in the same period a year earlier.
The company attributed the increase to lower general and administrative expenses, in addition to decrease in losses from investments accounted as per the equity method, despite lower revenues.
Gains recognized from selling complete stake in one of the subsidiaries and receiving a compensation on the land expropriated in 2014 for the expansion project of the Prophet’s Holy Mosque also contributed to the increase.
On a quarterly basis, the net profit increased two-fold on lower Zakat expenses and losses from investments accounted for as per the equity method.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 94.53 | 85.00 | (10.1 %) |
| Gross Income | 51.74 | 53.64 | 3.7 % |
| Operating Income | 38.05 | 42.47 | 11.6 % |
| Net Income | 31.29 | 50.57 | 61.6 % |
| Average Shares | 157.84 | 160.46 | 1.7 % |
| EPS (Riyals) | 0.20 | 0.32 | 59.0 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 47.18 | 85.00 | 80.2 % |
| Gross Income | 41.04 | 53.64 | 30.7 % |
| Operating Income | 25.03 | 42.47 | 69.6 % |
| Net Income | 23.48 | 50.57 | 115.4 % |
| Average Shares | 157.84 | 160.46 | 1.7 % |
| EPS (Riyals) | 0.15 | 0.32 | 111.9 % |
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