Taiba swings to profit of SAR 139.6 mln in 2022; Q4 at SAR 41.9 mln

02/03/2023 Argaam Exclusive

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Share Price

41.00
0.90 2.24 %

Taiba Investments Co. (TAIBA)

Taiba Investments Co. turned to a net profit after Zakat and tax of SAR 139.6 million in 2022, against a net loss of SAR 117.3 million in 2021.

 



Financials (M)

Item 2021 2022 Change‬
Revenues 129.09 330.28 155.9 %
Gross Income 43.72 188.98 332.3 %
Operating Income (76.77) 142.05 285.0 %
Net Income (117.30) 139.57 219.0 %
Average Shares 160.46 160.46 0.0 %
EPS (Riyals) (0.73) 0.87 219.0 %

The positive performance was driven by an increase in hospitality operating revenues and better occupancy rates at commercial centers due to the recovery of Taiba’s business from the pandemic impact.

 

The period witnessed an increase in the number of pilgrims during Hajj season 2022, in addition to the reversal of expected credit loss provisions to better collection levels from customers.

 

Taiba posted a net profit after Zakat and tax of SAR 41.9 million for Q4 2022, against a net loss of SAR 64.12 million in the prior-year period.  

   

Compared to the previous quarter, the company’s net profit declined 2% from SAR 42.79 million. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 33.33 103.94 211.9 %
Gross Income 7.56 64.58 754.3 %
Operating Income (27.67) 46.23 267.1 %
Net Income (64.12) 41.94 165.4 %
Average Shares 160.46 160.46 0.0 %
EPS (Riyals) (0.40) 0.26 165.4 %

Shareholders’ equity, after minority interest, stood at SAR 3.63 billion as of Dec. 31, 2022, compared to SAR 3.60 billion a year earlier.  



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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)
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)
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
Q4 2019 47.18 (23.7 %) 41.04 (10.4 %) 23.48 133.8 % 0.15
Q1 2020 85.00 (10.1 %) 53.64 3.7 % 50.57 61.6 % 0.32
Q2 2020 31.42 (71.0 %) 14.98 (76.5 %) 79.82 62.1 % 0.50
Q3 2020 61.39 (55.4 %) 37.91 (55.6 %) (23.48) (134.6 %) (0.15)
Q4 2020 43.14 (8.6 %) 17.88 (56.4 %) (8.13) (134.6 %) (0.05)
Q1 2021 33.68 (60.4 %) 15.15 (71.8 %) (1.91) (103.8 %) (0.01)
Q2 2021 32.16 2.3 % 10.56 (29.5 %) (12.88) (116.1 %) (0.08)
Q3 2021 29.93 (51.2 %) 10.45 (72.4 %) (38.38) (63.5 %) (0.24)
Q4 2021 33.33 (22.7 %) 7.56 (57.7 %) (64.12) (688.3 %) (0.40)
Q1 2022 52.55 56.0 % 22.07 45.6 % 20.35 1165.9 % 0.13
Q2 2022 82.92 157.9 % 46.71 342.4 % 34.50 367.8 % 0.21
Q3 2022 90.87 203.6 % 55.64 432.3 % 42.79 211.5 % 0.27
Q4 2022 103.94 211.9 % 64.58 754.3 % 41.94 165.4 % 0.26
2022 330.28 155.9 % 188.98 332.3 % 139.57 219.0 % 0.87

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2019 62.27 % 56.89 % 35.24 %
Q2 2019 61.93 % 54.76 % 35.87 %
Q3 2019 61.32 % 53.33 % 36.52 %
Q4 2019 62.41 % 53.77 % 44.24 %
Q1 2020 64.48 % 56.20 % 48.41 %
Q2 2020 64.79 % 57.52 % 51.04 %
Q3 2020 65.59 % 57.17 % 46.99 %
Q4 2020 56.30 % 48.85 % 33.70 %
Q1 2021 50.65 % 38.63 % 17.52 %
Q2 2021 47.84 % 25.14 % (1.83 %)
Q3 2021 38.90 % (11.80 %) (44.19 %)
Q4 2021 33.87 % (39.36 %) (90.86 %)
Q1 2022 34.22 % (20.83 %) (66.43 %)
Q2 2022 43.67 % 19.15 % (17.57 %)
Q3 2022 50.82 % 36.45 % 16.58 %
Q4 2022 57.22 % 51.87 % 44.24 %
2022 57.22 % 51.87 % 44.24 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2019 157.84 1.09 1.09 22.92
Q1 2020 160.46 1.19 1.14 21.70
Q2 2020 160.46 1.38 0.96 22.93
Q3 2020 160.46 0.81 0.66 23.06
Q4 2020 160.46 0.62 0.46 22.78
Q1 2021 160.46 0.29 0.19 23.69
Q2 2021 160.46 (0.29) (0.02) 25.20
Q3 2021 160.46 (0.38) (0.38) 26.98
Q4 2021 160.46 (0.73) (0.73) 22.47
Q1 2022 160.46 (0.59) (0.61) 22.87
Q2 2022 160.46 (0.30) (0.22) 22.38
Q3 2022 160.46 0.21 0.27 22.75
Q4 2022 160.46 0.87 0.91 22.63

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2019 47.21 47.33 2.21
Q1 2020 33.79 35.30 1.86
Q2 2020 33.95 48.98 2.05
Q3 2020 More than 50 More than 50 2.19
Q4 2020 More than 50 More than 50 2.15
Q1 2021 More than 50 More than 50 2.11
Q2 2021 NEG NEG 2.14
Q3 2021 NEG NEG 2.08
Q4 2021 NEG NEG 2.30
Q1 2022 NEG NEG 2.29
Q2 2022 NEG NEG 2.02
Q3 2022 More than 50 More than 50 1.94
Q4 2022 46.39 44.31 1.78

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 - -
Q4 2019 28.01 55.24 (47.04) 9.63 1.33 - -
Q1 2020 27.21 56.84 1.16 (1.50) 1.29 - -
Q2 2020 1.77 29.01 0.18 0.05 0.41 - -
Q3 2020 9.81 51.07 0.21 (0.23) 0.53 - -
Q4 2020 7.43 37.76 - (0.80) 0.28 - -
Q1 2021 7.97 25.81 - - 0.58 - -
Q3 2021 10.27 19.67 - (0.01) - - -
Q4 2021 20.80 12.74 - (0.21) - - -
Q1 2022 39.66 13.88 - (0.98) - - -
Q2 2022 49.48 32.46 - (0.77) - - -
Q3 2022 52.18 38.69 - - - - -
Q4 2022 58.42 45.51 - - - - -

Analysts Estimates (Million)

Item Q4 2022 (e) Q4 2022 (a) Change‬
Average 44.00 41.94 (4.7 %)

Estimates vs Actual (Million)

Item Q4 2022 (e) Q4 2022 (a) Change
SNB Capital 44.00 41.94 (4.7) %

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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