Taiba Investments Co. reported a net profit after Zakat and tax of SAR 130.4 million for the first half of 2020, a 62% year-on-year (YoY) increase, compared to SAR 80.5 million in the year-earlier period.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 202.82 | 116.43 | (42.6 %) |
| Gross Income | 115.37 | 68.62 | (40.5 %) |
| Operating Income | 80.92 | 45.54 | (43.7 %) |
| Net Income | 80.53 | 130.39 | 61.9 % |
| Average Shares | 157.84 | 160.46 | 1.7 % |
| EPS (Riyals) | 0.51 | 0.81 | 59.3 % |
The rise is mainly due to higher net income from the profit realized by selling investments in Fiber Glass Oasis Co. (FGOC) and Taiba Contracting & Maintenance Co. (TACOMA), in addition to the reversal of provision booked in 2018 in relation to the financial guarantee provided to Saudi Industrial Development Fund (SIDF) to secure the loan facility to FGOC.
Meanwhile, the company also cited lower revenues due to the COVID-19 pandemic, as well as decrease in operating, marketing, general and administrative expenses.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 108.29 | 31.42 | (71.0 %) |
| Gross Income | 63.63 | 14.98 | (76.5 %) |
| Operating Income | 42.87 | 3.07 | (92.8 %) |
| Net Income | 49.24 | 79.82 | 62.1 % |
| Average Shares | 157.84 | 160.46 | 1.7 % |
| EPS (Riyals) | 0.31 | 0.50 | 59.5 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 85.00 | 31.42 | (63.0 %) |
| Gross Income | 53.64 | 14.98 | (72.1 %) |
| Operating Income | 42.47 | 3.07 | (92.8 %) |
| Net Income | 50.57 | 79.82 | 57.8 % |
| Average Shares | 160.46 | 160.46 | - |
| EPS (Riyals) | 0.32 | 0.50 | 57.8 % |
The firm’s Q2 net profit rose by 62% YoY to SAR 79.8 million due to higher net income despite lower revenues.
On a sequential basis, Q2 net profit surged 57.8%.
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