Taiba Investments Co. reported a net profit after Zakat and tax of SAR 106.9 million for the first nine months of 2020, a 28% decline, compared to SAR 148.4 million in the year-earlier period.
The company cited lower revenues on COVID-19 pandemic in addition to a decrease in operating, marketing, general and administrative expenses for the profit drop.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 340.35 | 177.81 | (47.8 %) |
| Gross Income | 200.81 | 105.36 | (47.5 %) |
| Operating Income | 153.24 | 72.39 | (52.8 %) |
| Net Income | 148.38 | 106.91 | (28.0 %) |
| Average Shares | 157.84 | 160.46 | 1.7 % |
| EPS (Riyals) | 0.94 | 0.67 | (29.1 %) |
The firm turned to losses of SAR 23.5 million in Q3 2020 due to lower revenues on COVID-19 pandemic as well as registering an additional provision for the impairment of trade receivables.
It also witnessed a decline in operating, sales and marketing expenses in Q3 2020.
On a sequential basis, Taiba turned to losses in Q3 2020.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 137.53 | 61.39 | (55.4 %) |
| Gross Income | 85.44 | 37.91 | (55.6 %) |
| Operating Income | 72.32 | 26.85 | (62.9 %) |
| Net Income | 67.85 | (23.48) | (134.6 %) |
| Average Shares | 157.84 | 160.46 | 1.7 % |
| EPS (Riyals) | 0.43 | (0.15) | (134.0 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 31.42 | 61.39 | 95.4 % |
| Gross Income | 14.98 | 37.91 | 153.1 % |
| Operating Income | 3.07 | 26.85 | 774.4 % |
| Net Income | 79.82 | (23.48) | (129.4 %) |
| Average Shares | 160.46 | 160.46 | - |
| EPS (Riyals) | 0.50 | (0.15) | (129.4 %) |
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