Taiba profit down to SAR 109.8M in 2023; Q4 losses at SAR 33.7M

Taiba Investments Co. reported a 21% decline in net profit to SAR 109.8 million for 2023, compared to SAR 139.57 million a year earlier.  

The net profit declined on acquisition-related costs and the increase in the provisions for certain legal cases.

On the other hand, revenue grew by 62% year-on-year (YoY), or SAR 206.1 million, due to the acquisition of Dur Hospitality Co., which contributed to additional revenues from operating activities, in addition to the increase in revenues from real estate leasing.

There was also a rise in revenues from hospitality activities YoY on higher numbers of Hajj & Umrah pilgrims, which contributed to improved occupancy rates and pricing levels.

Taiba turned to a net loss of SAR 33.7 million in Q4 2023, against a profit of SAR 41.94 million in Q4 2022. 

Sequentially, the company swung to a loss versus a profit of SAR 53.89 million in Q3 2023. 

Shareholders’ equity, after minority interest, stood at SAR 6.55 billion as of Dec. 31, 2023, compared to SAR 3.63 billion a year earlier.   

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