Taiba Investment Co.’s net profit jumped 63% to SAR 89.6 million in H1 2023, from SAR 54.8 million in the prior-year period as occupancy and revenues edged higher on post-pandemic recovery of the company’s activities.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 135.48 | 242.07 | 78.7 % |
| Gross Income | 68.77 | 165.99 | 141.4 % |
| Operating Income | 70.07 | 134.36 | 91.7 % |
| Net Income | 54.84 | 89.63 | 63.4 % |
| Average Shares | 160.46 | 185.46 | 15.6 % |
| EPS (Riyals) | 0.34 | 0.48 | 41.4 % |
The company’s net profit slumped 20% year-on-year to SAR 27.6 million in Q2 2023, due to the net loss realized as Taiba exited a subsidiary, which was classified in 2022 as an asset held-for-sale.
On a sequential basis, net profit dropped 55.6% from SAR 62.06 million in Q1 2023.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 82.92 | 131.12 | 58.1 % |
| Gross Income | 46.71 | 91.84 | 96.6 % |
| Operating Income | 49.41 | 75.32 | 52.4 % |
| Net Income | 34.50 | 27.56 | (20.1 %) |
| Average Shares | 160.46 | 185.46 | 15.6 % |
| EPS (Riyals) | 0.21 | 0.15 | (30.9 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 110.96 | 131.12 | 18.2 % |
| Gross Income | 74.15 | 91.84 | 23.8 % |
| Operating Income | 58.79 | 75.32 | 28.1 % |
| Net Income | 62.06 | 27.56 | (55.6 %) |
| Average Shares | 160.46 | 185.46 | 15.6 % |
| EPS (Riyals) | 0.39 | 0.15 | (61.6 %) |
Shareholders’ equity, no minority interest, stood at SAR 3.85 billion as of June 30, 2023, compared to SAR 3.59 billion a year earlier.
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