Taiba turns to net loss of SAR 53.2 mln in 9M 2021

08/11/2021 Argaam Exclusive

Taiba Investments Co. reported a net loss after Zakat and tax of SAR 53.2 million for the first nine months of 2021, from a net profit of SAR 106.9 million in the year-ago period.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 177.81 95.77 (46.1 %)
Gross Income 105.36 36.16 (65.7 %)
Operating Income 72.39 (49.10) (167.8 %)
Net Income 106.91 (53.17) (149.7 %)
Average Shares 160.46 160.46 -
EPS (Riyals) 0.67 (0.33) (149.7 %)

The company attributed the net losses to lower revenue caused by the continued impact of COVID-19 on its core activities.

 

In addition, the same period of the prior year included gains resulting from selling Taiba's full share in Fiber Glass Oasis Co. (FGOC), reversal of the provision booked in 2018 in relation to the financial guarantee provided to Saudi Industrial Development Fund (SIDF) to secure the loan facility to FGOC, and gains recognized from discontinued operations as a result of selling the full share in one of its subsidiaries.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 61.39 29.93 (51.2 %)
Gross Income 37.91 10.45 (72.4 %)
Operating Income 26.85 (30.19) (212.4 %)
Net Income (23.48) (38.38) (63.5 %)
Average Shares 160.46 160.46 -
EPS (Riyals) (0.15) (0.24) (63.5 %)

The company widened its net loss to SAR 38.4 million for Q3 2021, compared to a loss of SAR 23.5 million in the same quarter last year.

 

On sequential basis, the company also widened its losses in Q3 2021, on higher provision for expected credit losses on trade receivables caused by the continued effects of COVID-19, in addition to the profit recorded in Q2 2021 for dividends generated by the company's investments.

 

Total shareholders’ equity reached SAR 4.329 billion at the end of September 2021, increasing from SAR 3.7 billion in the same period last year.

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Share Price

Taiba Investments Co.
37.45
(0.30) (0.79 %)

Taiba Investments Co. (TAIBA)

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Financial Ratios
Current
Market Cap (M Riyal) 9,754.23
Enterprise Value (EV) (M) 11,079.65
Shares Outstanding ((M)) 260.46
EPS ( Riyal) (TTM) 0.86
Book Value (BV) ( Riyal) 25.74
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 29.77
P/E (TTM) 43.63
Price/book 1.45
Return on Average Assets (%) (TTM) 3.1
Return on Average Equity (%) (TTM) 4.2
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