Taiba net profit rises 62% to SAR 130.4 mln in H1 2020

17/08/2020 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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