Taiba net profit falls 28% to SAR 106.9 mln in 9M 2020

03/11/2020 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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