Taiba turns to losses of SAR 14.8 mln in H1 2021

12/08/2021 Argaam Exclusive

View other reports

Taiba Investment Co. reported a net loss after Zakat and tax of SAR 14.8 million in H1 2021, from a net profit after Zakat and tax of SAR 130.4 million in the prior-year period.

The loss was attributed to lower revenue and higher provision for the expected credit losses on trade receivables caused by the effects of the COVID-19.

In addition, H1 2020 included gains resulting from selling Taiba's full share in Fiber Glass Oasis Co. (FGOC), a reversal of the provision booked in 2018 in relation to the financial guarantee provided to the Saudi Industrial Development Fund (SIDF) to secure the loan facility to FGOC, and gains recognized from discontinued operations as a result of selling the entire share in one of its subsidiaries.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	116.43	65.84	(43.5 %)
Gross Income	68.62	25.71	(62.5 %)
Operating Income	45.54	(18.91)	(141.5 %)
Net Income	130.39	(14.79)	(111.3 %)
Average Shares	160.46	160.46	-
EPS (Riyals)	0.81	(0.09)	(111.3 %)

The company reported a net loss after Zakat and tax of SAR 12.9 million for Q2 2021, from a net profit after Zakat and tax of SAR 79.8 million in the same quarter last year.

On a sequential basis, the company widened its losses in Q2 2021 on higher provision for the expected credit losses on trade receivables.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	31.42	32.16	2.3 %
Gross Income	14.98	10.56	(29.5 %)
Operating Income	3.07	(20.06)	(753.0 %)
Net Income	79.82	(12.88)	(116.1 %)
Average Shares	160.46	160.46	-
EPS (Riyals)	0.50	(0.08)	(116.1 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	33.68	32.16	(4.5 %)
Gross Income	15.15	10.56	(30.3 %)
Operating Income	1.15	(20.06)	(1851.5 %)
Net Income	(1.91)	(12.88)	(574.8 %)
Average Shares	160.46	160.46	-
EPS (Riyals)	(0.01)	(0.08)	(574.8 %)

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×