Financial Results : Taiba swings to SAR 20.4 mln profit in Q1 2022

Taiba swings to SAR 20.4 mln profit in Q1 2022

16/05/2022 Argaam Exclusive

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Taiba Investments Co. turned to a net profit after Zakat and tax of SAR 20.4 million in the first quarter of 2022, against a net loss of SAR 1.9 million in the year-ago period. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 33.68 52.55 56.0 %
Gross Income 15.15 22.07 45.6 %
Operating Income 1.15 20.66 1704.7 %
Net Income (1.91) 20.35 1165.9 %
Average Shares 160.46 160.46 0.0 %
EPS (Riyals) (0.01) 0.13 1165.9 %

The positive performance was spurred by a gradual recovery of Taiba’s main activities from the COVID-19 pandemic fallout, leading to higher revenues and better collections, along with the reversal of expected credit loss provisions.

 

Compared to the fourth quarter of 2021, the company turned profitable from a net loss after Zakat and tax of SAR 67.4 million. Taiba cited a gradual recovery in its business activities from the pandemic, along with lower Zakat expenses for the current quarter.

 

Shareholders' equity, after minority interest, stood at SAR 3.670 billion in the three-month period, down from SAR 3.801 billion in Q1 2021.  

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