Taiba swings to SAR 54.8 mln profit in H1 2022; Q2 at SAR 34.5 mln

18/08/2022 Argaam Exclusive

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Taiba Investment Co. swung to a net profit after Zakat and tax of SAR 54.8 million in H1 2022, from a loss of SAR 14.8 million in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	65.84	133.73	103.1 %
Gross Income	25.71	68.77	167.5 %
Operating Income	(18.91)	70.07	470.6 %
Net Income	(14.79)	54.84	470.8 %
Average Shares	160.46	160.46	0.0 %
EPS (Riyals)	(0.09)	0.34	470.8 %

The improved earnings came as Taiba’s operations recovered from the impact of CVOVID-19 related curbs. The period also included the month of Ramadan and part of Hajj season, which helped increase hospitality revenues and improve lease performance of the company's properties.

In addition, the company noted the reversal of expected credit loss (ECL) provision and better collection levels from customers.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	32.16	81.17	152.4 %
Gross Income	10.56	46.71	342.4 %
Operating Income	(20.06)	49.41	346.4 %
Net Income	(12.88)	34.50	367.8 %
Average Shares	160.46	160.46	0.0 %
EPS (Riyals)	(0.08)	0.21	367.8 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	52.55	81.17	54.5 %
Gross Income	22.07	46.71	111.7 %
Operating Income	20.66	49.41	139.1 %
Net Income	20.35	34.50	69.5 %
Average Shares	160.46	160.46	-
EPS (Riyals)	0.13	0.21	69.5 %

The company reported a net profit after Zakat and tax of SAR 34.5 million for Q2 2022, from a net loss of SAR 12.88 million in the same quarter last year.

On a sequential basis, the company’s net profit grew 69.5% in Q2 from SAR 20.35 million.

Shareholders’ equity, after minority interest, stood at SAR 3.590 billion as of June 30, 2022, compared to SAR 4.042 billion a year earlier.

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