Taiba turns to profit of SAR 97.6 mln in 9M 2022; Q3 at SAR 42.8 mln

07/11/2022 Argaam Exclusive

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Taiba Investment Co. reported a net profit after Zakat and tax of SAR 97.6 million for the first nine months of 2022, against a net loss of SAR 53.2 million in the same period a year earlier.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	95.77	226.35	136.4 %
Gross Income	36.16	124.41	244.0 %
Operating Income	(49.10)	95.83	295.2 %
Net Income	(53.17)	97.63	283.6 %
Average Shares	160.46	160.46	0.0 %
EPS (Riyals)	(0.33)	0.61	283.6 %

The improved earnings came as Taiba’s operations recovered from the impact of COVID-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.

Taiba posted a net profit of SAR 42.8 million for Q3 2022, against a net loss of SAR 38.38 million in the same quarter last year.

On a sequential basis, the company’s net profit grew 24% from SAR 34.5 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	29.93	90.87	203.6 %
Gross Income	10.45	55.64	432.3 %
Operating Income	(30.19)	25.75	185.3 %
Net Income	(38.38)	42.79	211.5 %
Average Shares	160.46	160.46	0.0 %
EPS (Riyals)	(0.24)	0.27	211.5 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	81.17	90.87	11.9 %
Gross Income	46.71	55.64	19.1 %
Operating Income	49.41	25.75	(47.9 %)
Net Income	34.50	42.79	24.0 %
Average Shares	160.46	160.46	-
EPS (Riyals)	0.21	0.27	24.0 %

Shareholders’ equity (no minority interest) stood at SAR 3.650 billion as of Sept 30, 2022, compared to SAR 4.329 billion a year earlier.

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