Taiba profit up 47% to SAR 143.5 mln in 9M 2023; Q3 at SAR 53.9 mln

05/11/2023 Argaam Exclusive

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Taiba Investment Co. reported a 47% surge in net profit to SAR 143.5 million for the first nine months of 2023, compared to SAR 97.6 million in the same period a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	226.35	360.51	59.3 %
Gross Income	124.41	246.58	98.2 %
Operating Income	95.83	203.63	112.5 %
Net Income	97.63	143.51	47.0 %
Average Shares	160.46	185.46	15.6 %
EPS (Riyals)	0.61	0.77	27.2 %

The year-on-year (YoY) leap was attributed to the increase in rental and operating revenue on higher occupancy levels after the company’s recovery post-pandemic recovery of the company’s activities and relaxation of restrictions.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	90.87	118.44	30.3 %
Gross Income	55.64	80.59	44.8 %
Operating Income	25.75	65.22	153.3 %
Net Income	42.79	53.89	25.9 %
Average Shares	160.46	185.46	15.6 %
EPS (Riyals)	0.27	0.29	9.0 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	131.12	118.44	(9.7 %)
Gross Income	91.84	80.59	(12.2 %)
Operating Income	77.00	65.22	(15.3 %)
Net Income	27.56	53.89	95.5 %
Average Shares	185.46	185.46	-
EPS (Riyals)	0.15	0.29	95.5 %

Taiba posted a net profit of SAR 53.9 million for Q3 2023, up 26%, compared to SAR 42.7 million in Q3 2022.

Sequentially, the company’s net profit rose 95.5% from SAR 27.5 million in Q2 2023.

Shareholders’ equity, no minority interest, stood at SAR 3.93 billion as of Sept 30, 2023, compared to SAR 3.65 billion a year earlier.

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