Financial Results : Taiba Q1 2024 net profit up 78% to SAR 110.5M

Taiba Q1 2024 net profit up 78% to SAR 110.5M

14/05/2024 Argaam Exclusive

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Taiba Investments Co. reported a net profit of SAR 110.5 million in Q1 2024, an increase of 78% from SAR 62.1 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 110.96 332.07 199.3 %
Gross Income 74.15 152.60 105.8 %
Operating Income 61.41 123.88 101.7 %
Net Income 62.06 110.50 78.0 %
Average Shares 185.46 260.46 40.4 %
EPS (Riyals) 0.33 0.42 26.8 %

Revenues increased following the acquisition of Dur Hospitality Co. as earnings from operations grew. Operating revenues rose SAR 332.07 million, an increase of SAR 221.1 million or 199.3% year-on-year. Operating profit soared 104.20% YoY.

 

The company also cited a rise in the number of pilgrims and visitors, increased demand from the institutional (corporate) segment and the numerous events and conferences held in Riyadh during this period.

 

On a quarterly basis, the company turned to a net profit versus a net loss of SAR 33.71 million in Q4 2023.

 

Shareholders’ equity, after minority interest, reached SAR 6.80 billion by March 31, 2024, compared to SAR 3.79 billion in the prior-year period.

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