Taiba net profit surges to SAR 200.1M in H1 2024; Q2 at SAR 89.6M

11/08/2024 Argaam Exclusive

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Taiba Investments Co. net profit jumped to SAR 200.1 million in H1 2024, from SAR 89.6 million a year ago.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	242.07	709.47	193.1 %
Gross Income	165.99	300.54	81.1 %
Operating Income	138.41	237.27	71.4 %
Net Income	89.63	183.64	104.9 %
Average Shares	185.46	260.46	40.4 %
EPS (Riyals)	0.48	0.71	45.9 %

Revenues increased following the acquisition of Dur Hospitality Co. as earnings from operations and hotel activities grew. The company also cited a rise in the number of pilgrims and visitors, in addition to the numerous events and conferences held in Riyadh during this period.

As a result, operating profit rose 81% year-on-year (YoY).

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	131.12	377.40	187.8 %
Gross Income	91.84	148.98	62.2 %
Operating Income	77.00	114.53	48.7 %
Net Income	27.56	87.50	217.5 %
Average Shares	185.46	260.46	40.4 %
EPS (Riyals)	0.15	0.34	126.0 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	332.07	377.40	13.7 %
Gross Income	152.60	148.98	(2.4 %)
Operating Income	123.88	114.53	(7.6 %)
Net Income	110.50	87.50	(20.8 %)
Average Shares	260.46	260.46	-
EPS (Riyals)	0.42	0.34	(20.8 %)

The company reported a net profit of SAR 89.6 million in Q2 2024, up 225% from SAR 27.56 million in Q2 2023.

On a quarterly basis, Q2 net profit fell 18.9% from SAR 110.5 million in Q1 2024.

Shareholders’ equity, after minority interest, reached SAR 6.60 billion by June 30, 2024, compared to SAR 3.85 billion in the prior-year period.

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