Taiba Investments Co. reported a net profit of SAR 243.6 million for the first nine months of 2024, compared to SAR 143.5 million in the year-earlier period.
Item | 9m 2023 | 9m 2024 | Change |
---|---|---|---|
Revenues | 360.51 | 977.99 | 171.3 % |
Gross Income | 246.58 | 396.27 | 60.7 % |
Operating Income | 203.63 | 321.36 | 57.8 % |
Net Income | 143.51 | 243.63 | 69.8 % |
Average Shares | 185.46 | 260.46 | 40.4 % |
EPS (Riyals) | 0.77 | 0.94 | 20.9 % |
Operating revenue soared 171.3% year-on-year (YoY) to SAR 977.9 million in 9M 2024, as revenue improved across all segments on higher occupancy rates, following the increase in the number of Umrah and Hajj performers, and various events and conferences in Riyadh.
Additionally, the company benefited from the expanded geographical presence of DUR Hospitality portfolio, after it was acquired by Taiba.
Item | Q3 2023 | Q3 2024 | Change |
---|---|---|---|
Revenues | 118.44 | 268.52 | 126.7 % |
Gross Income | 80.59 | 95.73 | 18.8 % |
Operating Income | 65.22 | 84.09 | 28.9 % |
Net Income | 53.89 | 59.26 | 10.0 % |
Average Shares | 185.46 | 260.46 | 40.4 % |
EPS (Riyals) | 0.29 | 0.23 | (21.7 %) |
Item | Q2 2024 | Q3 2024 | Change |
---|---|---|---|
Revenues | 377.40 | 268.52 | (28.8 %) |
Gross Income | 148.98 | 95.73 | (35.7 %) |
Operating Income | 114.53 | 84.09 | (26.6 %) |
Net Income | 87.50 | 59.26 | (32.3 %) |
Average Shares | 260.46 | 260.46 | - |
EPS (Riyals) | 0.34 | 0.23 | (32.3 %) |
Q3 2024 net profit stood at SAR 59.3 million, an increase of 10% YoY from SAR 53.9 million as operating revenue grew 126.7% YoY.
On a sequential basis, net earnings plunged by 32.3% from SAR 87.50 million in Q2 2024.
Total shareholders’ equity (excluding minority interest) stood at SAR 6.7 billion by Sept. 30, 2024, compared to SAR 3.9 billion a year earlier.
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