Financial Results : Taiba 9M 2024 net profit rises to SAR 243.6M; Q3 at SAR 59.3M

Taiba 9M 2024 net profit rises to SAR 243.6M; Q3 at SAR 59.3M

10/11/2024 Argaam Exclusive

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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.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 360.51 977.99 171.3 %
Gross Income 246.58 396.27 60.7 %
Operating Income 192.42 316.58 64.5 %
Net Income 143.51 243.63 69.8 %
Average Shares 160.46 260.46 62.3 %
EPS (Riyals) 0.89 0.94 4.6 %

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.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 118.44 268.52 126.7 %
Gross Income 80.59 95.73 18.8 %
Operating Income 62.78 84.33 34.3 %
Net Income 53.89 59.26 10.0 %
Average Shares 160.46 260.46 62.3 %
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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