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 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.



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 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 %)

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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 118.58 2.3 % 73.91 (2.6 %) 62.19 5.6 %
Q2 2015 115.00 (1.5 %) 63.96 8.6 % 53.99 12.9 %
Q3 2015 136.45 (13.3 %) 82.86 (12.9 %) 71.18 (18.1 %)
Q4 2015 106.12 (4.5 %) 59.60 18.2 % 47.08 25.9 %
Q1 2016 118.12 (0.4 %) 69.94 (5.4 %) 52.71 (15.2 %)
Q2 2016 156.21 35.8 % 71.54 11.9 % 61.09 13.1 %
Q3 2016 138.80 1.7 % 85.27 2.9 % 74.94 5.3 %
Q4 2016 110.08 3.7 % 60.81 2.0 % 48.99 4.1 %
Q1 2017 106.19 (10.1 %) 63.20 (9.6 %) 50.97 (3.3 %)
Q2 2017 118.26 (24.3 %) 67.68 (5.4 %) 57.35 (6.1 %)
Q3 2017 131.40 (5.3 %) 82.10 (3.7 %) 65.12 (13.1 %)
Q4 2017 101.21 (8.1 %) 59.09 (2.8 %) 43.51 (11.2 %)
Q1 2018 102.26 (3.7 %) 60.96 (3.5 %) 49.69 (2.5 %)
Q2 2018 107.58 (9.0 %) 64.53 (4.6 %) 48.50 (15.4 %)
Q3 2018 134.57 2.4 % 86.06 4.8 % 73.91 13.5 %
Q4 2018 61.87 (38.9 %) 45.83 (22.4 %) 30.78 (29.3 %)
Q1 2019 94.53 (7.6 %) 51.74 (15.1 %) 38.05 (23.4 %)
Q2 2019 108.29 0.7 % 63.63 (1.4 %) 42.87 (11.6 %)
Q3 2019 137.53 2.2 % 85.44 (0.7 %) 72.32 (2.1 %)
Q4 2019 47.18 (23.7 %) 41.04 (10.4 %) 25.03 (18.7 %)
Q1 2020 85.00 (10.1 %) 53.64 3.7 % 42.47 11.6 %
Q2 2020 31.42 (71.0 %) 14.98 (76.5 %) 3.07 (92.8 %)
Q3 2020 61.39 (55.4 %) 37.91 (55.6 %) 26.85 (62.9 %)
Q4 2020 43.14 (8.6 %) 17.88 (56.4 %) 5.07 (79.8 %)
Q1 2021 33.68 (60.4 %) 15.15 (71.8 %) 1.15 (97.3 %)
Q2 2021 32.16 2.3 % 10.56 (29.5 %) (20.06) (753.0 %)
Q3 2021 29.93 (51.2 %) 10.45 (72.4 %) (30.19) (212.4 %)
Q4 2021 33.33 (22.7 %) 7.56 (57.7 %) (27.67) (645.8 %)
Q1 2022 52.55 56.0 % 22.07 45.6 % 20.66 1704.7 %
Q2 2022 81.17 152.4 % 46.71 342.4 % 49.41 346.4 %
Q3 2022 90.87 203.6 % 55.64 432.3 % 25.75 185.3 %
Q4 2022 103.94 211.9 % 64.58 754.3 % 46.23 267.1 %
Q1 2023 110.96 111.1 % 74.15 236.1 % 61.41 197.2 %
Q2 2023 131.12 61.5 % 91.84 96.6 % 77.00 55.8 %
Q3 2023 118.44 30.3 % 80.59 44.8 % 65.22 153.3 %
Q4 2023 175.90 69.2 % 96.16 48.9 % 86.96 88.1 %
Q1 2024 332.07 199.3 % 152.60 105.8 % 123.88 101.7 %
Q2 2024 377.40 187.8 % 148.98 62.2 % 114.53 48.7 %
Q3 2024 268.52 126.7 % 95.73 18.8 % 84.09 28.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 202.30 240.0 % 1.35 130.58 71.73 0.48
Q2 2015 57.00 (3.7 %) 0.38 2.74 54.26 0.36
Q3 2015 102.14 (87.5 %) 0.68 - 102.14 0.68
Q4 2015 75.48 (72.9 %) 0.50 - 75.48 0.50
Q1 2016 49.22 (75.7 %) 0.33 - 49.22 0.33
Q2 2016 68.02 19.3 % 0.45 - 68.02 0.45
Q3 2016 74.98 (26.6 %) 0.50 - 74.98 0.50
Q4 2016 54.95 (27.2 %) 0.37 - 54.95 0.37
Q1 2017 52.53 6.7 % 0.35 - 52.53 0.35
Q2 2017 49.18 (27.7 %) 0.33 - 49.18 0.33
Q3 2017 61.99 (17.3 %) 0.41 - 61.99 0.41
Q4 2017 (17.67) (132.1 %) (0.12) - (17.67) (0.12)
Q1 2018 27.21 (48.2 %) 0.18 (4.00) 31.21 0.21
Q2 2018 46.48 (5.5 %) 0.31 - 46.48 0.31
Q3 2018 60.11 (3.0 %) 0.40 (4.07) 64.18 0.43
Q4 2018 (69.45) (293.1 %) (0.46) (67.95) (1.50) (0.01)
Q1 2019 31.29 15.0 % 0.20 - 31.29 0.20
Q2 2019 49.24 5.9 % 0.31 - 49.24 0.31
Q3 2019 67.85 12.9 % 0.43 - 67.85 0.43
Q4 2019 23.48 133.8 % 0.15 - 23.05 0.15
Q1 2020 50.57 61.6 % 0.32 7.73 42.84 0.27
Q2 2020 79.82 62.1 % 0.50 59.87 19.95 0.12
Q3 2020 (23.48) (134.6 %) (0.15) (43.36) 19.88 0.12
Q4 2020 (8.13) (134.6 %) (0.05) 0.07 (8.21) (0.05)
Q1 2021 (1.91) (103.8 %) (0.01) - (1.91) (0.01)
Q2 2021 (12.88) (116.1 %) (0.08) - (12.88) (0.08)
Q3 2021 (38.38) (63.5 %) (0.24) - (38.38) (0.24)
Q4 2021 (64.12) (688.3 %) (0.40) - (64.12) (0.40)
Q1 2022 20.35 1165.9 % 0.13 3.26 17.09 0.11
Q2 2022 34.50 367.8 % 0.21 (16.01) 50.50 0.31
Q3 2022 42.79 211.5 % 0.27 3.20 39.59 0.25
Q4 2022 41.94 165.4 % 0.26 3.00 38.94 0.24
Q1 2023 62.06 205.0 % 0.33 - 62.06 0.33
Q2 2023 27.56 (20.1 %) 0.15 (24.90) 52.47 0.28
Q3 2023 53.89 25.9 % 0.29 (10.71) 64.59 0.35
Q4 2023 (33.71) (180.4 %) (0.18) (104.16) 70.44 0.38
Q1 2024 110.50 78.0 % 0.42 - 110.50 0.42
Q2 2024 87.50 217.5 % 0.34 - 87.50 0.34
Q3 2024 59.26 10.0 % 0.23 - 59.26 0.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 55.25 % 57.44 % 27.24 %
Q2 2015 56.45 % 57.78 % 26.35 %
Q3 2015 56.36 % 57.51 % 50.60 %
Q4 2015 58.88 % 57.89 % 63.76 %
Q1 2016 58.10 % 55.83 % 59.09 %
Q2 2016 54.93 % 52.81 % 57.05 %
Q3 2016 55.15 % 53.30 % 51.56 %
Q4 2016 54.96 % 52.77 % 47.24 %
Q1 2017 54.92 % 53.82 % 48.99 %
Q2 2017 58.51 % 57.27 % 48.94 %
Q3 2017 58.76 % 55.99 % 46.93 %
Q4 2017 59.52 % 56.18 % 31.95 %
Q1 2018 59.55 % 56.16 % 27.52 %
Q2 2018 60.27 % 55.30 % 27.58 %
Q3 2018 60.73 % 56.89 % 27.87 %
Q4 2018 63.35 % 59.02 % 34.55 %
Q1 2019 62.27 % 56.89 % 35.24 %
Q2 2019 61.93 % 54.76 % 35.87 %
Q3 2019 61.32 % 53.33 % 36.52 %
Q4 2019 62.41 % 53.77 % 44.24 %
Q1 2020 64.48 % 56.20 % 48.41 %
Q2 2020 64.79 % 57.52 % 51.04 %
Q3 2020 65.59 % 57.17 % 46.99 %
Q4 2020 56.30 % 48.85 % 33.70 %
Q1 2021 50.65 % 38.63 % 17.52 %
Q2 2021 47.84 % 25.14 % (1.83 %)
Q3 2021 38.90 % (11.80 %) (44.19 %)
Q4 2021 33.87 % (39.36 %) (90.86 %)
Q1 2022 34.22 % (20.83 %) (66.43 %)
Q2 2022 44.06 % 19.32 % (17.72 %)
Q3 2022 51.16 % 36.70 % 16.69 %
Q4 2022 57.52 % 52.14 % 44.48 %
Q1 2023 62.30 % 55.04 % 49.39 %
Q2 2023 65.51 % 55.44 % 44.19 %
Q3 2023 67.00 % 61.30 % 46.95 %
Q4 2023 63.89 % 61.69 % 46.53 %
Q1 2024 55.60 % 56.19 % 39.34 %
Q2 2024 47.65 % 49.24 % 33.18 %
Q3 2024 42.77 % 47.30 % 28.40 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 150.00 9.05 0.91 28.77
Q2 2015 150.00 9.03 0.88 28.21
Q3 2015 150.00 4.27 1.62 25.82
Q4 2015 150.00 2.91 2.02 25.68
Q1 2016 150.00 1.89 1.87 24.02
Q2 2016 150.00 1.97 1.97 23.59
Q3 2016 150.00 1.78 1.78 23.91
Q4 2016 150.00 1.65 1.65 25.37
Q1 2017 150.00 1.67 1.67 25.53
Q2 2017 150.00 1.54 1.54 24.74
Q3 2017 150.00 1.46 1.46 24.08
Q4 2017 150.00 0.97 0.97 23.90
Q1 2018 150.00 0.80 0.83 24.30
Q2 2018 150.00 0.79 0.81 24.13
Q3 2018 150.00 0.77 0.83 25.11
Q4 2018 150.00 0.43 0.94 23.86
Q1 2019 157.84 0.43 0.89 23.77
Q2 2019 157.84 0.45 0.91 23.72
Q3 2019 157.84 0.50 0.93 23.31
Q4 2019 157.84 1.09 1.09 22.92
Q1 2020 160.46 1.19 1.14 21.70
Q2 2020 160.46 1.38 0.96 22.93
Q3 2020 160.46 0.81 0.66 23.06
Q4 2020 160.46 0.62 0.46 22.78
Q1 2021 160.46 0.29 0.19 23.69
Q2 2021 160.46 (0.29) (0.02) 25.20
Q3 2021 160.46 (0.38) (0.38) 26.98
Q4 2021 160.46 (0.73) (0.73) 22.47
Q1 2022 160.46 (0.59) (0.61) 22.87
Q2 2022 160.46 (0.30) (0.22) 22.38
Q3 2022 160.46 0.21 0.27 22.75
Q4 2022 160.46 0.87 0.91 22.63
Q1 2023 185.46 0.98 1.03 23.63
Q2 2023 185.46 0.94 1.04 24.03
Q3 2023 185.46 1.00 1.18 24.51
Q4 2023 185.46 0.59 1.35 25.18
Q1 2024 260.46 0.61 1.14 26.14
Q2 2024 260.46 0.84 1.28 25.31
Q3 2024 260.46 0.86 1.26 25.74

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 8.21 81.14 2.58
Q2 2015 8.50 87.09 2.72
Q3 2015 14.50 38.11 2.40
Q4 2015 22.06 31.75 2.50
Q1 2016 30.91 31.22 2.44
Q2 2016 29.33 29.33 2.44
Q3 2016 33.63 33.63 2.51
Q4 2016 42.34 42.34 2.75
Q1 2017 46.14 46.14 3.02
Q2 2017 47.64 47.64 2.97
Q3 2017 49.66 49.66 3.01
Q4 2017 62.03 62.03 2.53
Q1 2018 66.85 64.70 2.21
Q2 2018 69.41 67.14 2.26
Q3 2018 64.70 60.50 1.99
Q4 2018 More than 100 56.41 2.21
Q1 2019 More than 100 53.22 2.10
Q2 2019 More than 100 51.47 1.94
Q3 2019 95.21 51.16 2.01
Q4 2019 47.21 47.33 2.21
Q1 2020 33.79 35.30 1.86
Q2 2020 33.95 48.98 2.05
Q3 2020 62.13 76.62 2.19
Q4 2020 79.64 More than 100 2.15
Q1 2021 More than 100 More than 100 2.11
Q2 2021 NEG NEG 2.14
Q3 2021 NEG NEG 2.08
Q4 2021 NEG NEG 2.30
Q1 2022 NEG NEG 2.29
Q2 2022 NEG NEG 2.02
Q3 2022 More than 100 More than 100 1.94
Q4 2022 46.39 44.31 1.78
Q1 2023 40.52 38.44 1.94
Q2 2023 45.26 40.88 2.05
Q3 2023 38.48 32.73 1.81
Q4 2023 63.45 27.92 1.06
Q1 2024 61.73 32.78 1.43
Q2 2024 53.60 35.12 1.77
Q3 2024 53.60 36.56 1.79

Business Segments (Million)

Compared With The
Period Tourism Activity Properties for development and sale Real Estate Management Adjustments Agricultural Activity Marketing Consultancy , Training & Information System
Q1 2016 13.64 96.46 - - 0.84 - -
Q2 2016 44.59 122.26 - (4.57) 1.11 - -
Q3 2016 14.38 127.34 - (3.29) 0.38 - -
Q4 2016 9.71 100.26 - - 0.10 - -
Q1 2017 7.25 96.93 - - 2.01 - -
Q2 2017 10.57 107.65 - (1.63) 1.67 - -
Q3 2017 11.79 118.72 - - 0.89 - -
Q4 2017 2.86 95.81 - - 0.91 - -
Q1 2018 28.88 63.66 13.16 (4.32) 0.88 - -
Q2 2018 32.36 65.61 13.86 (5.46) 1.21 - -
Q3 2018 56.10 68.50 13.62 (5.21) 1.57 - -
Q1 2019 31.48 52.33 14.71 (5.57) 1.57 - -
Q2 2019 37.94 54.98 19.03 (5.33) 1.67 - -
Q3 2019 69.11 53.66 20.59 (7.44) 1.60 - -
Q4 2019 28.01 55.24 (47.04) 9.63 1.33 - -
Q1 2020 27.21 56.84 1.16 (1.50) 1.29 - -
Q2 2020 1.77 29.01 0.18 0.05 0.41 - -
Q3 2020 9.81 51.07 0.21 (0.23) 0.53 - -
Q4 2020 7.43 37.76 - (0.80) 0.28 - -
Q1 2021 7.97 25.81 - - 0.58 - -
Q3 2021 10.27 19.67 - (0.01) - - -
Q4 2021 20.80 12.74 - (0.21) - - -
Q1 2022 39.66 13.88 - (0.98) - - -
Q2 2022 49.48 32.46 - (0.77) - - -
Q3 2022 52.18 38.69 - - - - -
Q4 2022 58.42 45.51 - - - - -
Q1 2023 66.78 44.18 - - - - -
Q2 2023 76.82 54.30 - - - - -
Q3 2023 68.00 50.44 - - - - -
Q4 2023 113.04 61.42 1.43 - - - -
Q1 2024 243.23 86.99 1.84 - - - -
Q2 2024 286.62 86.97 3.80 - - - -
Q3 2024 177.63 88.70 2.20 - - - -

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 91.50 59.26 (35.2 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
SNB Capital 91.50 59.26 (35.2) %


Financial Ratios
Current
Market Cap (M Riyal) 10,314.22
Enterprise Value (EV) (M) 11,639.64
Shares Outstanding ((M)) 260.46
EPS ( Riyal) (TTM) 0.86
Book Value (BV) ( Riyal) 25.74
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 31.47
P/E (TTM) 46.14
Price/book 1.54
Return on Average Assets (%) (TTM) 3.1
Return on Average Equity (%) (TTM) 4.2
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Share Price

Taiba Investments Co.
39.60
0.10 0.25 %

Taiba Investments Co. (TAIBA)

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