Riyadh – Mubasher: Taiba Holding’s net profit rose 3.68% to SAR 56.09 million in the first quarter of 2017 from SAR 54.1 million in the year-ago period.

The increase was due to settlement of doubtful amounts, while the decrease in gross and operating income was due to the decline in revenues from hotels and residential centers, according to a bourse filing on Tuesday.

Total revenues fell 10% to SAR 106.19 million in Q1-17 compared to SAR 118.12 million in Q1-16.