Riyadh – Mubasher: Taiba Holding on Tuesday said its net profits slid 21.85% in the third quarter of 2017, compared to the year-ago period.

Net profits decreased to SAR 64.78 million in Q3-17, from SAR 82.89 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits grew 19.15%.

The firm attributed the decline in its year-on-year net profits to drop in revenues of hotels & resorts, commercials centres, maintenance services, the returns of investments on short-term, and to the decrease in returns from long-term investments.

At the level of the first nine months of 2017, Taiba Holding's net profits levelled down 17.1% to SAR 175.24 million, from SAR 211.38 million in the same period in 2016.

The stock rose 1.78%, closing at SAR 39.44 on Monday.