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Taiba Holding profit drops 5% in Q2

Taiba Holding profit drops 5% in Q2
Taiba's sales revenues levelled down 9% to SAR 107.58 million in Q2-18
TAIBA
4090
0.73% 27.40 0.20

Riyadh – Mubasher: Taiba Holding Company on Thursday reported a 5.49% year-on-year decrease in net profits for the second quarter of 2018, recording SAR 46.48 million, compared to SAR 49.18 million.

Quarter-on-quarter, the Saudi company's profits jumped 70.82% during the period between April and June, from SAR 27.21 million, according to a statement to the Saudi Stock Exchange (Tadawul).

Sales revenues levelled down 9.03% to SAR 107.58 million in Q2-18, versus SAR 118.26 million in the same period a year earlier.

During the first six months of 2018, Taiba Holding’s profits tumbled 27.55% to SAR 73.69 million, from SAR 101.71 million during H1-17.

The Tadawul-listed company’s sales revenues went down 6.51%, reaching SAR 209.84 million in H1-18, compared to SAR 224.45 million in the prior-year period.

The firm attributed the first-half profit drop to a decline in operating revenues of commercial centres, hotels, and resorts.

By 10:35 am Saudi time, Tabia Holding’s stock rose 1.49% to SAR 30.65.