Mubasher TV
Contact Us Advertising   العربية

Taiba Holding’s profit drops 18% in 9M

Taiba Holding’s profit drops 18% in 9M
Taiba Holding ascribed the third-quarter profit decrease to a decline in dividends from long-term investments
TAIBA
4090
0.73% 27.40 0.20

Riyadh – Mubasher: Taiba Holding Company on Wednesday reported a 3% year-on-year drop in its net profits after calculating Zakat and Tax during the third quarter of 2018, recording SAR 60.11 million ($16.03 million), from SAR 61.99 million ($16.53 million).

Taiba Holding ascribed the third-quarter profit decrease to a decline in dividends from long-term investments, according to a statement to the Saudi Stock Exchange (Tadawul).

Sales rose 2.4% to SAR 134.57 million during Q3-18, from SAR 131.4 million in the same quarter a year earlier.

Year-on-year, total profits increased by 4.8% to SAR 86.06 million from July to September 2018, compared to SAR 82.09 million in the year before, while operating profits went up 13.79% to SAR 75.83 million, from SAR 66.64 million.

Quarter-on-quarter, the Saudi firm’s profits levelled up 29.3% in Q3-18, from SAR 46.48 million.

From January to September 2018, the firm’s net profits after calculating Zakat and Tax tumbled 18.3% to SAR 133.8 million, compared to SAR 163.7 million.

The nine-month drop in operating revenues and dividends was attributed to a decline in long-term investments.

Revenues fell 3.2% to SAR 344.41 million by the end of September, compared to SAR 355.85 million in the previous year period, while total profits shed 0.67% to SAR 211.55 million, from SAR 212.97 million.

The company’s operating profits also dipped 2.89% year-on-year to SAR 175.58 million in the January-September period of 2018, compared to SAR 180.8 million.

By 10:49 am Saudi time, Taiba Holding’s stock grew 1.20%, reaching SAR 29.50.