Riyadh – Mubasher: Saudi Arabia’s Taiba Holding Company on Thursday reported a 56% year-on-year profit decrease during the full-year 2018.

Taiba Holding’s net profits after calculating Zakat and Tax reached SAR 64.35 million ($17.16 million) in 2018, down from SAR 146.03 million ($38.93 million) during 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi firm attributed the 2018 profit drop to a decline in rental income from commercial centres and tourists resorts.

Revenues fell 3% to SAR 443.17 million last year, from SAR 457.06 million in 2017.

Operational profits levelled down 22.6%, reaching SAR 162.4 million from January to December 2018, compared to SAR 209.68 million in the previous year, while earnings per share (EPS) slid to 43 halalas, from 97 halalas.

Tabia Holding Company’s losses increased by 293% to SAR 69.45 million by the end of the fourth quarter of 2018, from SAR 17.67 million in Q4-17, according to data compiled by Mubasher.

By 12:15 pm Saudi time, Taiba Holding Company’s stock levelled down 0.87% to SAR 28.35.