Riyadh – Mubasher: Taiba Holding Company reported a 15% year-on-year growth in profits during the first quarter of 2019.

Profits hit SAR 31.3 million from January to March 2019, compared to SAR 27.2 million during the same months a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.

Taiba Holding attributed the increase in Q1-19 profits to a decrease in zakat expenses.

Quarter-on-quarter, Taiba Holding Company turned to profits in Q1-19 after incurring SAR 69.45 million losses during Q4-18.