Riyadh – Mubasher: Taiba Investments Company disclosed its interim financial results for the second quarter of 2019.

Net profits after zakat and tax went up by 5.9% to SAR 49.24 million in Q2-19, compared to SAR 46.48 million in Q2-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Tuesday.

The rise in net income was attributed to the slight increase in revenues and increase in dividends received from the investments in listed companies, in addition to lower Zakat expenses as previous years' Zakat adjustments from GAZT were provided for in Q2-18.

Total revenues inched up 0.65% to SAR 108.29 million during the three-month period between April and June, from SAR 107.58 million in the same period of the previous year.

For the first six months of 2019, Taiba’s net profits advanced by 9.2% to SAR 80.53 million, versus SAR 73.69 million in H1-18.

Meanwhile, revenues of the Saudi firm plunged by 3.3% year-on-year to SAR 202.8 million in H1-19.

Profit per share registered SAR 0.53 by the end of June, against SAR 0.49 in the corresponding period of the previous fiscal year.