Riyadh – Mubasher: Tiba Investments Company disclosed a 12.8% year-on-year increase in its profits for the third quarter of 2019, recording SAR 67.8 million.

Revenues of the Saudi-based firm inched up by 2.1% to SAR 137.53 million in Q3-19, compared to SAR 134.57 million in Q3-18, according to a bourse statement on Sunday.

“The increase in net profit is attributable to the increase in revenues and decrease in Zakat expenses as a result of the reversal of previous years' Zakat provision after final settlement with GAZT,” the statement highlighted.

For the first nine months of 2019, Tiba’s net profits jumped by 10.8% to SAR 148.38 million, from SAR 133.8 million in the same period of the prior year.

Year-on-year, revenues registered SAR 340.35 million in a nine-month period, 1.17% down from SAR 344.41 million in the corresponding period last year.

Profit per share stood SAR 0.96 during the nine-month period ended September, versus SAR 0.89 in September 2018.