Taiba Investments Co. announces its Annual Financial Results for the Period Ending on 2019-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 387.53 | 406.28 | -4.615 | ||
| Gross Profit (Loss) | 241.85 | 257.39 | -6.037 | ||
| Operational Profit (Loss) | 173.81 | 165.55 | 4.989 | ||
| Net Profit (Loss) after Zakat and Tax | 171.86 | 64.35 | 167.07 | ||
| Total Comprehensive Income | 181.75 | 203.35 | -10.622 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 3,677.39 | 3,578.33 | 2.768 | ||
| Profit (Loss) per Share | 1.1 | 0.43 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to | The increase in net income this year is due mainly to less Zakat dues, in addition, during last year, some capital expenditures were written off, impairment recognition of some assets, a provision of financial guarantee to affiliated company of SAR 67.82 million was established. Furthermore, the company has completed the acquisition of 8.10% of non controlling interest of Alaqeeq company and 12.93% of Arac company which resulted in increasing the net profit for the company shareholders this year. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | "Some of the comparative figures were reclassified for comparability.
" |
| Additional Information | "The earnings per share was calculated by dividing the net income for the period attributable to the ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding at the date of the financial statements. (155,873,381 shares at December 31, 2019 against 150,000,000 shares at December 31, 2018). The company share capital has been increased at 10/06/2019 through issuing new shares in order to acquire 8.10% of non controlling interest of Alaqeeq company and 12.65% of Arac company after completing all legal procedures. During Q3 2019, the company has acquired an additional 0.27 % of non controlling interest of Arac company through direct purchase.
As per notes number 1 and 19 attached to the consolidated financial statements, the company has reclassified its investment in Taiba for contracting and maintenance company (subsidiary of Alaqeeq company) in the consolidated balance sheet as at December 31, 2019 as assets and liabilities held for sale as at December 31, 2019, its result was classified as discontinued operations in the profit and loss account for the years ending December 31, 2019 and December 31, 2018, which resulted in changing the reported comparative figures of last year in this announcement than what had been announced earlier on March 7, 2019 as follow: the reported revenue in the comparative year was SAR 443.17 million has been changed to SAR 406.28 million, the reported gross profit in the comparative year was 264.10 million has been changed to 257.39 million, the reported operating profit in the comparative year was SAR 162.40 million has been changed to SAR 165.55 million." |
Comments