Riyadh – Mubasher: Taiba Investments Company has incurred net losses after Zakat and tax worth SAR 53.17 million during the first nine months of 2021, versus profits totalling SAR 106.91 million in the same period a year earlier.

The loss per share stood at SAR 0.33 at the end of September 2021, against earnings per share of SAR 0.66 in the same period a year ago, according to the initial financial results on Monday.

Revenues plummeted on an annual basis by 45% to SAR 97.53 million in January-September 2021 from SAR 177.81 million in the corresponding nine months in 2020.

As for the third quarter (Q3) of 2021, Taiba Investments’ losses deepened by 63% to SAR 38.38 million from SAR 23.48 million in Q3-20.

The increase in Q3-21 net losses was mainly attributed to a plunge of 49.9% in revenues to SAR 30.7 million due to the effect of the COVID-19 pandemic on the company’s main income resources. This was compared to SAR 61.39 million in revenue in Q3-20.

On a quarterly basis, the net losses in Q3-21 widened by 197.9% from SAR 12.88 million in Q2-21, while the revenues decreased by 5.7% from SAR 32.57 million.