Taiba Investments Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 332.07 | 110.96 | 199.27 | 175.9 | 88.783 |
| Gross Profit (Loss) | 152.6 | 74.15 | 105.799 | 96.16 | 58.693 |
| Operational Profit (Loss) | 120.05 | 58.79 | 104.201 | -27.39 | - |
| Net profit (Loss) | 110.5 | 62.06 | 78.053 | -33.71 | - |
| Total Comprehensive Income | 251.11 | 159.79 | 57.15 | -92.35 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 6,809.16 | 3,791.3 | 79.599 |
| Profit (Loss) per Share | 0.42 | 0.39 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | During the first quarter of 2024, the company achieved a record growth in revenues driven by the acquisition by Taiba Investment Company of dur Hospitality Company which contributed heavily to the increase in operational revenues. Quarterly operating revenues rose up to 332.07 million riyals, i.e. an increase of 221.1 million riyals representing 199.3% increase in comparison to the same quarter of the previous year, 2023. This performance is attributed to higher hospitality revenues helped by the growth in the number of pilgrims and visitors, rising demand from the institutional (corporate) sector, and the occurrence of numerous events and conferences in Riyadh during this period.
As a result, the company's operating profit for the current quarter grew by 61.26 million riyals, representing a 104.20% increase over the same quarter of the previous year. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit increased during the current quarter compared to the same quarter of the previous year by 48.44 million riyals, representing a 78% growth compared to the same quarter of the previous year, 2023. This is attributed to the addition of Dur Hospitality Company's portfolio and the increase in hospitality sector revenues further to the rise in the number of pilgrims and visitors, increased demand from the institutional (corporate) sector, and the numerous events and conferences held in Riyadh during this period. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The increase in revenues during the current quarter compared to the previous quarter is attributed to improved revenues during the current quarter resulting from higher number of pilgrims and visitors, rising demand for hotels from the institutional (corporate) sector, and the numerous events and conferences organized in Riyadh. Furthermore, Dur Hospitality Company's portfolio played a significant role by contributing to the entire current quarter compared to its contribution for only one month in the previous quarter.
The increase in revenues compared to the previous quarter amounted to 156.17 million riyals, representing an 88.80% increase. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The company achieved a net profit for the current quarter amounting to 110.50 million riyals, compared to a loss of SAR (33.71) million incurred in the previous quarter . This improvement is attributed to the increase in revenues during this quarter. It is worth noting that the results of the previous quarter were affected by the costs associated with the acquisition process undertaken by the company and a number of provisions. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Doesn't exist |
| Reclassification of Comparison Items | Some comparative figures were reclassified for comparability. |
| Additional Information | The Other Comprehensive Income for the current period amounted to a total profit of SAR 250 million compared to a total profit of SAR 160.19 million for the same quarter of the previous year. This is due to an increase in other comprehensive income by 41.33 million riyals, resulting from the increase in the fair value of certain investments held by the company in other companies, in addition to the profits from changes in the fair value of cash flow hedges. |
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