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Taiba Investments Co. announces its Annual Financial Results for the Period Ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 330.28 | 129.09 | 155.85 | ||
| Gross Profit (Loss) | 188.98 | 43.72 | 332.25 | ||
| Operational Profit (Loss) | 133.19 | -98.09 | - | ||
| Net Profit (Loss) after Zakat and Tax | 139.57 | -117.29 | - | ||
| Total Comprehensive Income | 15.43 | 664.95 | -97.68 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 3,631.1 | 3,605.84 | 0.7 | ||
| Profit (Loss) per Share | 0.87 | -0.73 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | "The substantial increase in net income in 2022 compared to the net loss for 2021 is essentially due to the increase in hospitality operating revenues and the increase in the occupancy rates of commercial centers due to the recovery of TAIBA business activities from the effects of the COVID 19 pandemic especially that this period witnessed an increase in the number of pligrims of the 1443H Hajj season, in addition to the reversal of ECL provision further to better collection levels from customers. " |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Doesn't exist |
| Reclassification of Comparison Items | "Some of the comparative figures were reclassified for comparability. " |
| Additional Information | "The total other comprehensive income for the current Year is a net loss amounting SAR (114.27) million compared to a net profit of SAR 788.80 million for the comparative period of last year as a result of the revaluation of the investment in equity shares at fair value as at the date of the financial statement, in addition to the decrease in the number of shares of the investment portfolio after a partial sale during current year of 2022. As indicated in this announcement, some comparative figures were reclassified which resulted in a difference in the 2021 comparative figures as stated in this annoucement in comparison to the same period's balances as disclosed on the 2nd of march 2022 in the announcement of Taiba Investments Company results for the year ended 31-12-2021 further to the reclassification of one of TAIBA's subsidiaries into discontinued operations in accordance with IFRS." |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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