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Taiba Investments Co. announces its Interim Financial results for the Period Ending on 2024-06-30 ( Six Months )

4090
TAIBA
0.00 %
1446/02/07     11/08/2024 08:37:42

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 377.4131.12187.827332.0713.65
Gross Profit (Loss) 150.0291.8463.349152.6-1.69
Operational Profit (Loss) 114.4770.8561.566120.05-4.648
Net profit (Loss) 89.5827.56225.036110.5-18.932
Total Comprehensive Income -30.5764.17-251.11-
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 709.47242.07193.084
Gross Profit (Loss) 302.62165.9982.312
Operational Profit (Loss) 234.52129.6380.914
Net profit (Loss) 200.0889.63123.228
Total Comprehensive Income 220.54223.96-1.527
Total Shareholders Equity (after Deducting Minority Equity) 6,609.573,855.471.436
Profit (Loss) per Share 0.770.56
All figures are in (Millions) Saudi Arabia, Riyals


Element ListAmountPercentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
All figures are in (Millions) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is The company achieved operational revenues of 377.4 million riyals during the current quarter, an increase of 246.2 million riyals, or 187.8%, compared to the same quarter of the previous year. This increase is due to the contribution of the portfolio of Dur Hospitality Company to the revenues following the acquisition by Taiba Investment Company, as well as the increase in revenues from the company's hotels in Mecca and Medina due to the increase in the number of pilgrims and visitors for the year 1445H. As a result, the company's operating profit for the current quarter rose by 43.6 million riyals, or 61.6%, compared to the same quarter of the previous year, due to the increase in revenues.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The company's net profit for the current quarter increased by 62 million riyals, or 225%, compared to the net profit for the same quarter last year, due to higher revenues.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The company's revenues for the current quarter amounted to 377.4 million riyals, an increase of 45.3 million riyals, or 13.65%, compared to the previous quarter of 2024. This rise is due to improved revenues from the company's hotels in Mecca and Medina, owing to the increased number of umrah performers and visitors and pilgrims for the year 1445H.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is Despite the growth in operating revenues, the company's net profit for the current quarter decreased compared to the net profit for the previous quarter of 2024, due to a decrease in other revenues.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is The company achieved total revenues of 709.47 million riyals during the current period, an increase of 467.4 million riyals, or 193%, compared to the same period last year 2023. This growth is attributed to the contribution of Dur Hospitality Co. portfolio to the revenues following acquisition by Taiba Investment Company, as well as the increase in the company’s revenues from hotel operations and activities due to the increase in the number of umrah performers and visitors and pilgrims for the year 1445H. Additionally, numerous events and conferences in Riyadh contributed to this increase.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The net profit for the current period reached 200.08 million riyals, an increase of 110.45 million riyals, or 123.2%, compared to the net profit for the same period last year (2023). This rise is due to higher revenues, resulting in 81% increase in operating profit for the current period compared to the same period last year.
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) None
Reclassification of Comparison Items Some comparative figures were reclassified for comparability.
Additional Information The other comprehensive income for the current period amounted to 219.67 million riyals, compared to 224.36 million riyals for the same period last year. This decrease is attributed to the revaluation of the company’s investments in listed and unlisted shares at fair value as of the financial statement date.

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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