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Taiba Investments Co. announces its Interim Financial results for the Period Ending on 2024-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 268.52 | 118.44 | 126.713 | 377.4 | -28.85 |
| Gross Profit (Loss) | 95.73 | 80.59 | 18.786 | 148.98 | -35.743 |
| Operational Profit (Loss) | 84.33 | 62.79 | 34.304 | 113.34 | -25.595 |
| Net profit (Loss) | 59.26 | 53.89 | 9.964 | 87.5 | -32.274 |
| Total Comprehensive Income | 111.66 | 76.67 | 45.637 | -32.36 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 977.99 | 360.51 | 171.279 |
| Gross Profit (Loss) | 396.27 | 246.58 | 60.706 |
| Operational Profit (Loss) | 316.58 | 192.42 | 64.525 |
| Net profit (Loss) | 243.63 | 143.51 | 69.765 |
| Total Comprehensive Income | 314.91 | 301.03 | 4.61 |
| Total Shareholders Equity (after Deducting Minority Equity) | 6,704.17 | 3,932.07 | 70.499 |
| Profit (Loss) per Share | 0.94 | 0.89 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| 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 | The company achieved a record growth in operating revenues during the current quarter, reaching SR 268.5 million, an increase of SR 150.1 million, or 126.7%, compared to the same quarter of the previous year 2023. This growth resulted from improved sectorial corporate revenues in addition to the company benefiting from the geographical diversification of the portfolio of Dur Hospitality Company, following its acquisition by Taiba Investment Company. The company's operating profit for the current quarter increased by SR 21.5 million, marking a 34.3% increase compared to the same period last year 2023. |
| 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 SR 5.4 million, or 10%, compared to the net profit of the same quarter in the previous year 2023, because of the increase in 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 decreased by SR 108.9 million compared to the previous quarter of 2024, primarily due to the seasonal fluctuations inherent to the hospitality sector operations. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The company's net profit for the current quarter decreased by SR 28.2 million compared to the previous quarter of 2024, primarily due to a decline in revenues attributed to the seasonal nature of its operations. |
| 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 significant growth in operating revenues during the current period, reaching SR 977.9 million, an increase of SR 617.5 million, or 171.3%, compared to the same period last year (2023). This growth was driven by improved revenues across all sectors of the company, attributed to higher occupancy rates resulting from an increase in the number of Umrah and Hajj pilgrims & visitors, and the organization of various events and conferences in Riyadh. Additionally, the company benefited from the expanded geographical presence of DUR Hospitality portfolio following its acquisition by TAIBA. |
| 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 company's net profit for the current period increased by SR 100.1 million or 69.8%, compared to same period last year 2023, driven by the rise in revenues. |
| 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 have been reclassified to align with the presentation of the current year's figures. Additionally, the figures for the previous quarter have been adjusted in accordance with International Financial Reporting Standard IFRS 3 (Business Combinations). |
| Additional Information | On November 30, 2023, the company acquired 100% of the issued share capital of Dur Hospitality Company. The acquisition was accounted for in accordance with International Financial Reporting Standard IFRS 3 (Business Combinations). Consequently, the company initially recognized the acquisition using the book values (provisional values’ approach) of the assets and liabilities acquired on the acquisition date, pending the final determination of the fair values, which has to be completed within 12 months from the acquisition date, as permitted by IFRS 3. This standard requires retrospective adjustment of the provisional values to the fair values during the measurement period. Therefore, upon completing the valuation of the assets and liabilities, the accounting impact was reflected in the consolidated financial statements as of September 30, 2024, and the restatement of financial statements as of December 31, 2023, and June 30,2024. Other comprehensive income for the current period amounted to a total profit of SR 71.3 million, compared to a profit of SR 157.5 million for the same period last year. This decrease was primarily due to lower fair valuation gains from investments in listed and unlisted company 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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