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Taiba Investments Co. announces its Annual Financial results for the period ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,315.3 | 536.4 | 145.21 | ||
| Gross Profit (Loss) | 558.6 | 343.1 | 62.81 | ||
| Operational Profit (Loss) | 426.9 | 164.7 | 159.2 | ||
| Net profit (Loss) | 333.7 | 109.2 | 205.59 | ||
| Total Comprehensive Income | 445.7 | 207.5 | 114.8 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 6,847.6 | 6,558.6 | 4.41 | ||
| Profit (Loss) per Share | 1.28 | 0.65 | |||
| 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 | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | - The company achieved significant growth in revenue during the current year, amounting to SR 1,315 million; an increase of SR 778.9 million, or 145.2%, compared to the 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 to the increase in 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 year compared to the last year is | - The company achieved a net profit of SR 333.7 million during the current year; a growth of SR 224.5 million or 205.6%, compared to prior year 2023. This increase was due to improved revenues across all sectors of the company, driven by increased occupancy rates resulting from the increased number of Hajj pilgrims and visitors, in addition to the increase 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. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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. |
| Additional Information | - As of September 2024, the group has completed the Purchase Price Allocation that resulted in fair value of net assets as of the acquisition date in accordance with International Financial Reporting Standard No. (3). The comparative figures for 2023 were adjusted to reflect the accounting impact in the consolidated financial statements, and the statements were re-stated as of September 30 and December 31, 2024 - Other comprehensive income for the current year amounted to SR 111.9 million, compared to SR 98.3 million for the last year. This Increase was primarily due to the fair valuation gains from Derivative financial instruments (Hedge) 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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