Taiba Investments Co. reported a net profit of SAR 110.5 million in Q1 2024, an increase of 78% from SAR 62.1 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 110.96 | 332.07 | 199.3 % |
| Gross Income | 74.15 | 152.60 | 105.8 % |
| Operating Income | 61.41 | 123.88 | 101.7 % |
| Net Income | 62.06 | 110.50 | 78.0 % |
| Average Shares | 185.46 | 260.46 | 40.4 % |
| EPS (Riyals) | 0.33 | 0.42 | 26.8 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 175.90 | 332.07 | 88.8 % |
| Gross Income | 96.16 | 152.60 | 58.7 % |
| Operating Income | 86.96 | 123.88 | 42.5 % |
| Net Income | (33.71) | 110.50 | 427.8 % |
| Average Shares | 185.46 | 260.46 | 40.4 % |
| EPS (Riyals) | (0.18) | 0.42 | 333.4 % |
Revenues increased following the acquisition of Dur Hospitality Co. as earnings from operations grew. Operating revenues rose SAR 332.07 million, an increase of SAR 221.1 million or 199.3% year-on-year. Operating profit soared 104.20% YoY.
The company also cited a rise in the number of pilgrims and visitors, increased demand from the institutional (corporate) segment and the numerous events and conferences held in Riyadh during this period.
On a quarterly basis, the company turned to a net profit versus a net loss of SAR 33.71 million in Q4 2023.
Shareholders’ equity, after minority interest, reached SAR 6.80 billion by March 31, 2024, compared to SAR 3.79 billion in the prior-year period.
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