Taiba says 2020 profits affected by Coronavirus precautionary measures

Taiba Investments Co. said that its main activities were affected by the significant decrease in hotels’ occupancy rates and the temporary closure of shopping malls in Madinah, in line with the government’s precautionary measures to contain the spread of COVID-19 pandemic.

“Profits and revenues for 2020 will consequently be impacted,” Taiba said in a bourse statement on Sunday.

It added that it cannot determine the financial impact at present, noting that it will disclose any further developments in due course.

Taiba also stressed that the temporary closure will not impact its future plans and business activities, considering its strong financial position and the resilience of the Saudi economy.