Taiba Investments Co. reported a net loss after Zakat and tax of SAR 53.2 million for the first nine months of 2021, from a net profit of SAR 106.9 million in the year-ago period.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 177.81 | 95.77 | (46.1 %) |
| Gross Income | 105.36 | 36.16 | (65.7 %) |
| Operating Income | 72.39 | (49.10) | (167.8 %) |
| Net Income | 106.91 | (53.17) | (149.7 %) |
| Average Shares | 160.46 | 160.46 | - |
| EPS (Riyals) | 0.67 | (0.33) | (149.7 %) |
The company attributed the net losses to lower revenue caused by the continued impact of COVID-19 on its core activities.
In addition, the same period of the prior year included gains resulting from selling Taiba's full share in Fiber Glass Oasis Co. (FGOC), reversal of the provision booked in 2018 in relation to the financial guarantee provided to Saudi Industrial Development Fund (SIDF) to secure the loan facility to FGOC, and gains recognized from discontinued operations as a result of selling the full share in one of its subsidiaries.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 61.39 | 29.93 | (51.2 %) |
| Gross Income | 37.91 | 10.45 | (72.4 %) |
| Operating Income | 26.85 | (30.19) | (212.4 %) |
| Net Income | (23.48) | (38.38) | (63.5 %) |
| Average Shares | 160.46 | 160.46 | - |
| EPS (Riyals) | (0.15) | (0.24) | (63.5 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 32.16 | 29.93 | (6.9 %) |
| Gross Income | 10.56 | 10.45 | (1.0 %) |
| Operating Income | (20.06) | (30.19) | (50.5 %) |
| Net Income | (12.88) | (38.38) | (197.9 %) |
| Average Shares | 160.46 | 160.46 | - |
| EPS (Riyals) | (0.08) | (0.24) | (197.9 %) |
The company widened its net loss to SAR 38.4 million for Q3 2021, compared to a loss of SAR 23.5 million in the same quarter last year.
On sequential basis, the company also widened its losses in Q3 2021, on higher provision for expected credit losses on trade receivables caused by the continued effects of COVID-19, in addition to the profit recorded in Q2 2021 for dividends generated by the company's investments.
Total shareholders’ equity reached SAR 4.329 billion at the end of September 2021, increasing from SAR 3.7 billion in the same period last year.
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