Taiba Investments Co. turned to a net loss after Zakat and tax of SAR 1.9 million for the first quarter of 2021, from a net profit of SAR 50.6 million in the year-earlier period.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 85.00 | 33.68 | (60.4 %) |
| Gross Income | 53.64 | 15.15 | (71.8 %) |
| Operating Income | 42.47 | 1.15 | (97.3 %) |
| Net Income | 50.57 | (1.91) | (103.8 %) |
| Average Shares | 160.46 | 160.46 | - |
| EPS (Riyals) | 0.32 | (0.01) | (103.8 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 43.14 | 33.68 | (21.9 %) |
| Gross Income | 17.88 | 15.15 | (15.2 %) |
| Operating Income | 5.07 | 1.15 | (77.4 %) |
| Net Income | (8.13) | (1.91) | 76.5 % |
| Average Shares | 160.46 | 160.46 | - |
| EPS (Riyals) | (0.05) | (0.01) | 76.5 % |
The company attributed the loss to a revenue drop due to the COVID-19 pandemic impact. Moreover, the Q1 2020 results included gains recognized from discontinued operations, as a result of Taiba’s sale of its full stake in one of its subsidiaries, as well as gains from the compensation received for the land expropriated as part of the expansion project of The Prophet’s Mosque.
When compared to Q4 2020, the company narrowed its net loss after Zakat and tax by 76.5% from SAR 8 million, backed by a decline in the expected credit losses provision on trade receivables.
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