‎“Taiba” sells 948,000 shares in “SABIC Agri-Nutrients”, achieves ‎a net profit of SR80 million‎

Taiba Investment Company revealed the sale of 948,000 shares of its shares in the SABIC Agricultural Nutrients Company in the year 2022, and as a result, net profits amounted to 80 million riyals, which were directly recorded in the retained earnings.

According to the report of the company’s board of directors, which was published on the financial market website “Tadawul”, the number of shares owned by Taiba Company in SABIC Agro-Nutrients decreased to 1.216 million shares, by the end of 2022.

The company decided in the year 2021 to start selling the shares owned by it in SABIC Agro-Nutrients Company, and accordingly 5.7 million shares were sold during the year 2021, and as a result, net profits amounted to 355.5 million riyals, which were recorded directly in the retained earnings.

It is noteworthy that Taiba Company recorded 139.6 million riyals in profits by the end of the year 2022, compared to 117.3 million riyals in losses recorded in 2021, and according to the company, the increase in net profit during this year compared to a net loss for the previous year is due to an increase in hotel operating revenues and an increase in hotel operating rates. Occupancy of commercial centers as a result of recovery from the effects of the Covid 19 pandemic, especially with the increase in the number of pilgrims during the Hajj season of 1443 AH, as well as an improvement in the level of collection from customers, which led to a reduction in the provision for expected credit losses on receivables.

It added that the other comprehensive income for this year amounted to a total loss of (114.27) million riyals, compared to a profit of 788.80 million riyals for the previous year, as a result of the re-evaluation of the company’s investments in the shares of listed and unlisted companies at fair value on the date of the financial statements, in addition to the decrease in the number of shares.