Taiba Investments Reports Record Growth in Operating Revenues, Achieving SAR 978 million for the First Nine Months of 2024

Taiba Investments has announced record growth in its financial performance for the first nine months of 2024, marking a significant increase compared to the same period in 2023. This remarkable milestone underscores the effectiveness of the company’s strategic, financial, and operational initiatives during this period, in line with Saudi Vision 2030 and the national economic drive to position the Kingdom as a global tourism, innovation, and investment hub. The financial results further reinforce Taiba’s role as a key player in shaping the future of tourism and hospitality in Saudi Arabia.
Taiba Investments reported a net profit of SAR 243.6 million for the first nine months of 2024, a 69.8% increase compared to SAR 143.5 million during the same period in 2023. Additionally, operating revenues grew to a record SAR 977.9 million, an increase of SAR 617.5 million, or 171.3%, compared to the same period in 2023. The surge in revenue across Taiba’s operations was primarily driven by higher occupancy rates at the company’s hotels, resulting from an uptick in Umrah performers, pilgrims, and visitors, as well as a surge in events and conferences hosted in Riyadh. Shareholder equity (excluding minority interests) stood at SAR 6,704.17 million at the end of the first nine months of 2024, compared to SAR 3,932.07 million at the end of September 2023. The average share price grew by 4.6% year-on-year.
These results reflect the positive impact of Taiba Investments’ acquisition of Dur Hospitality in late November 2023, which expanded the company’s footprint, enhanced operational capabilities, and strengthened financial performance and growth. This strategic move has cemented Taiba’s position as a leading national force in the Saudi hospitality market. Leveraging a diverse portfolio, deep industry expertise, valuable resources – including a seasoned hospitality talent pool – and a commitment to global standards across all operations, Taiba has significantly elevated the quality of its guest services.
The initiatives Taiba Investments has launched throughout 2024 demonstrate its commitment to expanding and diversifying its portfolio and building partnerships with leading global brands to bolster Saudi Arabia’s tourism infrastructure and enhance its appeal as a global tourism hub. Key milestones include a strategic agreement with Marriott International to operate a new Marriott hotel at STC Square in Riyadh’s Al Mursalat district and a partnership with Hilton Worldwide to introduce the luxury Waldorf Astoria hotel in Madinah. These collaborations highlight Taiba Investments’ dedication to elevating hospitality experiences for pilgrims and ensuring exceptional, memorable stays in Madinah.