Taiba Investments Achieves Net Profit of SR34.5 mln during Q2

Taiba Investments recorded a net profit after zakat and tax of SR34.5 million during the second quarter, compared to losses of SR13 million during the same quarter of the previous year.
This came after the announcement on Thursday of the financial results for the period ending on 30-06-2022 “6 months”.
The operational profit amounted to SR37 during the second quarter, compared to losses of SR27 million during the same quarter of the previous year.
The gross profit amounted to SR48 million during the second quarter, compared to SR11 million during the same quarter of the previous year, an increase of 342%.
The net profit after zakat and tax during the current period amounted to SR55 million, compared to losses of SR15 million during the same period of the previous year.
Profits per share during the current period amounted to SR0.34, compared to losses of SR0.09 during the same period of the previous year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:
“The substantial increase in net income in Q2-2022 compared to the net loss for Q2-2022 is essentially due to the gradual recovery of TAIBA’ activities from the effects of the COVID 19 pandemic especially that this period included the month of ramadhan and part of Hajj season which helped increase hospitality revenues and improve lease performance of the company’s properties in addition to the reversal of ECL provision further to better collection levels from customers.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
The increase in net income in Q2 2022 in comparison to Q1 2022 is due to higher leasing & hospitality revenues as a result of the lifting of the restrictions of the Corona pandemic especially that this period included the month of ramadhan and part of Hajj season.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:
“The net income increase in H2 2022 in comparison to a net loss in H2 2021 is essentially due to the gradual recovery of TAIBA’ activities from the effects of the COVID 19 pandemic especially that this period included the month of ramadhan and part of Hajj season which helped increase hospitality revenues and improve lease performance of the company’s properties in addition to the reversal of ECL provision further to better collection levels from customers.
Some of the comparative figures were reclassified for comparability.
“The gross other comprehensive income for H1 2022 is a net loss amounting SR69.78 million compared to a net profit of SR482.23 million for H1 2021 as a result of the revaluation of the investment in equity shares at fair value as at the date of the financial statement, in addition to the decrease in the number of shares of the investment portfolio after a partial sale during 2021 and H1 of 2022.
As indicated in this announcement, some comparative figures were reclassified for comparability purposes, this resulted to a difference in the figures of the corresponding period of last year for this prospectus compare with the figures announced on August 12th 2021 announcement of Taiba Investments Company results for the period ended 30-6-2021. as a result of classifying the results of one of the subsidiaries within the discontinued operations in accordance with accounting standards. “