Riyadh – Mubasher: Taiba Holding on Monday reported a 25.3% year-on-year drop in its net profits during the full-year 2017, compared to the year before.
Net profits reached SAR 200.26 million last year, down from SAR 268.21 million in 2016, according to a bourse filing.
The firm’s operating profits tumbled 8.8% to SAR 212.68 million in 2017 versus SAR 233.09 million a year earlier.
The Saudi Arabia-based company attributed the decline of its annual net profits to a drop in operating revenues of hotels, resorts, commercial centres, maintenance services, and returns from short-term investments.
“[the fall of net profits was also ascribed to] a decrease in returns from the long-term investments due to the timing difference in dividend declarations, a decline in rates of distributions, and recognition of Taiba's share of losses from some investee companies,” the statement added.
Taiba Holding’s total revenues went down 12.6% to SAR 457.06 million in the year ended December 2017, compared to SAR 523.21 million in the previous year.
By 10:24 am KSA time, the stock shed 0.74%, reaching SAR 30.75.
