Riyadh – Mubasher: Taiba Holding on Wednesday said its profits fell 26.88% year-on-year in the second quarter of 2017.
Net profits amounted to SAR 54.4 million ($14.51 million) in Q2-17, down from SAR 74.4 million ($19.84 million) in the same period of 2016, according to a bourse filing.
Quarter-on-quarter, profits slipped 3.03% from SAR 56.1 million.
A decline in operating revenues from Taiba Holding’s hotels and resorts was the reason behind the year-on-year profit drop in Q2-17, added to the lower returns from short- and long-term investments, as well as timing differences in dividend announcements, the company said.
Revenues from sales amounted to SAR 118.26 million in Q2-17, down 24.29% from SAR 156.21 million, the statement showed.
Meanwhile at the level of the first six months of the year, Taiba logged SAR 110.5 million, down 14.01% from SAR 128.5 million a year ago.
Earnings per share (EPS) stood at SAR 0.74 in H1-17 versus SAR 0.86 in H1-16.
Taiba Holding said the reasons behind the profit decline in the first half were the same as those from Q2-17.
Sales revenues for H1-17 fell 18.18% to SAR 224.25 million, from SAR 274.33 million in the corresponding period of 2016, the statement concluded.
