Riyadh – Mubasher: Taiba Investments Company generated SAR 79.82 million worth of net profits in the second quarter (Q2) of the year, up 62.10% when compared to SAR 49.24 million in the corresponding quarter a year ago.
Whereas quarterly revenues shrank by 70.99% due to COVID-19, net income witnessed yearly growth, driven by gains realised from selling the investment in Fiber Glass Oasis Company (FGOC) and reversal of the provision booked in 2018, according to a bourse filing on Monday.
Besides, Taiba Investments’ operating, marketing, and general and administrative expenses contracted.
Revenues registered SAR 31.42 million in the three-month period ended 30 June, 70.99% less than SAR 108.29 million in the year-ago period.
