Riyadh – Mubasher: Taiba Holding on Thursday reported a net profit of SAR 68.5 million ($18.26 million) for the second quarter of 2016, up 20.2% from SAR 57 million ($15.2 million) in Q2-15.
Quarter-on-quarter, the company’s profits were up 38.4%, according to a filing to the Saudi Stock Exchange (Tadawul).
The year-on-year profit growth was attributed to improved operating revenues from hotels, and malls as well as better return on investment.
Taiba also posted a net profit of SAR 118.1 million in the first six months of 2016, down 54.45% from SAR 259.3 million in the year-ago period. The decline was due to higher costs and general and administrative expenses as well as the lower financials posted by a subsidiary.
