Riyadh – Mubasher: Taiba Investments Company has reported net profits after Zakat and tax of SAR 50.57 million in the first quarter (Q1) of 2020, up by 61.6% when compared to SAR 31.3 million in the same period of the previous year.
Year-on-year (YoY), revenues retreated by 10% in the period between January and March 2020 to stand at SAR 85 million from SAR 94.5 million, according to a bourse disclosure on Thursday.
The rise in the interim earnings was largely helped by lower general and administrative expenses, a drop in the company’s share of losses from investments accounted for as per the equity method, coupled with gains recorded from the sale of the company’s share in a subsidiary.
By 2019 year-end, Taiba reported a 167% surge in profits at SAR 171.86 million, compared to SAR 64.35 million in 2018.
