Riyadh – Mubasher: Taiba Holding on Thursday posted a net profit of SAR 49.53 million ($13.2 million) in the first quarter of the year, compared to SAR 202.3 million ($53.95 million), registering a year-on-year drop of 75.5%.
A comparison of profits showed a decline owing to profits achieved in Q1-15 from the sale of subsidiary-owned Bakkah ARAC Hotel, the company said in a statement to the Saudi Stock Exchange (Tadawul).
It added that a rise in the cost of operations, general and administrative expenses and lower returns on long-term investments in Q1-16 contributed to the year-on-year profit slide.
