Financial Results : Taiba net profit rises 62% to SAR 130.4 mln in H1 2020

Taiba net profit rises 62% to SAR 130.4 mln in H1 2020

17/08/2020 Argaam Exclusive

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Taiba Investments Co. reported a net profit after Zakat and tax of SAR 130.4 million for the first half of 2020, a 62% year-on-year (YoY) increase, compared to SAR 80.5 million in the year-earlier period.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 202.82 116.43 (42.6 %)
Gross Income 115.37 68.62 (40.5 %)
Operating Income 80.92 45.54 (43.7 %)
Net Income 80.53 130.39 61.9 %
Average Shares 157.84 160.46 1.7 %
Earnings Per Share before unusual items 0.51 0.39 (23.3 %)
EPS (Riyals) 0.51 0.81 59.3 %

The rise is mainly due to higher net income from the profit realized by selling investments in Fiber Glass Oasis Co. (FGOC) and Taiba Contracting & Maintenance Co. (TACOMA), in addition to the reversal of provision booked in 2018 in relation to the financial guarantee provided to Saudi Industrial Development Fund (SIDF) to secure the loan facility to FGOC.

 

Meanwhile, the company also cited lower revenues due to the COVID-19 pandemic, as well as decrease in operating, marketing, general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 108.29 31.42 (71.0 %)
Gross Income 63.63 14.98 (76.5 %)
Operating Income 42.87 3.07 (92.8 %)
Net Income 49.24 79.82 62.1 %
Average Shares 157.84 160.46 1.7 %
Earnings Per Share before unusual items 0.31 0.12 (60.1 %)
EPS (Riyals) 0.31 0.50 59.5 %

The firm’s Q2 net profit rose by 62% YoY to SAR 79.8 million due to higher net income despite lower revenues.

 

On a sequential basis, Q2 net profit surged 57.8%.

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