Taiba profit up 47% to SAR 143.5 mln in 9M 2023; Q3 at SAR 53.9 mln

Taiba profit up 47% to SAR 143.5 mln in 9M 2023; Q3 at SAR 53.9 mln

05/11/2023 Argaam Exclusive

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Taiba Investment Co. reported a 47% surge in net profit  to SAR 143.5 million for the first nine months of 2023, compared to SAR 97.6 million in the same period a year earlier.  



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 226.35 360.51 59.3 %
Gross Income 124.41 246.58 98.2 %
Operating Income 95.83 197.14 105.7 %
Net Income 97.63 143.51 47.0 %
Average Shares 160.46 185.46 15.6 %
EPS (Riyals) 0.61 0.77 27.2 %

The year-on-year (YoY) leap was attributed to the increase in rental and operating revenue  on higher occupancy levels after the company’s recovery post-pandemic recovery of the company’s activities and relaxation of restrictions. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 90.87 118.44 30.3 %
Gross Income 55.64 80.59 44.8 %
Operating Income 25.75 62.78 143.8 %
Net Income 42.79 53.89 25.9 %
Average Shares 160.46 185.46 15.6 %
EPS (Riyals) 0.27 0.29 9.0 %

Taiba posted a net profit of SAR 53.9 million for Q3 2023, up 26%, compared to SAR 42.7 million in Q3 2022. 

 

Sequentially, the company’s net profit rose 95.5% from SAR 27.5 million in Q2 2023. 

 

Shareholders’ equity, no minority interest, stood at SAR 3.93 billion as of Sept 30, 2023, compared to SAR 3.65 billion a year earlier.   



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 115.88 23.0 % 75.86 13.6 % 59.50 (18.6 %) 0.40
Q2 2014 116.76 31.6 % 58.90 1.4 % 59.18 (6.9 %) 0.39
Q3 2014 157.34 73.9 % 95.10 69.4 % 817.17 1198.5 % 5.45
Q4 2014 111.08 5.9 % 50.42 (24.9 %) 278.38 331.8 % 1.86
Q1 2015 118.58 2.3 % 73.91 (2.6 %) 202.30 240.0 % 1.35
Q2 2015 115.00 (1.5 %) 63.96 8.6 % 57.00 (3.7 %) 0.38
Q3 2015 136.45 (13.3 %) 82.86 (12.9 %) 102.14 (87.5 %) 0.68
Q4 2015 106.12 (4.5 %) 59.60 18.2 % 75.48 (72.9 %) 0.50
Q1 2016 118.12 (0.4 %) 69.94 (5.4 %) 49.22 (75.7 %) 0.33
Q2 2016 156.21 35.8 % 71.54 11.9 % 68.02 19.3 % 0.45
Q3 2016 138.80 1.7 % 85.27 2.9 % 74.98 (26.6 %) 0.50
Q4 2016 110.08 3.7 % 60.81 2.0 % 54.95 (27.2 %) 0.37
Q1 2017 106.19 (10.1 %) 63.20 (9.6 %) 52.53 6.7 % 0.35
Q2 2017 118.26 (24.3 %) 67.68 (5.4 %) 49.18 (27.7 %) 0.33
Q3 2017 131.40 (5.3 %) 82.10 (3.7 %) 61.99 (17.3 %) 0.41
Q4 2017 101.21 (8.1 %) 59.09 (2.8 %) (17.67) (132.1 %) (0.12)
Q1 2018 102.26 (3.7 %) 60.96 (3.5 %) 27.21 (48.2 %) 0.18
Q2 2018 107.58 (9.0 %) 64.53 (4.6 %) 46.48 (5.5 %) 0.31
Q3 2018 134.57 2.4 % 86.06 4.8 % 60.11 (3.0 %) 0.40
Q4 2018 61.87 (38.9 %) 45.83 (22.4 %) (69.45) (293.1 %) (0.46)
Q1 2019 94.53 (7.6 %) 51.74 (15.1 %) 31.29 15.0 % 0.20
Q2 2019 108.29 0.7 % 63.63 (1.4 %) 49.24 5.9 % 0.31
Q3 2019 137.53 2.2 % 85.44 (0.7 %) 67.85 12.9 % 0.43
Q4 2019 47.18 (23.7 %) 41.04 (10.4 %) 23.48 133.8 % 0.15
Q1 2020 85.00 (10.1 %) 53.64 3.7 % 50.57 61.6 % 0.32
Q2 2020 31.42 (71.0 %) 14.98 (76.5 %) 79.82 62.1 % 0.50
Q3 2020 61.39 (55.4 %) 37.91 (55.6 %) (23.48) (134.6 %) (0.15)
Q4 2020 43.14 (8.6 %) 17.88 (56.4 %) (8.13) (134.6 %) (0.05)
Q1 2021 33.68 (60.4 %) 15.15 (71.8 %) (1.91) (103.8 %) (0.01)
Q2 2021 32.16 2.3 % 10.56 (29.5 %) (12.88) (116.1 %) (0.08)
Q3 2021 29.93 (51.2 %) 10.45 (72.4 %) (38.38) (63.5 %) (0.24)
Q4 2021 33.33 (22.7 %) 7.56 (57.7 %) (64.12) (688.3 %) (0.40)
Q1 2022 52.55 56.0 % 22.07 45.6 % 20.35 1165.9 % 0.13
Q2 2022 82.92 157.9 % 46.71 342.4 % 34.50 367.8 % 0.21
Q3 2022 90.87 203.6 % 55.64 432.3 % 42.79 211.5 % 0.27
Q4 2022 103.94 211.9 % 64.58 754.3 % 41.94 165.4 % 0.26
Q1 2023 110.96 111.1 % 74.15 236.1 % 62.06 205.0 % 0.33
Q2 2023 131.12 58.1 % 91.84 96.6 % 27.56 (20.1 %) 0.15
Q3 2023 118.44 30.3 % 80.59 44.8 % 53.89 25.9 % 0.29

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 64.30 % 61.26 % 62.62 %
Q2 2014 60.28 % 59.24 % 57.49 %
Q3 2014 60.01 % 59.16 % 35.20 %
Q4 2014 55.94 % 56.98 % 24.95 %
Q1 2015 55.25 % 57.44 % 27.24 %
Q2 2015 56.45 % 57.78 % 26.35 %
Q3 2015 56.36 % 57.51 % 50.60 %
Q4 2015 58.88 % 57.89 % 63.76 %
Q1 2016 58.10 % 55.83 % 59.09 %
Q2 2016 54.93 % 52.81 % 57.05 %
Q3 2016 55.15 % 53.30 % 51.56 %
Q4 2016 54.96 % 52.77 % 47.24 %
Q1 2017 54.92 % 53.82 % 48.99 %
Q2 2017 58.51 % 57.27 % 48.94 %
Q3 2017 58.76 % 55.99 % 46.93 %
Q4 2017 59.52 % 56.18 % 31.95 %
Q1 2018 59.55 % 56.16 % 27.52 %
Q2 2018 60.27 % 55.30 % 27.58 %
Q3 2018 60.73 % 56.89 % 27.87 %
Q4 2018 63.35 % 59.02 % 34.55 %
Q1 2019 62.27 % 56.89 % 35.24 %
Q2 2019 61.93 % 54.76 % 35.87 %
Q3 2019 61.32 % 53.33 % 36.52 %
Q4 2019 62.41 % 53.77 % 44.24 %
Q1 2020 64.48 % 56.20 % 48.41 %
Q2 2020 64.79 % 57.52 % 51.04 %
Q3 2020 65.59 % 57.17 % 46.99 %
Q4 2020 56.30 % 48.85 % 33.70 %
Q1 2021 50.65 % 38.63 % 17.52 %
Q2 2021 47.84 % 25.14 % (1.83 %)
Q3 2021 38.90 % (11.80 %) (44.19 %)
Q4 2021 33.87 % (39.36 %) (90.86 %)
Q1 2022 34.22 % (20.83 %) (66.43 %)
Q2 2022 43.67 % 19.15 % (17.57 %)
Q3 2022 50.82 % 36.45 % 16.58 %
Q4 2022 57.22 % 51.87 % 44.24 %
Q1 2023 62.02 % 54.80 % 49.16 %
Q2 2023 65.51 % 55.43 % 44.19 %
Q3 2023 67.00 % 61.05 % 46.95 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 150.00 1.67 1.67 23.58
Q2 2014 150.00 1.64 1.64 23.15
Q3 2014 150.00 6.67 1.16 27.49
Q4 2014 150.00 8.09 0.83 26.65
Q1 2015 150.00 9.05 0.91 28.77
Q2 2015 150.00 9.03 0.88 28.21
Q3 2015 150.00 4.27 1.62 25.82
Q4 2015 150.00 2.91 2.02 25.68
Q1 2016 150.00 1.89 1.87 24.02
Q2 2016 150.00 1.97 1.97 23.59
Q3 2016 150.00 1.78 1.78 23.91
Q4 2016 150.00 1.65 1.65 25.37
Q1 2017 150.00 1.67 1.67 25.53
Q2 2017 150.00 1.54 1.54 24.74
Q3 2017 150.00 1.46 1.46 24.08
Q4 2017 150.00 0.97 0.97 23.90
Q1 2018 150.00 0.80 0.83 24.30
Q2 2018 150.00 0.79 0.81 24.13
Q3 2018 150.00 0.77 0.83 25.11
Q4 2018 150.00 0.43 0.94 23.86
Q1 2019 157.84 0.43 0.89 23.77
Q2 2019 157.84 0.45 0.91 23.72
Q3 2019 157.84 0.50 0.93 23.31
Q4 2019 157.84 1.09 1.09 22.92
Q1 2020 160.46 1.19 1.14 21.70
Q2 2020 160.46 1.38 0.96 22.93
Q3 2020 160.46 0.81 0.66 23.06
Q4 2020 160.46 0.62 0.46 22.78
Q1 2021 160.46 0.29 0.19 23.69
Q2 2021 160.46 (0.29) (0.02) 25.20
Q3 2021 160.46 (0.38) (0.38) 26.98
Q4 2021 160.46 (0.73) (0.73) 22.47
Q1 2022 160.46 (0.59) (0.61) 22.87
Q2 2022 160.46 (0.30) (0.22) 22.38
Q3 2022 160.46 0.21 0.27 22.75
Q4 2022 160.46 0.87 0.91 22.63
Q1 2023 185.46 0.98 1.03 23.63
Q2 2023 185.46 0.94 1.04 24.03
Q3 2023 185.46 1.00 1.18 24.51

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 46.17 46.17 3.27
Q2 2014 45.23 45.23 3.21
Q3 2014 12.05 69.22 2.92
Q4 2014 8.73 84.81 2.65
Q1 2015 8.21 81.14 2.58
Q2 2015 8.50 87.09 2.72
Q3 2015 14.50 38.11 2.40
Q4 2015 22.06 31.75 2.50
Q1 2016 30.91 31.22 2.44
Q2 2016 29.33 29.33 2.44
Q3 2016 33.63 33.63 2.51
Q4 2016 42.34 42.34 2.75
Q1 2017 46.14 46.14 3.02
Q2 2017 47.64 47.64 2.97
Q3 2017 49.66 49.66 3.01
Q4 2017 62.03 62.03 2.53
Q1 2018 66.85 64.70 2.21
Q2 2018 69.41 67.14 2.26
Q3 2018 64.70 60.50 1.99
Q4 2018 More than 100 56.41 2.21
Q1 2019 More than 100 53.22 2.10
Q2 2019 More than 100 51.47 1.94
Q3 2019 95.21 51.16 2.01
Q4 2019 47.21 47.33 2.21
Q1 2020 33.79 35.30 1.86
Q2 2020 33.95 48.98 2.05
Q3 2020 62.13 76.62 2.19
Q4 2020 79.64 More than 100 2.15
Q1 2021 More than 100 More than 100 2.11
Q2 2021 NEG NEG 2.14
Q3 2021 NEG NEG 2.08
Q4 2021 NEG NEG 2.30
Q1 2022 NEG NEG 2.29
Q2 2022 NEG NEG 2.02
Q3 2022 More than 100 More than 100 1.94
Q4 2022 46.39 44.31 1.78
Q1 2023 40.52 38.44 1.94
Q2 2023 45.26 40.88 2.05
Q3 2023 38.48 32.73 1.81

Business Segments (Million)

Compared With The
Period Tourism Activity Properties for development and sale Maintenance & Management sector Adjustments Agricultural Activity Marketing Consultancy , Training & Information System
Q1 2016 13.64 96.46 - - 0.84 - -
Q2 2016 44.59 122.26 - (4.57) 1.11 - -
Q3 2016 14.38 127.34 - (3.29) 0.38 - -
Q4 2016 9.71 100.26 - - 0.10 - -
Q1 2017 7.25 96.93 - - 2.01 - -
Q2 2017 10.57 107.65 - (1.63) 1.67 - -
Q3 2017 11.79 118.72 - - 0.89 - -
Q4 2017 2.86 95.81 - - 0.91 - -
Q1 2018 28.88 63.66 13.16 (4.32) 0.88 - -
Q2 2018 32.36 65.61 13.86 (5.46) 1.21 - -
Q3 2018 56.10 68.50 13.62 (5.21) 1.57 - -
Q1 2019 31.48 52.33 14.71 (5.57) 1.57 - -
Q2 2019 37.94 54.98 19.03 (5.33) 1.67 - -
Q3 2019 69.11 53.66 20.59 (7.44) 1.60 - -
Q4 2019 28.01 55.24 (47.04) 9.63 1.33 - -
Q1 2020 27.21 56.84 1.16 (1.50) 1.29 - -
Q2 2020 1.77 29.01 0.18 0.05 0.41 - -
Q3 2020 9.81 51.07 0.21 (0.23) 0.53 - -
Q4 2020 7.43 37.76 - (0.80) 0.28 - -
Q1 2021 7.97 25.81 - - 0.58 - -
Q3 2021 10.27 19.67 - (0.01) - - -
Q4 2021 20.80 12.74 - (0.21) - - -
Q1 2022 39.66 13.88 - (0.98) - - -
Q2 2022 49.48 32.46 - (0.77) - - -
Q3 2022 52.18 38.69 - - - - -
Q4 2022 58.42 45.51 - - - - -
Q1 2023 66.78 44.18 - - - - -
Q2 2023 76.82 54.30 - - - - -
Q3 2023 68.00 50.44 - - - - -

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 63.30 53.89 (14.9 %)

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
SNB Capital 63.30 53.89 (14.9) %

Current
Market Cap (M Riyal) 11,564.42
Enterprise Value (EV) (M) 12,621.03
Shares Outstanding ((M)) 260.46
EPS ( Riyal) (TTM) 0.61
Book Value (BV) ( Riyal) 26.14
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 38.81
P/E (TTM) More than 100
Price/book 1.70
Return on Average Assets (%) (TTM) 2.2
Return on Average Equity (%) (TTM) 3.0

Share Price

44.40
(0.10) (0.22 %)

Taiba Investments Co. (TAIBA)


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