Taiba Investments logs 78% YoY profit surge in Q1-24

Reuters/REUTERS

Revenues leapt 199.27% YoY to SAR 332.07 million in Q1-24 from SAR 110.96 million, according to the interim financial results

Staff Writer, Mubasher

May 14, 2024

PHOTO

The net profit of Taiba Investments Company soared 78.05% year-on-year (YoY) in net profit to SAR 110.50 million in the first quarter (Q1) of 2024 from SAR 62.06 million.

Revenues leapt 199.27% YoY to SAR 332.07 million in Q1-24 from SAR 110.96 million, according to the interim financial results.

The earnings per share (EPS) hit SAR 0.42 in the three-month period that ended on 31 March 2024, up from SAR 0.39 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company turned to profitability in Q1-24, after reporting a net loss of SAR 33.71 million in Q4-23, while the revenues surged 88.78% from SAR 175.90 million.

The net profit of Taiba Investments shrank 21.33% YoY to SAR 109.80 million in 2023 from SAR 139.57 million.

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