Saudi Taiba Investments registers 42.5% drop in annual profit

Riyadh – Taiba Investments Company gained SAR 98.77 million in net profits during 2020, a drop of 42.5% when compared to SAR 171.9 million in 2019.

The slump in Taiba’s annual profits was attributed to lower revenues due to the Covid-19 pandemic and the forming of an additional provision for the impairment of trade receivables, according to a stock exchange statement on Thursday.

This drop was offset by lower operating, marketing, general, and administrative expenses and reversal of the provision booked in 2018 worth SAR 68 million.

Revenue for the year ended on 31 December 2020 shrank by 42.99% annually to stand at SAR 220.95 million.

Source: Mubasher

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