Riyadh – Mubasher: Saudi-based Taiba Holding Company on Thursday reported a 48.2% year-on-year slump in net profits for the first three months of 2018, compared to the year-ago period.
The firm’s net profits declined to SAR 27.21 million during the three-month period ended March 2018, from SAR 52.53 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Taiba Holding attributed the large decrease in profits to a drop in revenues from commercial centres, incurring losses in associate firms, coupled with a rise in Zakat provisions.
Total revenues levelled down 3.7% to SAR 102.26 million during Q1-18, compared to 106.19 million in the same three months a year earlier.
Shareholders’ equity, excluding the minority interest, fell 4.7% to SAR 3.65 billion during Q1-18, from SAR 3.83 billion in the comparative period of 2017.
Quarter-on-quarter, the Tadawul-listed firm's profits surged 58.2% from SAR 17.2 million in Q4-17.
Taiba Holding’s stock inched down 0.42% to close Thursday at SAR 30.80.
