The financial statements of Taiba Investment Company showed that the company's profits in the first half of this year increased by 61.9% compared to the profits of the same period last year.
According to the company's results for the Saudi market (Tadawul) today, Monday, profits for the period amounted to 130.39 million riyals, compared to the profits of the first half of last year amounting to 80.53 million riyals.
>
The company said in a statement to the Stock Exchange that the increase in profits during the comparison periods is due to the profit realized from the sale of each of the investment in Fiberglass Oasis Company and Tacoma Company.
In addition to the above, the company reverses an allowance for potential losses against a financial guarantee commitment that was formed in 2018, following the exemption of (Taiba) from the financial guarantee provided by it. To the Saudi Industrial Development Fund for the facilities granted to the Fiberglass Oasis Company.
The decrease in revenues was also followed by a decrease in operating costs, general, administrative and marketing expenses.
The company achieved profits of 79.82 million riyals in the second quarter of this year, compared to a profit of 49.24 million riyals for the same period last year, with an increase in profits by 62.1% .
(Amazon Fun Knowledge)
