A Tiba Investment Company has become 1.91 million riyals in the first quarter of 2021, compared to net profit for about 50.57 million riyals in the same quarter of 2020.
According to Arab Net, the company's losses declined on a quarter of 76.54% in the first quarter of 2021, compared to about 8.14 million riyals in the fourth quarter of 2020.
Tiba Investment, in a statement on Saudi trading on Wednesday, said that the cause of a net loss for the first quarter of 2021, compared to a net profit for the same quarter of 2020, was due to a decrease in revenues because of the Corona pandemic, in addition to the quarter-finals of the sale of investment In a subsidiary as well as a profit from receipt of compensation for land that has been removed in the city in favor of the expansion project of the Prophet's Mosque.
A Tiba Investment Company has declined by 42.53% during the fiscal year 2020, to 98.77 million riyals, compared to SAR 171.86 million earnings in 2019.
According to Arab accounts, the company has turned for losses of about 8.14 million riyals in the fourth quarter of 2020, against net profit for about 23.48 million riyals in the same quarter of 2019.
