Tiba Investment Company made a net profit in the first quarter of this year of about 20.35 million riyals after zakat and tax, compared to losses of about 1.91 million riyals in the same quarter of 2021, and 67.4 million riyals in losses in the fourth quarter of 2022 .
And according to Arab Net, the company attributed, in a statement today, Monday, the turnaround in profitability in the first quarter of 2022, on an annual basis, to the gradual recovery of the company’s main activities from the effects of the Covid-19 pandemic, as revenues increased and the level of collection from customers improved, This resulted in a reduction in the provision for measuring expected credit losses on receivables.
Taiba investment revenues amounted to 52.62 million riyals in the first quarter of 2022, compared to 34.3 million riyals, revenues for the first quarter of 2021, an increase of 53.4%.
