> The Board of Directors of the Circular for Hospitality and Tiba to invest in starting initial discussions with Tiba Investment Company to study the merger of the two companies.
According to Arab Net, the two companies said in two separate statements. These discussions do not necessarily mean that the merger will take place between the two sides.
If the mergers are agreed, this is subject to the terms and approvals of the regular authorities concerned in Saudi Arabia and the approval of the unusual General Assembly for both companies.
The two companies reported that any developments would be announced in this regard.
The role of hospitality, a hospitality company was established in 1976, has experience gained over contracts in the management, development, operation of hotels and residential communities throughout Saudi Arabia.
A Tiba Investment Company is a Saudi joint stock company, founded on Sept. 24, 1988, with a capital of 1.6 billion riyals, and the company is active in owning real estate, hotels, recreational facilities, and investment, purchase, operation and maintenance and maintenance.
According to data published on Saudi Stock Market Trading owns Aceila Investment Company 27.14% at Dor Hospitality and 16.73% in Tiba Investment Company.
Mohammed Ibrahim Al-Issa also has 12% in the role of hospitality and 7.41% in a Tiba Investment Company.
Good earnings in the first quarter
A Tiba Investment has shifted for losses of about 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.
On a quarterly basis, the company's losses declined by 76.54% in the first quarter of 2021, compared to about 8.14 million riyals in the fourth quarter of 2020.
Tiba Investment, 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, is due to a decline in revenues due to Corona's pandemic, in addition to the same quarter of the previous year's earnings to sell investment in a subsidiary as well as a profit of receipt Compensation for land that has been removed in the city in favor of the expansion project of the Prophet's Mosque.
Grains of a role in the first quarter
According to the company's data, a net profit for hospitality, after zakat and tax, declined by 82.7% in the first quarter of 2021 to 1.87 million riyals, compared to SR 10.87 million in the same quarter of 2020.
The company has achieved a net loss of about 42.03 million riyals in the fourth quarter of 2020.
The role of hospitality, said the cause of the net profit during the Lord ...
