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Taiba Investments Co. announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 8594.53-10.08147.1880.161
Gross Profit (Loss) 53.6451.743.67241.0430.701
Operational Profit (Loss) 38.5738.121.1822.9667.987
Net Profit (Loss) after Zakat and Tax 50.5731.2961.61723.47115.466
Total Comprehensive Income -123.2766.16-8.64-
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 3,481.873,565.64-2.349
Profit (Loss) per Share 0.320.21
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to Despite the decrease in revenues, the net income in Q1 2020 increased in comparison to Q1 2019 mainly because of the decrease in the general and adminsitrative expenses, decrease in losses from Investments accounted for as per the equity method, in addition to gains recognized as a result of selling its full share in one of its subsidiaries that was classified in 2019 as assets held for sale.

The company has also recognized gains as a result of compensation received for the land expropriated in 2014 for the expansion project of the Prophet’s Holy Mosque.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The increase in net income in Q1 2020 in comparison to Q4 2019 is due mainly to the decrease in Zakat expenses, decrease in losses from Investments accounted for as per the equity method, and gains recognized as a result of selling its full share in one of its subsidiaries that was classified in 2019 as assets held for sale, in addition to recognizing gains as a result of compensation received for the land expropriated in 2014 for the expansion project of the Prophet’s Holy Mosque.
Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion Doesn't exist
Reclassification of Comparison Items Some of the comparative figures were reclassified for comparability.
Additional Information The earning per share was calculated by dividing the net income for the period attributable to the ordinary shareholders of the company by the weighted average number of ordinary shares outstanding at the date of the financial statements. (160,457,483 shares at March 31, 2020 against 150,000,000 shares at March 31, 2019).

During the period ended March 31, 2020 the company has signed a binding SPA to purchase a plot of land in Sayed Al-Shuhada in Madinah for an amount of SAR 136.36 million including VAT and paid an advance payment of SAR 2 million, the remaining balance is due upon transfer of land deed title to Taiba, however, this process has not been completed to date due to suspension of attendance in all government offices because of CORONAVIRUS PANDEMIC (Covid 19).

The total comprehensive income as of 31 March 2020 decreased by SAR 189.43 million compared to the same period of last year as a result of the revalutation of its investment in equity shares at fair value at the date of the financial statements.

The reason behind the increase in revenues in Q1 2020 in comparison to Q4 2019 is the reclassification of its subsidiary (Taiba Contracting and Maintenance Company - Tacoma) in Q4 2019 as Assets held for sale, hence, the revenue of Tacoma for the nine months ended September 30, 2019 amounting SAR 39 million has been excluded from revenues of Q4 2019 and its result was reclassified as profit or loss from discontinued operations.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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