Taiba Investments Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

A4090 TAIBA0.2 (0.58 %)
1443/04/03 Mon Nov 8, 2021 08:44:02

Taiba Investments Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	30.7	61.39	-49.991	32.57	-5.741
Gross Profit (Loss)	8.16	37.91	-78.475	10.59	-22.946
Operational Profit (Loss)	-36.7	-17.54	109.236	-27.86	31.73
Net Profit (Loss) after Zakat and Tax	-38.38	-23.48	63.458	-12.88	197.981
Total Comprehensive Income	282.43	100.6	180.745	241.83	16.788
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	97.53	177.81	-45.149
Gross Profit (Loss)	33.2	105.36	-68.488
Operational Profit (Loss)	-64.24	16.68	-
Net Profit (Loss) after Zakat and Tax	-53.17	106.91	-
Total Comprehensive Income	749.56	174.15	330.41
Total Share Holders Equity (after Deducting Minority Equity)	4,329.04	3,700.44	16.987
Profit (Loss) per Share	-0.33	0.66
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The net loss increase in Q3 2021 in comparison to Q3 2020 is due to the continued decrease in revenues caused by the effects of the CORONAVIRUS PANDEMIC (Covid 19) on TAIBA's main revenue streams.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The increase of the net loss in Q3 2021 in comparison to Q2 2021 is due to the increase in provision for the expected credit losses on trade receivables caused by the continued effects of the CORONAVIRUS PANDEMIC (Covid 19), in addition to the profit recorded in Q2 2021 for dividends generated by the company's investments.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The net loss result in current period in comparison to net profit in the same period of the prior year is due to the decrease in revenues caused by the continued effects of the CORONAVIRUS PANDEMIC (Covid 19) on TAIBA's core activities in addition to the fact that the same period of the prior year included gains resulting from: 1. Selling Taiba's full share in FGOC, 2. The reversal of the provision booked in 2018 in relation to the financial guarantee provided to SIDF to secure the loan facility to FGOC, 3. Gains recognized from discontinued operations as a result of selling the full share in one of its subsidiaries.
Statement of the type of external auditor's report	Unmodified conclusion
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 total other comprehensive income for the current period is SAR 806.02 million (profit) in comparison to SAR 68.58 million (profit) for the same period last year as a result of the revaluation of the investments in equity shares at fair value at the date of the financial statements. As highlighted in the FS and as a result of reclassification, the gross profit reported here for the comparative quarter & period of last year has been changed to SR 37.91 million & SR 105.36 million respectively from SR 38.3 million & SR 106.92 million respectively which were reported on November 3rd 2020 in the company's announcement of its interim financial results for the period ending 30-09-2020.

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.