RIYADH: Taiba Holding Company has announced a net profit of SAR 64.35 million for the year ended December 31, 2018, which is 55.9 percent lower than the profit of SAR 146.03 million recorded in the previous year, a notice sent to Tadawul said.

The earnings per share (EPS) for 2018 clocked in at SAR 0.43 as against EPS of SAR 0.97 in 2017.

“The decrease in net income this year in comparison with last year was mainly due to decrease in rental income from commercial centers and income from tourist resort, writing off some capital expenditures, impairment in some assets value, provision of financial guarantee to affiliated company and provision of Zakat for prior years,” the notice sent to Tadawul noted.

Sales revenue for the year was SAR 443.17 million compared to SAR 457.06 million for the last year with a decrease of 3.04%. Total comprehensive income for the year was SAR 203.35 million compared to SAR 38.40 million for the last year with an increase of 429.56%.

Shareholders’ equity (excluding non-controlling interests) at the end of the year was SAR 3.58 billion compared to SAR 3.59 billion at the end of the last year with a decrease of 0.46%.

Taiba Holding has provided a full provision of SAR 67.82 for a financial guarantee given to an affiliated company to secure loan facility from Saudi Industrial Development Fund (SIDF), since the affiliated company defaulted in this loan in 2018 and its losses has exceeded 50% of its capital as at 31-Dec-2018 the provision was initiated by Taiba Holding.

Taiba Holding has sold its share investment of 4.08 million shares in SABIC. The total sales value was SAR 523 million; realizing a 10% return on the purchase price.

SABIC is a Saudi diversified manufacturing company, active in petrochemicals, chemicals, industrial polymers, fertilizers, and metals. It is the largest public company in the Middle East and Saudi Arabia as listed in Tadawul. 70% of SABIC’s shares are owned by the Public Investment Fund of Saudi Arabia. SABIC is the world’s fourth-largest chemical producer by chemical sales.[the_ad id=”31605″]