The Clap
Taiba Investments (4090) recorded a net profit of SAR 43 million during Q3 2022 compared to 2021.
The Deets
Taiba explained that the increase in its profits is due to the growth in hotel operating revenues and the improvement in the rental performance of the company’s properties.
The growth is a result of the gradual recovery from the COVID-19 pandemic.
Performance
The company’s net profit amounted to SAR 97.6 million by the end of the first nine months in 2022, a YoY increase compared to a loss of SAR 53.17 million.
Background
Last August, the company announced the signing of a binding agreement to purchase “Savola’s” shares for around SAR 459.3 million.
