Riyadh – Mubasher: Taiba Holding on Thursday reported a net profit of SAR 54.95 million ($14.65 million) for the fourth quarter of 2016, decreasing 27.2% from SAR 75.5 million ($20.13 million) in Q4-15.
The year-on-year profit growth was attributed to the increase in returns from long term investments in the comparative period as the result of timing difference in dividend declarations, according to a bourse filing on Thursday.
Taiba posted a net profit of SAR 248.2 million in the twelve months of 2016, down 43.2% from SAR 436.9 million in the year-ago period.
The decline was due to higher costs and general and administrative expenses as well as the lower financials posted by a subsidiary.
The decrease in net income for this period was due to the capital gain realized in the comparative period from the sale of Bakkah Arac hotel by ARAC company - a subsidiary - and the receipt of compensations by ARAC for the expropriated lands in favor of the expansion of the Prophet's holy mosque, the statement said.