RIYADH: Taiba Investments Co. has turned into a profit of SR55 million ($15 million) in the first half of the year, wiping out losses of SR14.8 million from the same period last year.
The results are primarily due to the gradual recovery of Taiba’s activities from the COVID 19 pandemic, it said in a bourse filing.
Its revenues soared 103 percent to SR134 million during the first six months of 2022.
Ramadan and the Hajj season contributed to increased hospitality revenues and improved lease performance for the company’s properties during the period, it said.
Listed in the Saudi main index, Taiba Investments Co. specializes in investing in real estate, tourism, maintenance, operations, industry, mining, agriculture, and trade.