13/04/2015 19:39 AST

Taiba Holding Co recorded SAR 202.3 million in net earnings during the first quarter of 2015, soaring 240% form SAR 59.5 million in Q1-14 but falling 27.3% from SAR 278.3 million in Q4-14.

The y-o-y profit growth was due to the capital gains arising from sale of Bakah Arak hotel and the compensation received for some plots acquired for expansion of the Holy Prophet Mosque area, as well as the dividend income from investments and reduction in general and administration expenses, the company said.

It ascribed the q-o-q profit decline to the capital gains arising from the compensation received by subsidiary Al-Aqeeq for various land plots acquired for the expansion of Holy Prophet Mosque area during the last quarter.


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