TIRECO announces interim financial results for year 2013

19/01/2014 20:44 AST

Net profit of Taiba Holding Company (TIRECO) during the 4th Q 2013 amounted to SAR 64.5 million versus SAR 42.4 million for the same quarter of last year with an increase of 52.12 %, compared to SAR 62.9 million for the previous quarter with increase of 2.54 %.

Gross profit during the 4th Q of 2013 added up to SAR 65.9 million versus SAR 59 million for the same quarter of last year, an increase of 11.69 percent.

Operating profit increased 15.32 % to SAR 55.7 million during 4thQuarter of 2013 versus SAR 48.3 million for the same quarter of last year.

While, net profit during 2013 showed a decrease of 35.04 percent with SAR 264 million versus SAR 406.4 million for the last year 2012.

EPS of TIRECO during 2013 recorded as SAR 1.76 per share versus 2.71 SAR/Share for the same period last year 2012.

The total gross profit during 2013 is recorded as SAR 246.6 million versus SAR 287.2 million for the last year 2012, showing decrease of 14.14%.

The total operating profit of TIRECO during 2013 amounted to SAR 208.5 million versus SAR 227.9 million for the last year 2012, decreasing 8.51 %.

The reason for increase in net profit for quarter compared with same quarter last year is due to the Increase in operating revenues and investment income.

The reason for decrease in Yearly net profits is due to capital gains in 2012 from the compansation of Hotel Aramas Al-Madina which is owned by Arac co. and sale of plots of Aliat Taiba plan owned by Al-Aqeeq co.

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