Taiba Holding announces its interim consolidated financial results for the period ended 31/03/2011 (three months)

Taiba Holding Company announces its interim consolidated financial results for the period ended 31/03/2011: Net profit for the first quarter of 2011 amounted to SR 38,902,493 compared to SR 14,337,015 for the first quarter of the previous year 2010, an increase of 171.34% compared to SR 42,042,783 for the fourth quarter of 2010, a decrease of 7.47%. Gross profit for the first quarter of 2011 amounted to SR 36,418,603 compared to SR 19,506,095 for the first quarter of the previous year 2010, an increase of 86.70%. Net profit for the first quarter of 2011 amounted to SR 22,729,093 compared to SR 10,355,374 for the first quarter of the previous year 2010, an increase of 119.49%. The earnings per share for the three months from 1/1/2011 to 31/03/2011 amounted to SR 0.26 compared to SR 0.10 for the first quarter of the previous year. The increase in the results of the first quarter of 2011 from the first quarter of the previous year 2010 is due to the improvement in the rates of occupancy and rental income in the residential and commercial centers and the increase in other revenues including the collection of good receivables (SR 19,099,160) In the first quarter of this year, due to the drop in the results of the current quarter from the previous quarter to the inclusion of the previous quarter of the results of the Hajj season 1431 H, which is always the highest seasons income.