Taiba Holding Announces Its Initial Consolidated Financial Results for the Period Ended 31/12/2010 (Twelve Months)

Taiba Holding Company announces preliminary consolidated financial results for the period ended 31/12/2010: Net profit for the fourth quarter of 2010 amounted to SR 42,042,783 compared to SR 14,750,666 for the fourth quarter of the previous year, an increase of 185.02% compared to SR 18,139,488 for the third quarter of 2010, an increase of 131.77%. 2. Gross profit for the fourth quarter of 2010 amounted to SR 70,791,225 compared to SAR 49,715,610 for the fourth quarter of the previous year, an increase of 42.39%. 3 – Net profit for the fourth quarter of 2010 amounted to SR 48,703,682 compared to SR 18,992,367 for the fourth quarter of the previous year, an increase of 156.44%. 4. Net profit during the 12-month period ended 31/12/2010 amounted to SR 92,174,175 compared to SR 61,113,684 for the same period last year, an increase of 50.82%. 5. Earnings per share for the 12-month period from 1/1/2010 to 31/12/2010 amounted to SR 0.61 compared to SR 0.41 for the same period last year. 6. Gross profit for the 12-month period ended 31 December 2010 was SR 153,409,766 compared to SR 114,694,660 for the same period last year, an increase of 33.75%. 7. Net profit for the period of 12 months ended 31/12/2010 amounted to SR 101,078,071 compared to SR 53,037,319 for the corresponding period of the previous year, an increase of 90.58%. 8. Some comparative year figures were adjusted (2009) to reflect adjustments made in a subsidiary of Taiba Holding. 9 – The reason for the increase in the results of the fourth quarter of 2010 from the fourth quarter of the previous year mainly due to the following reasons: 1 – Increase the operational efficiency of the Arab subsidiary for tourist areas (Arak) after the completion of the development and restructuring and attract the distinguished hotel experience since the beginning of 2010. 2 – Enter new projects for the company (affiliate) of the Arab tourist areas (Arak), the city city of Aramas and the city hotel Arakn. 3 – The operation of the wings of Taiba Arak owned by the company (subsidiary) Al-Aqiq for real estate development after the completion of the work of development and renewal. The reason for the increase in revenues for the fourth quarter from the third quarter of this year because the period of the fourth quarter included the Hajj season 1431 H, which is characterized by high income as the largest seasons of running real estate projects in Medina.