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00:00It seems that the acquisition operations that Tiba has done for the investment have all started to pay off as a result of the company for the first quarter,
00:09where it was able to transform from the losses we saw in the fourth quarter of 2023 to this profit,
00:18and we saw an increase in profits of about 78% in the 100% for 2024,
00:25which reached about 110,500,000 Riyals compared to the same period in 2023, which was 62 million Riyals.
00:35Of course, this transformation was from the losses of the fourth quarter, which was about 34 million Riyals,
00:42as a result of the costs related to acquisitions undertaken by the company,
00:48as well as some financial specializations to complete the acquisition process on the guest's behalf.
00:53The operating revenues have also jumped for the company in a good way,
00:57and it was able to achieve revenues of more than 199% in the 100% in 2024,
01:03to about 332 million Riyals compared to 111 million Riyals.
01:08If we also look at the acquisitions undertaken by the company on the guest's behalf,
01:15there was also support for these revenues,
01:19due to the increase in the number of attendees and visitors.
01:23We should not forget that the city of Riyadh also witnessed many events in the past period,
01:28and this also led to the support of the company's activities and activities in the hotel,
01:33as well as the focus on increasing the capital, which was about 1.6 billion Riyals,
01:39to complete the acquisition process on the guest's behalf through the Al Assom initiative,
01:44and the capital reached about 2.6 billion Riyals.
01:48In general, the company also has a large portfolio of projects,
01:54including hospitality and real estate investments,
01:57management and operation of hotels, centers and exhibitions,
02:00as well as the real estate development of residential, commercial and real estate centers,
02:05as well as the activity of buying and selling land and real estate.
02:10The company was founded in 1988,
02:13and until now, the general investment fund has about 8%
02:18while it has a large and diverse portfolio of projects.
02:22It has more than 20 residential projects, commercial centers and hotels,
02:28and it operates in 7 cities in the Kingdom of Saudi Arabia,
02:32with more than 39 establishments within the Kingdom.
02:36This is what strengthens the company's activities in the last period,
02:41and naturally, the acquisition process on the guest's behalf
02:45was able to move the company from losses to profits
02:49in the first quarter of this year.