Al-Baha turns to SAR 3.5M profit in 2023; Q4 at SAR 1.8M

28/03/2024 Argaam Exclusive

Al-Baha Investment and Development Co. swung to a net profit of SAR 3.5 million in 2023, from a net loss of SAR 8 million in the year-earlier period.



Financials (M)

Item 2022 2023 Change‬
Revenues 11.52 16.06 39.5 %
Gross Income 5.82 11.67 100.6 %
Operating Income (1.60) 10.79 772.8 %
Net Income (7.98) 3.50 143.8 %
Average Shares 2,970.00 2,182.95 (26.5 %)
EPS (Halala) (0.27) 0.16 159.6 %

The positive results were buoyed by a 39% rise year-on-year (YoY) in revenue, thanks to a 74% increase in occupancy rates at the group’s complexes.

 

Further, the positive impact of the investment deals that were sealed in 2022 also appeared.

 

Al-Baha also reported YoY declines of 23% and 73% in the cost of revenue and financing expenses, respectively.

 

The company recorded zero offering expenses in 2023, compared to SAR 3.99 million a year earlier. It also recorded an impairment reversal in investment properties at SAR 4.67 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 3.54 4.36 23.2 %
Gross Income 2.27 3.29 44.7 %
Operating Income (2.61) 5.46 309.0 %
Net Income (3.08) 1.79 158.0 %
Average Shares 2,970.00 2,182.95 (26.5 %)
EPS (Halala) (0.10) 0.08 179.0 %

Total shareholders’ equity, after minority interest, rose to SAR 214.87 million as of Dec. 31, 2023, from SAR 211.38 million a year earlier.

 

Accumulated losses reached SAR 82.1 million by the end of the 12-month period, accounting for 27.7% of the company’s capital.

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Share Price

Al-Baha Investment and Development Co.
0.44
0.01 3.23 %

Al-Baha Investment and Development Co. (ALBAHA)

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Financial Ratios
Current
Market Cap (M Riyal) 960.50
Enterprise Value (EV) (M) 967.12
Shares Outstanding ((M)) 2,182.95
EPS (Halala) (TTM) 0.16
Book Value (BV) ( Riyal) 0.10
Par Value ( Halala) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 4.43
Return on Average Assets (%) (TTM) 1.3
Return on Average Equity (%) (TTM) 1.7
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