Al-Baha turns to SAR 347,900 profit in H1 2023; Q2 at SAR 189,000

14/08/2023 Argaam Exclusive

Al-Baha Investment and Development Co. swung to a net profit of SAR 347,900 in H1 2023, from a SAR 4.3 million loss a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 5.17 7.07 36.7 %
Gross Income 2.25 4.89 117.4 %
Operating Income 0.81 2.98 268.7 %
Net Income (4.29) 0.35 108.1 %
Average Shares 2,970.00 2,182.95 (26.5 %)
EPS (Halala) (0.14) 0.02 111.0 %

The company attributed the improved results to a 36% year-on-year (YoY) increase in revenues, a 25% decline in the cost of revenues, and a 59% drop in finance costs.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 2.62 3.62 38.3 %
Gross Income 1.17 2.55 118.2 %
Operating Income 0.41 1.63 301.2 %
Net Income (0.20) 0.19 196.9 %
Average Shares 2,970.00 2,182.95 (26.5 %)
EPS (Halala) (0.01) 0.01 231.9 %

In Q2 2023, the company turned to a net profit of SAR 189,000 from a loss of SAR 200,000 in Q2 2022, mainly due to higher revenues and lower costs of revenues.

 

Compared to the previous quarter, the company's Q2 2023 earnings rose 18.8% from SAR 160,000.

 

Shareholders’ equity, after minority interest, fell to SAR 211.72 million as of June 30, 2023, from SAR 215.06 million in the year-earlier period.

 

Accumulated losses stood at SAR 85.27 million by the end of H1 2023, accounting for 28.71% of the company’s capital.

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Share Price

Al-Baha Investment and Development Co.
0.52
0.04 8.33 %

Al-Baha Investment and Development Co. (ALBAHA)

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Financial Ratios
Current
Market Cap (M Riyal) 1,135.13
Enterprise Value (EV) (M) 1,141.76
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 5.24
Return on Average Assets (%) (TTM) 1.3
Return on Average Equity (%) (TTM) 1.7
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