Financial Results : Al-Baha trims 2021 net loss to SAR 8.3 mln; Q4 at SAR 5.9 mln

Al-Baha trims 2021 net loss to SAR 8.3 mln; Q4 at SAR 5.9 mln

31/03/2022 Argaam Exclusive

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Al-Baha Investment and Development Co. narrowed net losses after Zakat and tax to SAR 8.3 million in 2021, from SAR 28.6 million a year earlier.

 

The decreased losses were attributed to failure to record provisions to offset losses from the exchange of assets with Al Sata'a Modern Contracting Company Ltd., at a total value of SAR 17.2 million.

 

The company also reported no impairment losses, higher other income by SAR 1.19 million, reduced expected credit loss and a drop in the estimated Zakat provision versus last year.

 

This was despite the recording of a decrease in the value of the investment properties of the subsidiary company, amounting to SAR 7.05 million, due to the COVID-19 repercussions and its direct impact on the real estate and leasing sector.



Financials (M)

Item 2020 2021 Change‬
Revenues 11.18 11.41 2.1 %
Gross Income 6.31 6.37 1.0 %
Operating Income (0.75) (7.47) (898.4 %)
Net Income (28.59) (8.34) 70.8 %
Average Shares 2,964.00 2,964.00 -
EPS (Halala) (0.96) (0.28) 70.8 %

In Q4 2021, Al Baha cut net losses after Zakat and tax to SAR 5.9 million, from SAR 27.9 million in the year-ago period.

 

Compared to Q3 2021, net losses widened from SAR 820,000.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 2.91 3.47 19.4 %
Gross Income 1.27 2.21 74.0 %
Operating Income (3.49) (5.88) (68.3 %)
Net Income (29.28) (5.91) 79.8 %
Average Shares 2,964.00 2,964.00 -
EPS (Halala) (0.99) (0.20) 79.8 %

Shareholders’ equity, after minority interest, reached SAR 99.355 million in 2021, compared to SAR 107.699 million in 2020.

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