Al-Baha Investment and Development Co. turned to a net profit after Zakat and tax of SAR 1 million for the first nine months of 2020, from a net loss of SAR 211,000 in the same period last year.
The company attributed the net profit to higher revenue, lower general & administrative expenses and Zakat expenses.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 7.70 | 8.27 | 7.4 % |
| Gross Income | 4.46 | 5.05 | 13.2 % |
| Operating Income | 2.01 | 2.74 | 36.8 % |
| Net Income | (0.47) | 0.69 | 245.7 % |
| Average Shares | 2,964.00 | 2,964.00 | - |
| EPS (Halala) | (0.02) | 0.02 | 245.7 % |
The company’s net profit for Q3 2020 fell 16% to SAR 178,000 on lower revenues due to reduction in rents for some tenants and higher general and administrative expenses.
On sequential basis, net profit in Q3 fell 60.5% compared to Q2 2020.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 2.84 | 2.62 | (7.9 %) |
| Gross Income | 1.73 | 1.51 | (12.3 %) |
| Operating Income | 0.85 | 0.68 | (19.1 %) |
| Net Income | 0.13 | 0.11 | (16.7 %) |
| Average Shares | 2,964.00 | 2,964.00 | - |
| EPS (Halala) | 0.00 | 0.00 | (16.7 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 2.89 | 2.62 | (9.5 %) |
| Gross Income | 1.86 | 1.51 | (18.6 %) |
| Operating Income | 1.12 | 0.68 | (38.9 %) |
| Net Income | 0.31 | 0.11 | (65.9 %) |
| Average Shares | 2,964.00 | 2,964.00 | - |
| EPS (Halala) | 0.01 | 0.00 | (65.9 %) |
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