Al-Baha Investment turns to profit of SAR 1 mln in 9M 2020

10/11/2020 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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