Al-Baha turns to SAR 2.4 mln loss in 9M 2021

11/11/2021 Argaam Exclusive

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Al-Baha Investment and Development Co. reported a net loss after Zakat and tax of SAR 2.4 million for the first nine months of 2021, from a profit of SAR 680,000 in the year-ago period.

The company attributed the net loss to lower revenue and higher cost of revenue, in addition to higher general and non-recurring expenses related to the previously announced capital increase file expenses. The firm also recorded expected credit losses due to the COVID-19 repercussions.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	8.27	7.93	(4.0 %)
Gross Income	5.05	4.17	(17.4 %)
Operating Income	2.74	(1.59)	(158.0 %)
Net Income	0.69	(2.44)	(455.5 %)
Average Shares	2,964.00	2,964.00	-
EPS (Halala)	0.02	(0.08)	(455.5 %)

The company reported a net loss of SAR 0.82 million for Q3 2021, compared to a profit of SAR 0.11 million in the same quarter last year.

On sequential basis, the company widened its losses from SAR 0.66 million in Q2 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	2.62	2.59	(1.1 %)
Gross Income	1.51	1.27	(16.2 %)
Operating Income	0.68	(0.11)	(115.4 %)
Net Income	0.11	(0.82)	(880.0 %)
Average Shares	2,964.00	2,964.00	-
EPS (Halala)	0.00	(0.03)	(880.0 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	2.81	2.59	(7.8 %)
Gross Income	1.58	1.27	(19.6 %)
Operating Income	(0.93)	(0.11)	88.7 %
Net Income	(0.66)	(0.82)	(23.5 %)
Average Shares	2,964.00	2,964.00	-
EPS (Halala)	(0.02)	(0.03)	(23.5 %)

Accumulated losses stood at SAR 71.7 million, representing 40.53% of the company’s total capital of SAR 177.7 million.

Total shareholders’ equity reached SAR 105.265 million at the end of September 2021, declining from SAR 136.978 million in the same period last year.

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